Frequently Asked Questions about Bankruptcy

Question: Do I need a lawyer to file bankruptcy?

Answer: No. You do not need bankruptcy lawyer to file for bankruptcy protection and go through the bankruptcy process. However, due to the complexities and the consequences of making a mistake on your bankruptcy petition or throughout the course of your bankruptcy, as well as understanding all your options, it would be advisable to retain counsel from an experienced bankruptcy attorney.

Question: Are student loans dischargeable under the bankruptcy code?

Answer: No, except under very difficult circumstances. You can have your student loans discharged under bankruptcy if you can demonstrate that if forced to repay the student loan you will be unable to maintain a minimal standard of living for yourself and your dependents, that you will remain virtually insolvent for a significant period of time, and that you have made a good faith effort to repay the student loan prior to filing bankruptcy.

Question: Can I stop my home form being foreclosed upon by filing bankruptcy?

Answer: You can delay foreclosure of your home by filing bankruptcy. This delay can be used to attempt to workout something with the mortgage company, seek financing from other sources, or to sell your home. If you elect to file a Chapter 13 bankruptcy, and you can make up your mortgage payments over the next 3-5 years, you may be able to stop the foreclosure and keep your home. You should consult with an experienced bankruptcy lawyer to determine your options and what is best for you given your situation.

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