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Bankruptcy Questions and Answers, Easy Explanation from Attorney

How to Qualify, Eliminate Debt, Keep Home and Auto

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Who can file BK? How to keep property

What is the means test?

The means test is a bankruptcy law requirement that looks at your income for the six months prior to filing and affects your eligibility.

What is the median income?

The median income is a statistic reported by the Census Bureau which is used for comparison in the means test for bankruptcy. A measurement of household income.

What is reaffirmation and redemption?

Chapter 7 procedures to keep property by paying payments after filing or paying one lump sum.

How much will Chapter 13 plan payment be?

The amount of your chapter 13 plan payment depends on what you are attempting to accomplish over the term of your plan (36-60 months). Income and expenses is a factor.

Who is the bankruptcy trustee?

The bankruptcy trustee represents your creditors and gets a commission on money distributed to your creditors.

Will they come to inspect my property?

Probably not. The Trustee has rights, and so do creditors, but rarely do they need to inspect personal property.

Will I have to change banks?

Maybe. If you owe the bank where you deposit your money, you should change banks. In some cases, it's mandatory.

Will I lose my house or car?

Probably not. If you owe for it, you'll eventually have to pay to keep it. Most people don't lose any property.

Can they arrest me for not paying a debt?

No. Only arrestable offenses involving payments are tax evasion, willful neglect of support obligations, failure to pay fines and court costs. Otherwise, it's not a crime to fail to pay.

Can creditors fight my bankruptcy?

Yes. Creditors may object to your discharge, usually on grounds of false statements, bad intentions, dirty trcks. Falsifying credit application is a crime.

Can creditors continue to call after bankruptcy?

Not legally. If creditor contacts you after case is filed, it violates federal bankruptcy court order. Some contact by mistake is to be expected.

Will bankruptcy stop an eviction?

Yes, unless you file the bankruptcy after the eviction is completed in court. Timing is exactly stated, you can be too late.

Can bankruptcy stop foreclosure or repo?

Yes. Giving notice that you filed a bankruptcy case makes it illegal for creditor to take further action without getting permission first.

Is it too late to file after they’ve sued me?

No. Filing bankruptcy prohibits other courts from continuing with cases involving your money or propety (except domestic support and criminal cases).

What if they threaten to garnish my wages?

It all stops as of the date and time of filing the bankruptcy case. If you wait too long, it could affect whether debt is discharged.

Can I keep one credit card?

Probably not. If you owe any money on the acccount, it is a debt you must disclose and it will be effected (cancelled), even if the balance is zero.

 

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