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FAQ

Who should file for bankruptcy?

That answer varies since every case is very unique and individual. If you’ve done everything you can and still find yourself buried in debt, you should contact us and let us look at your case to make recommendations.

What exactly is bankruptcy, and will it eliminate all of my debts?

Bankruptcy refers to a federal court procedure that allows debtors catch up on their debs by having some of the debts discharged and others repaid, depending on the type of bankruptcy. This can be done for individuals or businesses. Bankruptcy can help you eliminate some, but not all the types of debt. For example, unsecured debt from credit cards and hospital bills may be forgiven in most cases. Child support, taxes or alimony may NOT be dischaged. Other loans that may not be discharged are student loans. We can review your case and point you in the right direction.

Which bankruptcy option will allow me to keep my property?

Chapter 13 may be the best (if not only) option. For those with a stady income that exceeds Chapter 7’s limitations, but who face unmanageable debts. Under Chapter 7, various types of property may be subject to liquidation or sale, to repay the creditor. When determining wheather property is exempt, you must keep a few things in mind. The value of property is not the amount you paid for it, but what it is worth now. For items such as cars and furniture, this may be a lot less than what you paid or what it would cost to buy a replacement.

What types of bankruptcy should I consider?

There are four types of bankruptcy cases provided under the law: 1. Chapter 7 is known as the most common type of bankruptcy or “liquidation.” It requires a debtor to give up prooperty which exceeds certain limits called “exemptions”, so the property can be sold to pay creditors. 2. Chapter 13 is called the “debt adjuster”It requires a debtor to file a plan to pay debts (or part of the debts) based on their current income. 3. Chaper 11 knows as “reorganization” is used by businesses and a few individual debtors whose debts are very large. 4. Chapter 12 is reserved for family farms.

How often can someone file for bankruptcy?

Every case is different. Depending on what type of bankruptcy you filed. If you filed Chapter 7, you cannot receive a discharged under a Chapter 7 case filed in the last eight years or a chapter 13 filed in the last six years.

How long can the brain survive without oxygen?

The brain can stay alive for 4 to 6 minutes without oxygen. After that cells begin die.

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