Frequently Asked Questions

Who will know that I have filed?

<Will I ever be able to get a credit card again?

Yes, you will. Although you might not get as favorable terms as you might like, you can certainly obtain credit cards post bankruptcy. In fact, due to the fact that you cannot declare bankruptcy for another several years, many companies will be glad to offer you credit cards.

<Are there other alternatives?

Yes. You can try:

<Do I need an attorney to file bankruptcy?

An attorney is not required in order to file bankruptcy. Filing Bankruptcy is a complicated process, and many people would benefit from the help of an attorney. You can, however, accomplish the entire process without an attorney. Attorney fees can be expensive, and the more your do before you hire and attorney, the more you can save on legal costs. Consider filling out your petition, and organizing all of you paperwork before your first meeting.

<What are the different kinds of bankruptcy?

The vast majority of bankruptcies are Chapter 7 or Chapter 13.

There are also chapters 11 and 12. These are used for businesses that need to file bankruptcy and have no benefit for consumers.

<If I file will it affect the credit of my spouse? What are the implications for my spouse if I file?

Many married people assume that they are responsible for each others debts. This is misconception. You are responsible only for the debts you incur, and the debts that you co-sign for with your spouse, unless you live in a community property state. There are 9 community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin).

<Haven't the laws changed recently regarding bankruptcy?

Yes. On October 17, 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 went into effect. Here are some of the highlights:

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