Bloomsburg Bankruptcy Attorneys
Get Answers to Your Important Bankruptcy Questions
If you're falling behind on monthly bills and are about to receive collection notices in the mail, it might be time to consider bankruptcy. Filing for bankruptcy is not for every individual and business in debt, but for many it's an opportunity to eliminate debt and start fresh.
Our experienced Columbia County bankruptcy lawyers have helped a number of clients get this fresh start. Contact the Law Offices of Kreisher & Gregorowicz at (570) 784-5211 to discuss your situation.
Here are a few frequently asked questions and answers to help you understand your financial options.
What Is Bankruptcy?
Bankruptcy allows businesses and individuals who owe others more than they can afford to either eliminate most of the bills or repay the money over time.
What Are the Negative Consequences of Filing for Bankruptcy?
If there weren't any consequences for discharging debt, no one would pay what they owe. When you file for bankruptcy, your credit will take a hit for a number of years. This could prevent you from securing a loan to buy a car or home.
What Type of Bankruptcy Should I File?
Consumers most often file for Chapter 13 bankruptcy, where repayment is still required to creditors, or Chapter 7 bankruptcy, where debts are dismissed completely. Which bankruptcy works best for you will depend upon your ability to repay all or part of your debt over time.
How Often Can You File for Bankruptcy?
You can file for Chapter 7 bankruptcy eight years after a previous Chapter 7 filing, or six years after a prior Chapter 13 filing. You can file a Chapter 13 bankruptcy four years after a prior Chapter 7 filing, or two years after a prior Chapter 13 filing.
What Should You Gather Before Meeting with a Bankruptcy Lawyer?
You should gather a complete list of past and present debts as well as a schedule and list of assets and liabilities. You will need a statement of financial affairs when you file with the bankruptcy court.
How Much Debt Do You Need to Have in Order to File for Bankruptcy?
There is no specific amount of debt required to file. However, not all financial situations warrant a bankruptcy filing. You may feel overwhelmed right now, but a financial advisor may help you avoid bankruptcy and get out of debt on your own. You may even have an opportunity to change the payment amount you owe each month or reduce the total amount due.
What Will Be Discharged?
Not all debts will immediately go away once you file. Typically, it is not possible to discharge taxes owed, debts owed to a spouse, debts owed due to personal injury to another, student loans, and debts you've taken on after a bankruptcy was filed.
What Can I Keep?
Creditors may try to lessen the amount they will lose when discharging your debt, but they will not typically go after your jewelry, vehicle, equity in your home, or tools of the trade that you need to work. A bankruptcy attorney can help you protect certain belongings.
If you have questions about bankruptcy, contact the experienced Columbia County bankruptcy lawyers at the Law Offices of Kreisher & Gregorowicz to better understand your options. Call us for a no-cost, no-obligation consultation.
We can be reached at (570) 784-5211.
WE ARE A DEBT RELIEF AGENCY.
WE HELP PEOPLE FILE FOR BANKRUPTCY
UNDER THE BANKRUPTCY CODE.