Bankruptcy Information And Common Questions

• Chapter 13 Bankruptcy Explained
• When To Declare Bankruptcy
• The New Bankruptcy Laws
• Bankruptcy Laws Explained
• Different Ways For Filing Bankruptcy


• What You Should Know About Filing Personal Bankruptcy
• Facts About Bankruptcy Court
• Will Credit Be Available After Bankrupty
• What To Expect From A Bankruptcy Trustee
• What To Expect When Filing Bankruptcy Protection


• How To Protect Assets During Bankruptcy
• How To Get Unbiased Bankruptcy Information
• Should You Hire A Bankruptcy Lawyer
• What You Should Know Before Filing Personal Bankruptcy
• Do You Really Need A Bankruptcy Lawyer

If you are facing bankruptcy in the future, you are probably a little nervous and frightened. You want to know what to expect, and you probably wonder how bad it will really be. Knowing a little about the process and what it can and cannot do for you will help calm your nerves.

First, you will have to choose the type of bankruptcy you are filing for. If you make more than the median average income for a family of similar size in your state, you cannot file for Chapter 7, the type of bankruptcy that gives you a "fresh start." You will have to file Chapter 12 or 13, which helps you to restructure your debts to pay them off with your existing income.

Regardless of the type of bankruptcy you file, you will be assigned a trustee after filing. The trustee will work with you to sell some of your assets in order to pay off your debts. You will probably be allowed to keep your house, but some states even allow your house to be sold to pay off your debt.

If your non-exempt assets are not enough to cover your debts, bankruptcy allows you to discharge some of your debts, which means they do not have to be repaid. Under Chapter 13 bankruptcy filing, you will be given a new repayment plan that significantly lowers the amount you have to pay, and you will be given a set number of years in which you have to repay your debts.

If you file bankruptcy, you will have to go to court. This is not a typical court case where you stand before a judge to receive a sentence. Rather, this hearing gives your creditors a chance to try to get some of the money that you owe. You will be asked questions under oath by your trustee. These questions are about your assets, and the goal is to determine if you have been truthful when listing your assets, while showing that you do not have enough money to repay your debts. You will probably find that your creditors do not come to the meeting, but they can, and they can ask you questions.

After this meeting, your non-exempt property will be sold, and then your debts will be reaffirmed and discharged if possible. Your trustee will work with you to create a repayment structure that you can afford for your non-dischargeable debts, and you will be on your way to rebuilding your financial situation.