Your Bankruptcy Questions Answered

Paul Law Office, PLLC, represents individuals in Chapter 7 personal bankruptcy. We can help you stop garnishments, stop harassing phone calls, eliminate your debt, and keep your property.

Frequently Asked Questions About Bankruptcy:

Do I have to qualify for bankruptcy?

Answer: In order to qualify for Chapter 7 bankruptcy, all people have to go thought what is called the "means test." There are two ways to pass the means test. The first, and most common, is for your household income to be less than the median income for a household of the same size in your state. The second way is to show that you don't have a threshold level of disposable income to pay your unsecured creditors after paying your reasonable living expenses. We can answer you specific questions when you call to set up a free consultation.

Will I lose my property if I file for bankruptcy?

Answer: Probably not. The Bankruptcy Code provides that some assets are "exempt" from creditors. Most people filing for bankruptcy find that their assets are all able to be exempted. We can answer you specific questions when you call to set up a free consultation.

Will I lose my retirement if I file for bankruptcy?

Answer: Probably not. The Bankruptcy Code provides that most retirement accounts are exempt up to in excess of $1 million.

How long does it take to file for bankruptcy?

Answer: Paul Law Office, PLLC, can help you file a Bankruptcy Petition quickly. The entire process takes approximately three to five months from the time you file your petition.

What is the Credit Counseling Requirement?

Answer: The Bankruptcy Code requires that every person filing for bankruptcy complete credit counseling from an approved agency prior to filing for bankruptcy. Classes can be taken online, in person, or over the phone.

Will I have to go to court?

Answer: One court appearance is required. Known as the 341 meeting, you will appear in front of the Bankruptcy Trustee assigned to your case. The meeting takes place in a conference room and there is no judge present. Your actual involvement in the proceeding will be no more than 15 minutes, and usually less.

What happens to my debts?

Answer: In a Chapter 7 case, most of your debts are discharged. That means that the debt is erased and you do not owe it any longer. Some debts are not dischargeable. The most common kinds of nondischargeable debts are "marital support obligations," like spousal maintenance, child support and student loans.

Have other questions? Call Christopher L. Paul at 800-770-7126 to schedule a free initial consultation.

Paul Law Office, PLLC, is a designated debt relief agency. Paul Law Office, PLLC, helps people file for bankruptcy relief under the U.S. Bankruptcy Code.