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Bankruptcy FAQ

If you are in debt, chances are, you have a lot of questions on your mind. One extremely valuable resource is speaking with an attorney. As bankruptcy lawyers, we have made it our job to thoroughly know and understand bankruptcy codes, and we want to share that knowledge with you. Listed below are answers to some of the most commonly asked bankruptcy questions. We hope that you benefit from the resources provided.

What is bankruptcy?
Bankruptcy law was enacted early in the history of this country to provide consumers and business owners facing overwhelming debt the opportunity to cancel debts or restructure their financial situation. The law focuses on forgiveness of debt in order to give the individual a fresh start. A free consultation with an experienced attorney at Price Law Group can help to answer any questions you may have concerning your specific financial situation.

Can I file for bankruptcy without an attorney?
Bankruptcy law is complex. You can file by yourself, but having an established bankruptcy lawyer at your side to advise and guide you through the process can help you to avoid costly errors.

How do I know if I qualify to file for bankruptcy?
In 2005, the bankruptcy law was reformed to include a Means Test. Doing the test will determine if you have enough disposable income to pay some or all of your debt through the Chapter 13 repayment plan or if you should file Chapter 7 bankruptcy. If your average income over the prior 6 months is lower than the median income for your area, you are eligible to file under Chapter 7. The ultimate test of whether or not you qualify is a means test. This is a petition that you file that lists your income as well as your expenses and assets. To ensure you use the correct income figure and include all qualifying expenses, we can guide you through this process. You may qualify for other methods of debt settlement as well.

What is unsecured debt?
A loan which uses an item as a guarantee that you will pay the debt, such as a car, is a secured debt. Credit card and signature loans are not backed by any specific asset. These are called unsecured debts.

Do I lose all my property if I declare bankruptcy?
There are a number of federal and state exemptions which specify what property you can keep when you file for bankruptcy. Tools, your vehicle, and personal possessions up to a certain value are excluded. Many people file bankruptcy as foreclosure prevention. Your bankruptcy lawyer can explain the exemptions as they apply to your specific situation.

Will all my debts be discharged?
Certain types of debts are exempt from bankruptcy, such as child support, spousal support and student loans. Under Chapter 13, you will pay your debt over a period of time which will put you in control of your financial situation.

How does bankruptcy protect me?
Once your case has been filed, an automatic stay takes effect which stops creditors from continuing to attempt to collect from you. This includes letters, phone calls, garnishments, bank levies, lawsuits and other collection actions. Both forms of personal bankruptcy release you from your outstanding unsecured debt when your case is completed.

Still have questions? We have answers.

Questions such as what you can declare as exempt from liquidation as well as a detailed explanation of the paperwork that you are required to file are best answered by speaking directly with a legal professional from our firm. If you want a fresh start, then the first thing you will need to do first begin credit counseling from an approved source. Our firm can direct you to counseling, as well as inform you after the fact as to the steps that you need to take. Please contact us today to learn more!

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