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Bankruptcy FAQ

Answers to Common Bankruptcy Questions

What is bankruptcy?
Bankruptcy is a legal process that allows individuals to address their overwhelming debt through cancellation or restructuring. If you are considering bankruptcy, it is recommended that you contact the attorneys from Price Law Group who can inform you of the advantages and disadvantages of the process.

Can't I file for bankruptcy without a lawyer?
Yes. You are not legally obligated to seek professional assistance when filing for bankruptcy. However, bankruptcy is a serious financial decision and could affect your life and the lives of your loved ones for years. Bankruptcy will stay on your financial record for ten years – missing a deadline, accidently filling out a form incorrectly, or filing the wrong form could lead to serious and detrimental consequences. At the firm, we believe that hiring an attorney will help the bankruptcy process runs smoothly. With an high-quality bankruptcy lawyer working for you, you can have peace of mind about your financial future.

Is bankruptcy right for me?
Bankruptcy is a serious decision. Filing for bankruptcy will affect you financial future – and the financial future of your loved ones. If you have questions about bankruptcy or need help deciding whether or not you want to filed, call the Price Law Group today and schedule a consultation. We are experienced in all types of bankruptcy litigation and want to help you understand your legal rights and financial situation so you can make an informed, prudent, and educated decision about the security of your financial future.

Will bankruptcy discharge my student loans?
Generally speaking, bankruptcy courts are reticent to discharge student loans. Like tax debts and child support, student loans are treated differently than most outstanding debt. If you believe that you have suffered undue hardship and are truly unable to repay your student loans, you may file a separate action in bankruptcy court to petition the discharge of your student loans. Your student loans are more likely to be discharged if you are affected by poverty, have become permanently disabled, or have unsuccessfully worked hard to pay off your loans for an extended period of time.

When will creditors stop harassing me?
Under the Fair Debt Collection Practices Act (FDCPA), debt collectors are never allowed to harass you for payment on outstanding loans. Unfair practices include: using profanity or obscene language to coerce or intimidate you, calling your phone repeatedly with the intention of annoying you, talking to your co-workers, family, or neighbors to embarrass you, etc. Additionally, debt collectors are not allowed to impersonate attorneys or imply that they speak on behalf of a legal professional. This is considered deceptive. After you file for bankruptcy, automatic stay is enacted. During this time, creditors are not allowed to pursue payment for your outstanding loans.

How will bankruptcy affect my credit?
Some people are afraid of filing for bankruptcy because they believe that it will destroy their credit. While bankruptcy does adversely affect your credibility as a debtor, remember this: each creditor has different standards for accepting new loans. Bankruptcy will have a significant effect on your credit, but it will only remain on your financial record for 10 years. During this time, you can begin establishing good credit again.

Do I qualify for bankruptcy?
The qualifications you must meet for bankruptcy will differ depending on what chapter you file for. If you have decided on Chapter 7, you must take a means test to verify your financial hardship before you are able to file your petition. If you have decided on Chapter 13, you must have a steady income in order to afford your debt repayment plan, and you must also have a debt load that does not exceed specified limits.

Can I rid myself of all of my debts through bankruptcy?
That depends on your particular debt situation. Bankruptcy generally does not handle debts related to child support/alimony, taxes, or student loans. It does address all manner of unsecured debt, including credit card debt, unsecured loans, or medical bills.

What types of bankruptcy can I file for?
Most individuals file for either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 allows you to discharge eligible debts in an abbreviated time frame through the process of liquidation (selling assets or property in order to obtain money to pay debts). Chapter 13 allows you to consolidate your debt into one monthly payment in accordance with a creditor repayment plan. In most cases, these repayment plans take three to five years to complete.

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