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It is only natural that you have a lot of questions about bankruptcy. Be aware that there are many myths about bankruptcy that are simply incorrect. I am bankruptcy attorney Joel L. Gross. I am happy to provide clear and honest answers to all of your questions.
Here are some of the most frequently asked bankruptcy questions:
Chapter 7 is the most common form of bankruptcy. It typically involves the complete discharge of all debts. Chapter 13 involves the creation of a debt reorganization plan. The type of bankruptcy you choose will depend on your debt load and your goals.
People are often afraid that they are going to lose everything they own if they file bankruptcy. That is a myth. In Chapter 7 bankruptcy, it is possible that a trustee may sell nonexempt assets. However, most people do not lose any property at all. In Chapter 13 bankruptcy, there is no liquidation of assets. You keep what is yours. I will help you keep your home.
The most common debts, including credit card debt and medical bills, are easily discharged through bankruptcy. Some debts, such as student loans, are more difficult to eliminate. As your lawyer, I will help you explore all available debt relief options.
As soon as you file bankruptcy, an automatic stay goes into effect that puts a stop to all creditor actions, including attempts at foreclosure, repossession and wage garnishment. Creditor harassment must stop immediately.
This is one of the biggest bankruptcy myths and I am happy to educate you about rebuilding your credit after bankruptcy. Your credit is likely already damaged. Bankruptcy is the first step to getting your finances back in order. You will be able to get credit again, and most likely sooner than you think.
401(k)s, IRAs, pensions and other retirement assets are typically exempt from Chapter 7 bankruptcy and Chapter 13 bankruptcy. Your retirement savings are safe.
This bankruptcy FAQ is only a starting point. I am ready and willing to provide personalized answers to every question you have. To schedule a free consultation, call 352-536-6288 or send an email. Evening and weekend appointments are offered for those who cannot meet during business hours. Spanish-speaking service is available.
The Law Office of Joel L. Gross is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.