Let Us Answer Your Questions About Bankruptcy
Like most people, you may be considering filing for bankruptcy for the first time. You probably have a lot of questions and getting clear answers from other people who have gone through the process isn't always your best option.
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At CBG Law Group, PLLC, in Bellevue, Washington, we have been helping people through their bankruptcy and debt relief problems for many years. We answer questions for people just like you every day. We invite you to read through our frequently asked questions below. Chances are, you will find an answer you're looking for.
Contact us to arrange a free consultation with attorney Darrel Carter to discuss your specific debt relief needs. We focus our practice on helping people resolve debt problems and get a fresh start.
Can I keep my house and car?
Generally, Chapter 7 bankruptcy allows you to eliminate most of your unsecured debt, such as credit cards, while keeping (reaffirming) the debt you agree to continue paying. For most people, that means keeping their mortgage and car payment.
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Under Chapter 7, you will seek to eliminate all or most of your debt obligations. Under Chapter 13, you agree to restructure your debt into a monthly repayment plan supervised by the bankruptcy courts.
Can I discharge my student loans?
Under Chapter 7 bankruptcy, you cannot discharge student loans or government loans such as SBA loans unless you can show that the loans will impose an undue hardship upon you. Under Chapter 13, you may include all of your debt in the restructuring plan; however, you may not be able to get a discharge from the debts.
Will creditors continue to threaten me?
As soon as you sign an agreement for legal representation, your creditors are required by law to work through your attorney. You simply tell bill collectors to call your lawyer.
I owe back taxes. Will bankruptcy help?
After you have met certain conditions, you may be able to eliminate your tax debt through Chapter 7 bankruptcy. Under Chapter 13, you may always include your tax debt in your repayment plan.
Will I qualify for Chapter 7 bankruptcy?
In October 2005, Congress placed some restrictions on who may file for Chapter 7 and who qualifies for Chapter 13 bankruptcy. To qualify for Chapter 7 debt elimination, your income to debt ratio will be considered. An experienced attorney will know the formula and how to help you meet your goals.
Why do I need an attorney? Can't I file myself?
Yes, you have the option of representing yourself in bankruptcy. The legal criteria for qualifying for Chapter 7 is complex, however. Many people who file themselves end up reorganizing their debt under Chapter 13 because they miss exemptions that would allow them to qualify for Chapter 7.
What other options are there for solving my debt problem?
There are many options available, other than filing bankruptcy. There are non-profit and for-profit debt relief agencies, and working out installment agreements and compromises directly with your creditors. CBG Law Group offers a full range of debt relief services.
Will I ever get credit again after bankruptcy?
Everyone's situation is different. Generally, however, bankruptcy will not have the long-term effect that credit card companies and banks want you to believe. We invite you to learn more at these pages:
- What will my life be like after bankruptcy?
- Bankruptcy myths
- Rebuilding your credit after bankruptcy
- Bankruptcy basics and the bankruptcy process
Contact us to arrange a free consultation. From our offices in Bellevue, we represent individuals, families and business owners in Seattle and throughout western Washington.
