What is Bankruptcy?
Bankruptcy is a Consumer Protection law designed to help you get back on your feet.

Can I Stop Wage Garnishments?
Yes. Wage garnishments will stop immediately upon filing for bankruptcy.

Can I Rent a House or Apartment?
Yes. There are many rental agencies that rent to people who have recently filed for bankruptcy.

Is my pension, IRA, or 401(k) safe?
Generally 100% of your pension, IRA, or 401(k) is safe.

Is Bankruptcy Confidential?
All communications with your Bankruptcy Attorney are 100% confidential.

Can I Keep My Car / House / Personal Property?
Bankruptcy is designed to help you get a fresh start while protecting your car / house / personal property. That means that in many cases you can become debt free while keeping your car, house, and personal property. Remember, bankruptcy is designed to help you get back on your feet.

Will I have Credit After Bankruptcy?
Yes. We find that many clients have their credit back on track in about 6 months after filing for bankruptcy. In fact, many clients report they are able to buy a car about 6 months after bankruptcy and buy a house about 1-2 years after bankruptcy. Remember that you will be getting a fresh start debt-free, so many times your credit is better a few months after bankruptcy than it was before.

What About Debt Consolidation Programs?
Many clients who participated in Debt Consolidation programs report that they pay way too much money, their credit is ruined while the consolidation payments are made, and that they could have done the payments directly without paying costly fees. In general Debt Consolidation programs are not a good idea and end up costing you much more than you expect. Bankruptcy, on the other hand, is Federal Law that gives you a fresh start and is much more powerful (and often more affordable) than any Debt Consolidation program.

Does Bankruptcy Affect My Spouse / Significant Other / Co-signer?
No. Your bankruptcy discharges you of your personal debt. Another way to think of this is that your name is erased from your debts. So, if you have a spouse / significant other / co-signer, that person is not affected and their name simply stays on the debt. A good example of this is when you have a car with a co-signer. If you file bankruptcy, your co-signer stays on the car loan as normal. The co-signer can then continue to pay for the car and keep the car.

How Long Can I Stay In My House Without Paying a Mortgage?
This depends on the bank but usually ranges anywhere from 3 months to 2 years or more. We have had clients who have reported living in their homes over 2 years without ever paying a mortgage payment.

How Quickly will my Debts be Erased?
A Chapter 7 Bankruptcy case generally takes 8-10 weeks for a discharge, which is when your debts would be erased.

Am I Allowed to Have a Bank Account While Filing for Bankruptcy?
Yes. You are encouraged to live a healthy, normal life while filing for bankruptcy. Bank accounts are protected under exemption law. In some instances you can have several thousands of dollars in your bank account and have the funds be fully protected.

Can I Travel While Filing for Bankruptcy?
Yes. Simply let your lawyer know your expected dates of travel and accommodations can be made. You will need to be present for your 341 Meeting of Creditors, but much of the rest of the process can be completed while you travel.

What Information do I need to File for Bankruptcy?
You will need information about your debts and assets. As a start, you should gather: 3 years of tax returns, 6 months of paychecks, 6 months of bank accounts, and your recent bills.

Contact us today at (301) 933-2595 for a Free Consultation or fill out the Consultation Request Form.