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Bankruptcy Questions

Frequently Asked Bankruptcy Questions:
Do you have questions about filing for bankruptcy? has answers to help you with all of your bankruptcy questions. If you are looking for information about the basic protections available to you through Chapter 7 and Chapter 13 bankruptcy, or have thought seriously about filing bankruptcy and are seeking help about specific issues, Mr. Cook is here to help you get control of your finances and will help you move toward a future free from the pressures and stress of debt.

We explain how filing bankruptcy can stop foreclosure and help you keep most of your personal belongings. If the information on does not answer your specific bankruptcy questions, simply email or call Mr. Cook for a free bankruptcy review. Making the decision to seek professional help and file bankruptcy is not easy. Getting the right information and answers to your particular bankruptcy questions is very important. For thorough information about all of the different aspects of bankruptcy please take a close look at this site as we have provided you with a comprehensive overview of the different types of bankruptcy, its process, benefits and drawbacks.

Q: What is bankruptcy?

A: Bankruptcy is a process under federal law that allows people who owe more money than they can repay to either eliminate their debts or work out a payment plan to either pay a portion (or all) of their debts over time.

Q: How soon can I receive relief from harassing phone calls and mail from bill collectors?

A: Immediately... As soon as you hire us, your case will be filed and an "automatic stay" will take effect. It will stop the harassing phone calls and mail from bill collectors.

Q: What is chapter 7 bankruptcy?

A: Chapter 7 bankruptcy is a release of the debtor (you) from personal liability for certain specified types of debts. In other words, the debtor is no longer required by law to pay any debts that are discharged through a chapter 7 bankruptcy filing. The discharge is a permanent order directed to the creditors of the debtor that they refrain from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls, mail, and any personal contacts. Even though a debtor is relieved of personal liability for all debts that are discharged through a chapter 7 bankruptcy filing, a valid lien (a charge upon specific property to secure payment of a debt) that has not been avoided (made unenforceable) in the bankruptcy case will remain after the bankruptcy case. Therefore, a secured creditor may enforce the lien to recover the property secured by the lien.

Q: What is chapter 13 bankruptcy?

A: In chapter 13 bankruptcy you file a plan showing how you will pay off some of your past-due and current debts over a period of three to five years. The most important thing about a chapter 13 bankruptcy case is that it will allow you to keep valuable property, like your home or car, even if you are behind on payments or you have equity not covered by your exemptions. Your payments on these secured debts will generally be your regular monthly payments plus some extra amount if you need to get caught up because you are behind when you file.

Q: Can filing for bankruptcy stop harassing phone calls and mail from bill collectors?

A: Yes... An "automatic stay" will take effect when you file your case. It will stop the harassing phone calls and mail from bill collectors.

Q: Can filing for bankruptcy stop a wage garnishment from a lawsuit over an unsecured debt?

A: Yes... The automatic stay will stop the wage garnishment from a lawsuit over an unsecured debt?.

Q: How long does bankruptcy remain on my credit report?

A: A bankruptcy can remain on an individual’s credit report for a period of ten years.

Q: What does "secured debt" or "unsecured debt" mean?

A: Secured debt (a house, real estate property, car, etc.) is a type of debt that allows a creditor to make a claim on a asset. An unsecured debt (credit cards, etc.) is a type of debt that is held by creditors that have no claim to your assets.

Q: What happens if I file for bankruptcy and than discover another debt after filing for bankruptcy?

A: Mr. Cook can amend your case to include any additional debts you may find after the bankruptcy case is filed.

Q: What happens when one spouse files for bankruptcy without the other spouse?

A: You will need to discuss the pros and cons of this carefully with Mr. Cook. A spouse that doesn't file for bankruptcy may end up being responsible for some of the debts anyway.

Q: Can I be held responsible for a debt that I co-signed on?

A: Yes... You can be held responsible for any debt that you signed an agreement stating that you would pay the debt in the event that someone else failed to make the payments (co-signed).

Q: Can all debts be discharged by filing for bankruptcy?

A: No... There are certain debts like student loans, government loans, back taxes and other debts that cannot be discharged by filing for bankruptcy.

Q: Will I lose my social security payments if I file for bankruptcy?

A: No... You will not lose your social security payments if you file for bankruptcy.

Q: Am I going to lose any of my personal property if I file bankruptcy?

A: It depends... There are certain exemptions, both with the state and federal government that allow a person to keep a certain amount of personal property when filing for bankruptcy. During your consultation, Mr. Cook will explain how these exemptions apply to people who file bankruptcy in your particular state.

Q: Can I pick which debts I would like to include into the bankruptcy?

A: No... You must include all of your debts into the bankruptcy when you are filing.

Q: How long after I file for my bankruptcy do I get my discharge?

A: Generally speaking... When filing for Chapter 7 Bankruptcy a discharge is received 60 days after a 341 meeting, or the first meeting of creditors. When filing for Chapter 13 Bankruptcy, your discharge will be sent to you once you have completed the payments under the structured Chapter 13 plan.