F
iling bankruptcy is financially beneficial, but can
also be confusing. The intricacies of the Bankruptcy Code are best left to a
professional to interpret, and doing so will result in the best possible
outcome for your case. The goal of every case is to obtain a discharge of the
debts that are weighing you down, so you can start over with your finances. The
right bankruptcy attorney will know how to help you reach this goal, and can
also give you advice on how to stay on track with your money so you do not need
to file again down the road.
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.
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