Frequently Asked Questions

Chapter 7 bankruptcy is also known as liquidation bankruptcy and will allow a person to completely wipe most debts clean. In this bankruptcy, you may risk the loss of some property, as it will be sold to pay off debts; however, this is extremely rare. In Chapter 13 bankruptcy, you will have the opportunity to slowly pay off debts while retaining all property that you own. In most chapter 13 cases, only a small percentage of unsecured debt actually is paid back.

Anyone can file for bankruptcy as long as you live or own property in the United States.

Usually not. There are two ways that you could lose your home. One is if there is significant equity in your home. In this case, you probably would need to file a chapter 13 where a trustee does not sell (liquidate) property. The second reason is if you are behind on your mortgage payment and the mortgage company wants to foreclose. Again, you will probably want to file a chapter 13 so that you can get the arrears caught back up inside the chapter 13 plan. Many times, if both spouses' names are on the deed, a home can not be taken by the chapter 7 trustee even if there is significant equity. Our competent attorneys will guide you through these issues very carefully.

Maybe. The vast majority of debts are erased (discharged). There are certain debts that are not discharged, however. The most common types of nondischargeable debt are student loans, some taxes, court ordered support payments, and court fines.

No, if you are filing for bankruptcy, your spouse does not have to file with you. It is important to speak with an attorney, however, because having your spouse file can greatly assist you as well. This is especially true if you both have acquired high amounts of debt and own joint property.

Filing for bankruptcy may stop wage garnishments and open frozen bank accounts. In some cases, the sooner you file for bankruptcy, the sooner you may be able to retain the wages that were taken due to garnishments.

After you file for bankruptcy, your credit score will drop; however, by working with Haven Law Group P.C., you may be able to gain a favorable score in a short amount of time. At our firm, we are proud to offer credit restoring services to all clients free of charge.

Filing for bankruptcy more than once is possible, but it is best to avoid doing so. Depending on the chapter you filed under originally and the chapter that you wish to file under now, your requirements may vary. Typically, you have to wait at least eight years after you file for Chapter 7 bankruptcy and at least two years after Chapter 13 bankruptcy to re-file.

If you are ready to begin filing for bankruptcy, it is highly important that you work with an attorney from Haven Law Group P.C. At our firm, we understand that this time in your life may be stressful, but we stand ready to provide you with quality representation.

Do you still have questions that have not been answered? You need to contact a Hampton bankruptcy attorney from Haven Law Group P.C. right away. By retaining our team, you can begin moving toward a desirable outcome for your situation. We are proud to offer 20+ years of legal experience to our clients in assisting them to reach financial security, and we may be able to help you as well. Contact Haven Law Group P.C. today to schedule your free case evaluation with a dedicated Hampton bankruptcy lawyer!