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Bankruptcy FAQ's

Q:   Can I afford to meet with an attorney and file bankruptcy?

A:  At Baxter & Nesmith, LLC,  your initial consultation is free of charge.  At the initial consultation, we will assess your financial situation and devise a plan of action just for you.  If you decide to seek bankruptcy relief, our fees are reasonable and affordable.  We work with you, our client, for an arrangement that fits your financial posture.   

Q:  Do my creditors need to accept the bankruptcy in order for me to file?

A:  No, your creditors do not need to “accept” the case for you to file bankruptcy.  This is a right afforded you under federal law.

Q:  If I signed a contract stating that I cannot file Bankruptcy against this creditor, does this keep me from filing? 

A:  No.  A creditor cannot “contract away” your right to file bankruptcy against them.  Even if you signed such an agreement, you can still file bankruptcy and treat the creditor the same as if no agreement was filled.  

Q:  Will I ever be able to buy a house if I file Bankruptcy?

A:  Yes, bankruptcy rebuilds your credit as long as you maintain a good credit history after the date of discharge.  In most cases, if you start rebuilding your credit upon discharge, you can purchase a new home in about two (2) years from the date of filing.  In some cases less.  You can start rebuilding your credit as soon as you receive your bankruptcy discharge.  With the filing of bankruptcy, financial freedom is just a phone call away.  

Q:  How often can I file a chapter 7?

A:  Chapter 7 discharges are only issued every 8 years. However, this date starts from the date of filing your initial case….. Not the date of discharge. 

Q:  Can I keep my car and/or my house if I file bankruptcy?

A:  In most cases, yes you can keep your house and car.  However, depending on the chapter that you file, we can determine the terms of you doing so based upon the status of the collateral. 

Q:  If I am on the deed to my house but not on the mortgage, can I file bankruptcy to stop my house from being foreclosed?

A:  Yes.  Status of being on the deed and/or the mortgage can allow you relief from a foreclosure via bankruptcy.  

Q:  I am married.  Do my spouse and I have to file bankruptcy together to protect our assets?

A:  No, an individual spouse may file alone. “However, if there is joint debt, your attorney may recommend a joint filing in that the spouse will not get the same protection of the bankruptcy if he is not listed on the petition. 

Q:  I owe taxes.  Will they be discharged in Bankruptcy?

A:  In some cases taxes can be discharged depending on when they were filed and the status of the liability at the time of filing.  An attorney in our office can review the specifics and give you a more definitive answer at the initial consultation. 

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Tomorrow Really Can Be a New Day...

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