Frequently Asked Questions for Your Bankruptcy Concerns
If I file Bankuptcy, can I keep my car?
Yes. The secured creditor will not be discharged but the automobile can be kept if payments continue. If you are behind with payments a chapter 13 plan can be created to pay the secured loan. Also if you purchased the automobile more than 910 days prior to the bankruptcy filing you may "cram down" the loan and pay only fair market value of the vehicle through your chapter 13 plan. Lots of options are available in bankruptcy to keep your car. Call Attorney DeWald for a free consultation.
If I file for bankruptcy, what happens to my house?
If you are up to date with your mortgage loan you may keep the home and just continue with the mortgage payments. Many people asking this question maybe behind with their mortgage payments. If you are behind, you may file a chapter 13 and create a 60 month plan to get the mortgage caught up.
Bankruptcy Versus Alternatives
It is ideal to discuss your personal situation with Attorney DeWald to determine your options when financial situations change in your life. There are other options to consider such as debt settlement, debtor defense, mortgage foreclosure defense or mortgage modifications. Pennsylvania bankruptcy laws should be considered.
Does Bankruptcy eliminate my debts?
Chapter 7 Bankruptcy allows you to eliminate some or all of your debts. Chapter 7 bankruptcy is a fairly short process, taking a few months to complete. Talk to Attorney DeWald in Bethlehem, PA, to discuss your personal situation and what options are available to you.
How Do I know if I Qualify for Bankruptcy?
Regardless of your income, there are options available to you when your debt becomes overwhelming. Chapter 13 Bankruptcy is often an option for high income earner.
Can I negotiate my debt with creditors?
Negotiating with creditors, somtimes called Debt Settlement, can be an alternative to bankruptcy filing. Not all cases are appropriate for debt negotiation. If a judgement lien is holding up the sale of your house, for example, negotiating for a debt settlement might expedite your ability to move forward with the sale. Talk to Attorney DeWald to discuss your particular sitation. Initial Consultations are free.
Can I be denied a Chapter 7 Bankruptcy?
Yes. The court may deny a chapter 7 discharge for any of the reasons described in section 727(a) of the Bankruptcy Code, including failure to provide requested tax documents; failure to complete a course on personal financial management; transfer or concealment of property with intent to hinder, delay, or defraud creditors; destruction or concealment of books or records; perjury and other fraudulent acts; failure to account for the loss of assets; violation of a court order or an earlier discharge in an earlier case commenced within certain time frames (discussed below) before the date the petition was filed. Whether intentional or not, you must follow the rules set forth. Call for a free consultation to talk to Attorney DeWald about your PA Bankruptcy options.