Q. How do I know when I'm in financial trouble?
A. If you have difficulty meeting rent or mortgage payments on time; if you are extended beyond your credit limit; if you are making only minimum monthly installment payments; if you are using charge accounts and credit cards in place of earned wages; and if you have little or no savings, you are in trouble.
Q. Who is eligible for Chapter 13 or Chapter 7?
A. All persons having serious bill problems and having nowhere else to turn for help.
Q. Will I be able to get credit later?
A. Each case is different and depends on certain variables, including the individual applying, the length of time on the job, the length of time at a particular address, bank savings and checking accounts. The obvious maxim is, once you have a credit standing you are able to get credit. There is no pat answer for everyone, as no two creditors extend credit alike.
Q. If I do not wish to lose certain pieces of property is there a way I can protect my possessions?
A. Yes, State law will allow you to keep certain pieces of property, sage from creditor attachment, so as to aid you with your fresh start. Bankruptcy law was not designed to strip you of all your possessions or dignity, but rather provide you a means to attain a fresh financial start.
Q. If I want to pay certain debts back even after I have obtained my bankruptcy discharge is that possible?
A. Yes. The Bankruptcy Code in no way prevents you from voluntarily paying back obligations which you feel compelled to pay, even though the debt was discharged in your bankruptcy proceeding.
Q. Will I have to appear before a Judge or go to Court?
A. While most debtors will not have to appear before a Judge, or go to Court, all debtors must attend a first meeting of creditors hearing. This meeting is not conducted by a Judge, but rather a Trustee. This meeting usually lasts approximately 10 minutes. A lawyer from the firm will attend this meeting with you, and assist you throughout the entire bankruptcy process.
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