Frequently Asked Bankruptcy Questions
Q: Am I eligible for bankruptcy?
A: Yes. What type of bankruptcy you file depends on your circumstances. A Chapter 7 bankruptcy is designed to discharge (wipe out) your debts. A Chapter 13 bankruptcy is a personal plan of reorganization to pay a portion of your debts to your creditors. Chapter 11 is the reorganization bankruptcy utilized by businesses, but is also available to individuals in certain instances.
Q: Can I include my credit cards in the bankruptcy?
A: Absolutely. You are required to list all of your debts, including credit cards.
Q: Will bankruptcy affect my credit score?
A: In general, bankruptcy will increase your credit score. After receiving a discharge, anybody who wants to lend you money will know that there are no other debts competing for your income.
Q: Will I lose my home?
A: It depends on your personal circumstances. This must be analyzed closely prior to filing any type of bankruptcy. If you are facing a foreclosure, a Chapter 13 bankruptcy has the potential to halt the foreclosure and save your home.
Q: Will I lose my personal possessions?
A: Most people who file bankruptcy do not lose any of their personal possessions. The main goal for bankruptcy is to obtain a discharge of your debts and give you a “fresh start”. In order to obtain a “fresh start” you are allowed to exempt certain amounts and items of personal property from the bankruptcy process. An analysis of your personal property and applicable exemptions must be conducted prior to filing any bankruptcy.
Q: How much does bankruptcy cost?
A: It depends on your personal circumstances and which type of bankruptcy you file. The fees and costs involved vary in each case and will be explained at your initial consultation.
Considering Bankruptcy? Call Our Manassas Bankruptcy Attorneys Today
At Manassas Law Group, we are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
We encourage you to speak with a qualified Manassas bankruptcy attorney as soon as possible to identify your legal needs and begin developing a legal strategy. Contact our firm today: Call 703-361-8246 or send an email.