Questions & Answers about Bankruptcy
Chapter 7 Bankruptcy: What is it?
Chapter 7 is commonly referred to as a “ fresh start” or “clean slate”. It allows you to discharge or wipe-out certain unsecured debts, such as credit cards, medical bills, and some older tax obligations. There are some debts, such as student loans, child support, and recent tax obligations that are not dischargable.
Will Chapter 7 Bankruptcy help me keep assets?
Yes, most clients of Eric Pratt Law Firm keep all of their assets. Also, if a debt is secured with an asset, such as a home the debt may be “reaffirmed” and you may keep the asset. However, you will need to stay current with your payments. Alternatively, you may choose to surrender the asset. If you surrender it then you discharge, or wipe out, the debt that was owed on the asset.
Will bankruptcy stop the creditors from calling me?
May I keep my home, car, or other possessions by filing Bankruptcy?
Yes. Most of our clients keep all of their property in a Chapter 7 and Chapter 13 Bankruptcy. If your home is secured by a mortgage then you must begin paying regular monthly payments to maintain ownership. Past due balances will be part of the repayment plan in a Chapter 13 Bankruptcy. You will have 3 – 5 years to pay off these past due balances.
Can my home be saved from a foreclosure? What if the Foreclosure sale is tomorrow?
Car repossessed recently? Will bankruptcy help me get my car back?
Yes. You have 10 days to file bankruptcy from the day your car was repossessed. We can retrieve your vehicleduring this time. However, You will be required to show proof of insurance before you retrieve the vehicle. Read more here.
Chapter 13 Bankruptcy: What is it?
Will bankruptcy help my credit score?
Who is not able to file for Bankruptcy under the new laws?
Can I buy or sell things, like my home, while I am in Bankruptcy?
How is past due child support handled in Bankruptcy?
Will Bankruptcy help me with money that I owe the IRS?
Yes. As we all know, taxes are very complicated. We will examine your tax debt and help you understand what taxes may be discharged.
What is credit counseling and how do I get it done?
Will I have to go to court?
What are bankruptcy mills?
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Rockford, IL 61108
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5411 E. State Street, Suite 202, Rockford, IL
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The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Disclaimer: The Eric Pratt Law Firm, P.C. is a Debt Relief law firm as defined by 11 U.S.C. 528. We help people file for Bankruptcy Relief under the Bankruptcy Code. We do not guarantee any result and prior results do not guarantee a similar outcome. This is an attorney advertisement and this website is for informational purposes only.
© 2018 Eric Pratt Law Firm All Rights Reserved. Eric Pratt Law Firm is a debt relief agency. We help people to file for bankruptcy relief under the Bankruptcy code.
5411 E. State Street, Suite 202, Rockford, IL 61108