Frequently Asked Questions bankruptcy law

What is Bankruptcy?


The U.S.Bankruptcy law provides for  is a legal process which makes it possible for people in financial peril to obtain relief from their debt while treating their creditors fairly. 

Does Bankruptcy wipe out all of my debts?

Bankruptcy law provides that  debt cannot be wiped out in bankruptcy.  Some taxes, student loans and domestic support obligations are examples of a few.

Do I need an Attorney?


Filing bankruptcy is a complicated matter involving a combination of state, federal and locall law. Without understanding how to best proceed one could lose assets that could normally be protected. 

How long before I get a Discharge?

In a typical, no-asset Chapter 7 case one can expect to receive a Discharge in five to six months. If the trustee or a creditor files an objection or complaint it could take considerably longer.  Sound legal advice can most often prevent these problems.




What is a Chapter 13?


A Chapter 13 (Reorganization) allows a person to retain his property in exchange for paying his unsecured creditors the value of his non-exempt property (property that cannot be protected from creditors) and any income that is not required for necessary living expenses.






If you have additional questions, please call for an appointment.

What is Chapter 7?


Chapter 7 (Liquidation) allows one to surrender all of his non-exempt property to the Chapter 7 trustee.  He will sell the property and pay it to unsecured creditors as full payment for their debts.