FREQUENTLY ASKED QUESTIONS
Will bankruptcy hurt my credit?
Your bankruptcy may stay on your credit report for up to 7-10 years. However, in many cases, bankruptcy can improve your credit as soon as you receive your discharge.
Are all of my debts wiped out in bankruptcy?
In a Chapter 7 bankruptcy, there are different types of debts. A Chapter 7 bankruptcy can eliminate most unsecured debts including, but not limited to, collection judgments, medical bills, credit card bills, deficiency judgments on repossessions and foreclosures, and unpaid rents or broken leases. Not all debts can be discharged through bankruptcy. Some examples of non-dischargeable debts include, but are not limited to, alimony and child support, fines and taxes payable to any governmental unit, and student loans.
What is included with the Bankruptcy Petition Package?
The Chapter 7 bankruptcy petition package includes the Petition, Schedules A - J, the Statement of Financial Affairs, the Means Test with calculations complete, and a number of other miscellaneous forms. Bankruptcy Relief Now prepares all of the documents (approximately 45 - 60 pages) after you complete the questionnaire package providing information regarding your assets, income, expenses, etc.
Are there additional Charges?
There are additional charges for the following: USB flash drive of creditor matrix, reaffirming documents, rush service, and other documents or services requested in addition to the Chapter 7 bankruptcy petition package.
When will the creditors stop calling me?
The time period varies from case to case. Upon the filing of your Chapter 7 bankruptcy, a case number will be assigned to you and the court will notify the creditors via U.S. Mail. However, you may inform any creditors who continue to call you that you have filed for bankruptcy and provide them with the case number.
Do I need to notify my creditors?
No, the bankruptcy court will automatically notify your creditors via U.S. Mail.
Will I lose my personal property?
There are certain exemptions awarded in a Chapter 7 bankruptcy which will be reviewed upon receiving your Chapter 7 bankruptcy intake forms. Exemptions vary from state to state.
What happens to my car in bankruptcy?
It varies from case to case and is determined by factors such as if you have a car loan, the balance of your car loan, value of car, if you wish to keep the car or surrender it in bankruptcy, etc.