Question: What is bankruptcy?

Answer: Bankruptcy is a way for people who owe more money than they can pay right now to either work out a plan to repay some money over time in Chapter 13, or immediately wipe out most of their bills in Chapter 7. Filing bankruptcy immediately stops all of your creditors from collecting debts from you until your debts are sorted out according to the law.

Question: Who may file bankruptcy?

Answer: Any person or business may file bankruptcy.

Question: What is a joint petition?

Answer: A joint petition is a single petition by a married couple.

Question: What are the different chapters of bankruptcy?

Answer: Chapter 7 is straight bankruptcy designed to quickly wipe out unsecured debts, while you continue to pay your normal car or home payments. Chapter 13 is a repayment plan over three to five years and is designed to allow you to catch up your delinquent car loan or mortgage debts while also wiping out other unsecured debts for just pennies on the dollar. For more information Click Here.

Question: Why do I need an experienced bankruptcy lawyer to file my case?

Answer: Every bankruptcy case is complex because it involves your property and your debts. Every bankruptcy case is important because it affects your family, and your future. The Warren Law Firm will help you avoid the traps under the new law and get you the best possible result.

Question: What is a discharge?

Answer: The discharge is the order issued by the Bankruptcy judge which permanently prohibits creditors from collecting dischargeable debts against the debtor personally. Some debts are not dischargeable, such as child support or back taxes.

Question: What is a Trustee?

Answer: A Trustee is responsible to review your case and to make sure it goes according to law. The Trustee does not represent any party; rather, the Trustee merely gathers information about your case and reports it to the judge.

Question: What is a Meeting of Creditors?

Answer: This is where you meet with the Trustee to explain your case. These meetings last about 10 minutes and are very informal. Usually, no creditors attend the meeting. You do this instead of going to court.

Question: Do all creditors have to be listed in my bankruptcy case?

Answer: Yes. All of the debts have to be scheduled, listing the names and addresses of all creditors, so they can receive notice of bankruptcy.

Question: Does a bankruptcy case automatically remove liens, such as mortgages, against my property?

Answer: No. Certain voluntary liens, like mortgages, can never be removed in a bankruptcy case except by paying the underlying debt, but others, like judgment liens, can be removed if special action is taken in the bankruptcy case.