bankruptcy terms
What happens to your house when you file bankruptcy depends primarily on your home equity, the type of bankruptcy you file, and your state’s homestead exemption laws. In many cases, you can keep your home if you continue making mortgage payments and have limited equity that falls within exemption limits. Filing bankruptcy doesn’t automatically mean […]
Do I Need an Attorney to File Bankruptcy Do I need an attorney to file bankruptcy? While federal law doesn’t require legal representation, hiring a bankruptcy attorney significantly improves your chances of success and protects you from costly mistakes. Most bankruptcy cases involve complex legal procedures that benefit from professional guidance. Bankruptcy law allows individuals […]
Filing for Chapter 13 bankruptcy typically costs between $3,500 to $6,000 total, though this can vary significantly based on your location and case complexity. This comprehensive cost includes all mandatory fees and professional services needed to complete the process. Primary Expense Categories Court Filing Fees: $310 (set by federal law, same nationwide) Attorney Fees: $2,500 […]
Direct Answer: What Happens to Your House If You File Bankruptcy What happens to your house if you file bankruptcy depends primarily on your home’s equity, the bankruptcy chapter you choose, and your state’s homestead exemption laws. In many cases, you can keep your home through exemptions or payment plans, but understanding the specific rules […]
Quick Answer: How Do You File Bankruptcy and Keep Your Car How do you file bankruptcy and keep your car? You can protect your vehicle during bankruptcy through state or federal exemptions, reaffirmation agreements with lenders, or by staying current on payments in Chapter 13 bankruptcy. The key is understanding which exemptions apply to your […]
Process Overview: What Happens When You File Chapter 7 Bankruptcy When you’re drowning in debt, understanding what happens when you file chapter 7 bankruptcy can provide the clarity you need to make informed decisions. Chapter 7 bankruptcy, often called “liquidation bankruptcy,” offers individuals a fresh financial start by eliminating most unsecured debts. This legal process […]
Immediate Answer: When Can You File Bankruptcy When can you file bankruptcy? You can file bankruptcy immediately if you meet the eligibility requirements, haven’t filed within certain time periods, and have completed mandatory credit counseling. There are no waiting periods to file your first bankruptcy, but subsequent filings require specific intervals between cases. The timing […]
Quick Answer: Can You File Bankruptcy on Your Own Can you file bankruptcy on your own? Yes, you absolutely can file bankruptcy without an attorney, though the process requires careful attention to detail and extensive paperwork. This approach, called filing “pro se,” can save thousands in legal fees but comes with significant risks if done […]
Quick Answer: Will I Lose My Home If I File Bankruptcy? Many homeowners wonder “will I lose my home if I file bankruptcy?” The short answer is: not necessarily. Filing bankruptcy doesn’t automatically mean losing your home, but the outcome depends on several key factors including your equity, exemptions, and which chapter you file. This […]
Can You File Bankruptcy on Tax Debt Can you file bankruptcy on tax debt? The answer is yes, but only under specific circumstances. Federal and state tax debts can be discharged in bankruptcy, but they must meet strict qualifying criteria established by federal law. Most people facing overwhelming tax debt wonder if bankruptcy offers relief. […]