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Articles Posted in Bankruptcy FAQ

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Can bankruptcy help me get my utilities turned back on?

Is your water or electric power turned off?  Bankruptcy can help. As soon as you file bankruptcy the utility company must restore your service. If the company is threatening to shut off your water, power or gas, then the bankruptcy will stop the cutoff process. The bankruptcy can also wipe…

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Does A Criminal Record Stop Me From Filing Bankruptcy?

No. If you have been convicted of a crime you can still file bankruptcy. The bankruptcy papers don’t ask you questions like that. A criminal record would only be an issue if you were trying to file bankruptcy to get rid of fines or restitution. You can’t wipe out court…

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Can I Walk Away From My Rental Property?

Thinking about walking away from your rental property? You are not alone. Over 11 million people are upside down on the house they live in. The same conditions affect your investment property. To make things worse, when tenants can’t pay their rent, you must still come up with the monthly…

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Can I File My Own Bankruptcy?

Of course you can. Just like you can set your own broken leg, deliver your own baby and rebuild the engine in your own car. You can do these things, but do you really want to? Do you have time? Do you have the proper tools, information and knowledge to…

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8 Things To Think About Before You File Bankruptcy

Here are some things to consider before you file bankruptcy so you don’t make a mistake that could get you in trouble or cost you a discharge. 1. Talk to a bankruptcy attorney sooner rather than later.  Find out right now how bankruptcy can benefit you.  Most people who file…

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How is the value of what I own determined in bankruptcy?

Bankruptcy Courts use “replacement value” when determining the value of your assets. Replacement value is defined in the Bankruptcy Code as the price that a retail merchant would charge for property of the same kind, considering the age and condition of the property at the time its value is determined.…

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If I file bankruptcy, will I lose everything?

No.  Just because you are filing for bankruptcy, it does not mean you will automatically lose everything you own.  You are entitled to claim “exemptions”, which are things that creditors cannot take from you.  You must be honest with the Court and include a list of all your assets.  To…

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How many times can you file bankruptcy?

Although there is not a limit on the number of bankruptcy cases you can file and no limit to the amount of time in between filings, there are limits to when you are eligible to receive a proper “discharge”.  So why would you want to file a bankruptcy case if…

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Does my spouse have to file bankrutpcy with me?

No.  There may be reasons why it would benefit you both to file together, but the choice is yours individually to make.  You cannot be forced to file with your spouse and likewise, you cannot force your spouse to file with you.  When you file alone, you are filing “individually”. …

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Do I have to report my spouse’s income if I’m filing alone?

If you are filing bankruptcy as an individual (not jointly with your spouse), yes, you must still report your spouse’s income. However, this in no way includes your spouse in the filing.  The court simply looks at your total household income for calculating eligibility   (Means Test) and for your…

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