Bankruptcy
While this is a particularly difficult time for you, we are here to help you. With your continued cooperation, we’ll be able to process your Bankruptcy Petition in a time-efficient manner, allowing you to put your current financial worries behind you. Rodriguez & Doern can help eliminate credit card debt, stop your home foreclosure and file your personal or business bankruptcy. Please take a few minutes to review this information as it may answer some of the questions you have during filing of your Bankruptcy Petition.
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Frequently Asked Questions
What Does Bankruptcy Accomplish?
It stops wage garnishment and collection harassment, cancels out most debts, stops repossession of property and stops mortgage foreclosure.
What Is Chapter 7 Bankruptcy?
Chapter 7 or “Straight Bankruptcy” allows an honest debtor to have the Court ‘discharge’ or cancel most debts in order to obtain a fresh start.
What Is A Chapter 13 Bankruptcy?
A Chapter 13 plan permits individuals who have a steady source of income to pay part or all of their debts under protection of the Bankruptcy Court. If you file Chapter 13, you file a petition and a plan with the Bankruptcy Court. The Bankruptcy Law requires that the payments you make through the plan to unsecured creditors have at least the value as what the creditors would have received if you had chosen to file a Chapter 7 case. Individuals, as well as persons who are self-employed or a sole proprietorship, may file a Chapter 13.
Who Should I Discuss My Bankruptcy Matters With?
You should discuss your bankruptcy matters with this law firm. Do not discuss your matters with creditors or the Trustees. If a creditor should contact you after you have retained our service, simply tell them you have retained our law offices to represent you on bankruptcy filing and to contact our law firm in the future.
How Long Does A Chapter 13 Plan Last?
The usual time frame is 36 months. However, you can sometimes pay off your plan sooner if you wish you can extend your plan to 48 or 60 months.
Will My Credit Rating Be Ruined For 7 Years?
Creditors will often say this to discourage you from filing Bankruptcy. There is no federal or state law that prevents you from buying on credit after Bankruptcy. Keep in mind that if you are 30 days behind on your bills, have been sued, had your wages attached, had a repossession or foreclosure, or have debts referred to a collection agency, you probably cannot buy on credit now. According to the Fair Credit Reporting Act, a Chapter 7 or Chapter 13 will go on your credit record, and may remain there for 10 years.
Will I Have To Go To Court?
You have to go to a meeting called the “meeting of creditors” (341 Hearing) to meet with the Bankruptcy Trustee. Most of the time the meeting is simple and short. You will be asked about your case
Can Creditors Stop Me From Filing A Chapter 13 Plan?
No, creditors can’t stop you from exercising your right to file. Creditors will sometimes tell you that they “will not accept the filing,” or they “prevent the Court from accepting the filing.” Don’t believe these statements. Let your lawyer advise you how your plan will work.
Do I Need To List Every Creditor On My Petition?
Yes, you must list all of them, including Student Loans, regardless of whether or not you wish to discharge the debt
How Are New Bills Handled After Filing Chapter 13?
Chapter 13 mainly deals with your old bills. Payments for your usual living expenses, for mortgage or rent, food, clothing, insurance and utilities, will come out of your remaining income after your Chapter 13 plan is paid.
What Happens To My Car And Home Which Are Currently Financed Or Mortgaged?
You will be able to keep your car and home. However, you must continue to make the monthly payments on time before and after filing.
What Is An Automatic Stay?
Once your Petition has been completed, reviewed and signed by you, it is filed in the Bankruptcy Court with your filing fee for filing with the Court. Once filed, a case number is assigned and the automatic stay is in effect. You will receive a notice from this office when this occurs. The Court notifies your creditors that you have filed Bankruptcy. While the automatic stay is in effect, the creditors are prohibited from making direct contact with you. If a creditor should contact you after the Bankruptcy Petition has been filed with the Court, inform them that you have filed Bankruptcy and any questions should be directed to our law office. In the unlikely event the creditor has further contact with you, please contact our office immediately with the name of the creditor (or their representative), their phone number and person’s name making contact with you.
Once the automatic stay is in effect, all suits, wage attachments and other collection activities against you will be stopped.
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