Frequently Asked Questions
Hampton Bankruptcy Firm Answers Questions About the Process
When you are considering filing for bankruptcy, it may seem like a stressful time in your life. At the Law Office of Philip R. Boardman, P.C., we understand that you are facing a financial hardship and we stand ready to assist you in obtaining the best possible resolution to your case. If you are facing bankruptcy, foreclosure, wage garnishment or any other negative byproduct of your financial burdens, you need to work with our team as soon as possible. Below, you will find a list of some of the most commonly asked questions regarding bankruptcy, and if you do not find the answer that you are searching for below, do not hesitate to contact the Law Office of Philip R. Boardman, P.C. for a free case evaluation now!
What is the difference between Chapter 7 and Chapter 13?
Chapter 7 bankruptcy is also known as liquidation bankruptcy and will allow a person to completely wipe most debts clean. In this bankruptcy, you may risk the loss of some property, as it will be sold to pay off debts; however, this is extremely rare. In Chapter 13 bankruptcy, you will have the opportunity to slowly pay off debts while retaining all property that you own. In most chapter 13 cases, only a small percentage of unsecured deb actually is paid back.
Who can file for bankruptcy?
Anyone can file for bankruptcy as long as you live or own property in the United States.
Will I lose my home?
Usually not. There are two ways that you could lose your home. One is if there is significant equity in your home. In this case, you probably would need to file a chapter 13 where a trustee does not sell (liquidate) property. The second reason is if you are behind on your mortgage payment and the mortgage company wants to foreclose. Again, you will probably want to file a chapter 13 so that you can get the arrears caught back up inside the chapter 13 plan. Many times, if both spouses' names are on the deed, a home can not be taken by the chapter 7 trustee even if there is significant equity. Our competent attorneys will guide you through these issues very carefully.
Will all of my debts be erased?
Maybe. The vast majority of debts are erased (discharged). There are certain debts that are not discharged, however. The most common types of nondischargeable debt are student loans, some taxes, court ordered support payments, and court fines.
Does my spouse have to file for bankruptcy, too?
No, if you are filing for bankruptcy, your spouse does not have to file with you. It is important to speak with an attorney, however, because having your spouse file can greatly assist you as well. This is especially true if you both have acquired high amounts of debt and own joint property.
How can I stop wage garnishments?
Filing for bankruptcy may stop wage garnishments and open frozen bank accounts. In some cases, the sooner you file for bankruptcy, the sooner you may be able to retain the wages that were taken due to garnishments.
What will happen to my credit?
After you file for bankruptcy, your credit score will drop; however, by working with the Law Office of Philip R. Boardman, P.C., you may be able to gain a favorable score in a short amount of time. At our firm, we are proud to offer credit restoring services to all clients free of charge.
How often can I file for bankruptcy?
Filing for bankruptcy more than once is possible, but it is best to avoid doing so. Depending on the chapter you filed under originally and the chapter that you wish to file under now, your requirements may vary. Typically, you have to wait at least eight years after you file for Chapter 7 bankruptcy and at least two years after Chapter 13 bankruptcy to re-file.
How do I begin to file?
If you are ready to begin filing for bankruptcy, it is highly important that you work with an attorney from the Law Office of Philip R. Boardman, P.C. At our firm, we understand that this time in your life may be stressful, but we stand ready to provide you with quality representation.
Where can I go to get more questions answered?
Do you still have questions that have not been answered? You need to contact a Hampton bankruptcy attorney from the Law Office of Philip R. Boardman, P.C. right away. By retaining our team, you can begin moving toward a desirable outcome for your situation. We are proud to offer 14 years of legal experience to our clients in assisting them to reach financial security, and we may be able to help you as well. Contact the Law Office of Philip R. Boardman, P.C. today to schedule your free case evaluation with a dedicated Hampton bankruptcy lawyer!