Bankruptcy Information and FAQs

Bankruptcy information prepared by a Los Angeles bankruptcy attorney helps those who feel that their debt is overwhelming them. For those considering personal bankruptcy, it helps to make sense and understand how this all works before contacting a bankruptcy lawyer.

See also: “What type of debt do you have, and will BK eliminate it?”

Below are some FAQs for bankruptcy. However, before you get there, you’ll want to review the “Should I File Bankruptcy” page, that addresses some of the feelings of guilt or other issues you’ll be dealing with in this struggle.

Q – Will I be able to re-establish credit after I file bankruptcy?
A – Yes, to the surprise of many. You’ll find that the credit card applications start arriving within 6 months. BE CAREFUL and only take on what you can afford. You will have a fresh start with your debt. Don’t blow it, because you cannot file BK again for many years. For more, see our article: Credit after Bankruptcy.

Q – Can I keep my home in a bankruptcy?
A – Maybe. See the above link.

Q – That reminds me – I’ve filed bankruptcy before. Can I file again?
A – Yes, it just depends when. Chapter 7 bankruptcy requires you wait 8 years between filings. There are fewer restrictions on Chapter 13 bankruptcy so you may not have to wait as long.

Q – Do I have to pay taxes (1099c form, etc) on discharged debt?
A – Generally, no.

Q – Isn’t it better than filing bankruptcy to hire a debt consolidation or debt management company?
A – No. See my list of reasons to be very wary of credit counseling places.

Q – I’m here for bankruptcy information. Can you tell me how to file bankruptcy?
A – Hey now. That’s my job!

Q – Will I have to give back my computer and stereo?
A – Probably not. A good bankruptcy lawyer can help you with California’s bankruptcy exemptions for personal bankruptcy.

Q – How do I stop my creditors from harassing me at work or calling me at home?
A – Once you retain us as your bankruptcy attorney, refer your creditors to us. This will be the very first benefit you see from having a bankruptcy lawyer. Also, once you file bankruptcy, all attempts to collect on debts must stop.

Q – What if I’m about to have my car repossessed, or want to stop a house foreclosure. In fact, I’m being sued by some law firm by my creditor, or a lawsuit has already turned into a judgment and a wage garnishment. How to stop all of this?
A – Once you file your bankruptcy papers, all collection activities stop. Don’t waste time. Contact a bankruptcy attorney who is also a Los Angeles bankruptcy lawyer right NOW.

Q – What does a “simple” bankruptcy cost?
A – All cases are different, but generally the attorney fee is about $1100 to $1900 (plus $335 for filing fee). Once we learn about your situation in detail, we’ll put it in writing with a flat fee for all services in a typical case. It covers everything. No nickel and diming.

Q – How am I supposed to afford that? I’m filing bankruptcy, remember?
A – Yes, of course. Ask about our flexible payment plan. All our clients are struggling. Yet, we can make a living helping people who don’t have money by being flexible with an affordable payment plan. We’ll work as you pay, with payments as low as $250 a month. This is how we make it easy.

Q – How much is pi?
A – 3.1415

Q – How does the process work?
A – You submit a contact form, we contact you, we learn about your situation, we provide a flat fee and contract, you sign the contract and return it with your payment. After we’re paid in full, we file your Bankruptcy Petition & Schedules at the bankruptcy court. (I’m funny that way, but I don’t want people who are about to file bankruptcy to owe me money!)

Q – How do I contact the bankruptcy lawyer and start the process?
A – Glad you asked. Click on the contact link below.. right now!

Now that you know the basic bankruptcy information, contact a lawyer to get a consultation.