Monday, September 12, 2016
The Top Five FAQ About How Bankruptcy Works
But even if you have decided to file bankruptcy, you may still want to know a little bit about it before it actually happens. Five of the top bankruptcy FAQ’s, and some general information about those questions include:
• Do I have to give back all of my stuff? The answer depends on what you can reasonably afford to keep, and your family’s needs. If you decide to reaffirm a debt, you are allowed to keep the property associated with that debt, but you do have to keep making payments. On the flip side, if you are agreeable to surrendering certain things back to the lender, you can do so and eliminate the debt for the surrendered item.
• Will I still have to pay for my house and/or car? Again, the answer depends on your intentions and your needs. If you intend to remain in your home and/or keep driving your car, you do have to maintain payments. The amount and manner of payment depends on the type of case you file, and in some instances you will be permitted to pay a lower amount than the balance that is owed. This is decided on a case by case basis, and for a thorough analysis of your situation, a complete review by a knowledgeable bankruptcy attorney is required.
• Will my wages still be garnished? No! When you file bankruptcy, collection activity of any type must stop at once.
• How long will my case take? It depends on what type of case you file, and how full of a docket the Court has when your case comes up for review.
• Will I have to go to Court? Most debtors are only required to appear once, at the beginning of their case, for the 341 hearing. After that, most court appearances can be handled by your attorney without your presence being required.
If bankruptcy is the answer for you, call us to find out more. We have helped others get their finances back on track and can help you too!
For help with managing overwhelming debt, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.