BANKRUPTCY FREQUENTLY ASKED QUESTIONS
Should
I get a copy of my credit report?
It's a good idea to get a credit report if you don't have a record
of every creditor that you owe. You can obtain one free credit report
per year from each of the major credit bureaus by calling 1 - 877
- 322 - 8228 or go to www.annualcreditreport.com.
Do I
have to list all of my assets, including my house and car that I
want to keep?
Yes. You must list all of your assets so that you can claim the
equity in them as exempt. You do not have to give up your house
and car because you list them in your bankruptcy petition. You just
need to continue making your payments.
What
about assets I do not want to keep?
Call the creditor and tell them you want to surrender the property.
Tell them where the property is located, and cooperate with them
so that they can pick up the property.
How
much are attorney fees and filing fees?
The filing fee for a Chapter 7 bankruptcy, the most common type
of bankruptcy, is $299.00. Attorney fees start at $800.00. Please
note that these fees are subject to change, and you should call
our office at (765) 587-0243 to obtain the current fees.
How
are creditors notified of the bankruptcy filing?
The bankruptcy court will send notices to each creditor that is
listed on the bankruptcy petition. The creditors must then stop
all collection efforts. This means they cannot call you, file a
lawsuit against you, or continue with a pending lawsuit by trying
to garnish your wages. So, the best advice is to pay your fees as
soon as possible so that your petition can get filed promptly.
Do I have to appear in court for the bankruptcy
proceeding?
Yes. About 30 days after the bankruptcy is filed, you must attend
a "Meeting of Creditors" in front of a bankruptcy trustee.
You will be notified of the date and time by the bankruptcy court.
Please note that your attendance at this hearing is mandatory. The
purpose of the hearing is for the bankruptcy trustee to review your
petition and to insure that you have listed all of your assets and
debts.
What
happens after the Meeting of Creditors?
As long as there were no problems at the Meeting of Creditors, you
will receive an "Order in No Asset Case" from the bankruptcy
court approximately 30 days after the meeting. The order states
that you keep all of the assets in your possession - your creditors
cannot take any of your assets to satisfy the debts. About 30 days
from the time you receive the "Order in No Asset Case,"
you will receive the "Discharge of Debtor" order from
the bankruptcy court.
How
long will it take for me to get credit again?
Most creditors will allow you to buy a car once you receive your
discharge papers. It usually takes about two years to be able to
buy a house, depending on your income and how much of a down payment
you can afford.
What
if a creditor continues to call me after I have filed bankruptcy?
Provide the creditor with your filing information, including your
Case Number and the date you filed the bankruptcy. This information
will be on the notice that the bankruptcy court will mail to you.
If you continue to get bills in the mail, send the creditor a copy
of the discharge order.
How
do I determine if I am eligible for bankruptcy?
Please call (765) 587-0243 to schedule a free, confidential initial
consultation. This will give you an opportunity to find out your
rights and options so you can make an informed decision as to whether
bankruptcy is right for you.
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