Frequently Asked Questions

How will my credit score be affected?

Your credit score will be initially negatively impacted, but after filing, you should begin to see an improvement within two years of your discharge, if not sooner. If you already have a low credit score, filing for bankruptcy can be an opportunity to rebuild your credit score and establish healthy financial habits moving forward. Bankruptcy Lawyer Near Me

Should my spouse and I file jointly? Will it hurt their credit score?

While it may make sense in certain situations for spouses to file for bankruptcy together, it is not required. If you file for bankruptcy while your spouse stays up to date on their financial obligations, their credit score will not be impacted.

How often can I file for bankruptcy?

You can file for Chapter 7 bankruptcy every eight years from the date of your last filing. Chapter 13 bankruptcy does not have a time-based limit but does have requirements around bankruptcies filed in the past to determine whether you can discharge your debts.

What will happen to my home, vehicle, and personal property?

When filing for Chapter 7 bankruptcy, there is a good chance you will get to keep your home, vehicle, and personal property thanks to exemptions allowed under the law. These exemptions allow you to protect a portion, if not all, of the equity in your home, automobiles, and personal property. You may also have the option, or be required to, enter into a reaffirmation agreement through which you promise to repay some of the debts on your home or vehicles.

What will happen to my retirement investments?

In most cases, your retirement investments, including 401(k)s, IRAs, and pensions, will be considered exempt when you file for bankruptcy and will still be available to you after discharge.

What will happen to my past child support or spousal maintenance?

Your past child support, spousal maintenance, or alimony will not be discharged through bankruptcy, but filing for Chapter 13 bankruptcy may provide you with additional ways to get caught up on payments.

What will happen to my past income taxes?

Your federal and state income taxes are generally not dischargeable. However, federal and state taxes that are over three years old can be looked at on a case-by-case basis, and if they meet a set of requirements, they may be discharged through bankruptcy.

What will happen to my student loans?

In most cases, your student loans will not be dischargeable. There are extreme cases when an individual has lost most or all of their future earning ability where student loans have been discharged. Bankruptcy Lawyer Near Me

Will I be able to buy a new home after filing for bankruptcy?

Filing for bankruptcy and receiving a discharge will not prevent you from buying a new home. Keep in mind that your credit score may be impacted by filing, which may affect your ability to purchase a new home for the first year or two.

Will my license be reinstated?

If your license has been suspended, whether due to unpaid tickets, unpaid fines, or a lawsuit related to a car accident, filing for Chapter 13 bankruptcy should allow you to get your license reinstated.

When will I receive my discharge?

If you are filing for Chapter 7 bankruptcy, you will typically receive your discharge within 30-45 days after your meeting of creditors, which takes place 30-45 days after filing for bankruptcy. If you are filing for Chapter 13 bankruptcy, you will receive your discharge after making all payments outlined in the agreed-upon payment plan.

What do I need to prepare to file for bankruptcy?

For your initial consultation, try to provide as many of the following documents as possible:

• Tax returns from the past two years
• You pay stubs from the past six months
• Pay stubs for your spouse for the past six months (if applicable)
• A copy of any recent bank statements for all accounts
• A copy of any life insurance policies for yourself
• A copy of any 401(k) plans
• A copy of any property deeds
• A copy of any home loans or refinancing
• Vehicle titles and proof of insurance
• Any recent credit card or other bills

Contact the Bankruptcy Experts at Moseman Law Office

The team at Moseman Law Office can help you understand the entire bankruptcy and filing process, from start to finish, and how it will impact your unique situation. Contact our team of bankruptcy lawyers today to get started with a consultation. Bankruptcy Lawyer Near Me