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5 Frequently Asked Questions About Bankruptcy

Deciding to declare bankruptcy is a tough decision. It becomes even more complicated when you don’t know the answers to the questions that are bothering you. The attorneys at The Bankruptcy Law Group in Conyers, GA answer some of the questions that they are asked most often.

  1. How long do I have to clean out my car or home if I give it up for bankruptcy? It depends. If you are planning to give up your car then you should ensure that you have everything out as soon as possible. Car creditors are not hesitant when it comes to reclaiming their property, and it could be repossessed at any time. If you are giving up your home then you have a little more time because mortgage companies have a few more hoops to jump through. However, you should go ahead and plan to move out as soon as you are able.
  2. Will the bankruptcy get rid of my child support or alimony debt? No. There are only three types of debt that a bankruptcy has no power over and they are student loans, child supportalimony and taxes. You can arrange to make payment on your back child support or alimony through your bankruptcy plan but there is no way to get rid of it entirely. It cannot stop you from filing for bankruptcy, but it will still be there afterwards.
  3. Can my creditors sue me if I file for bankruptcy? No. Bankruptcy stops any form of debt collection or legal proceeding. If the debt survives the bankruptcy then the case could resume, but if the debt is discharged then the case will never return.
  4. A lot of my income is kinda... on the side in cash, do I have to tell the court about it? Yes this does get asked, and yes you are required to report ALL income to the court.
  5. Can I keep my home? The answer to this question is not a simple one. In a lot of cases you are allowed to keep your home but it depends on many factors including what type of bankruptcy you will be filing for.

These are only five of the FAQs about bankruptcy. Odds are if you’re thinking of filing you will have more. Call The Bankruptcy Law Group today to schedule a free initial consultation at either of their convenient locations. They can help you decide if bankruptcy is the right choice for you and answer any questions that you may have.

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