Our Gilbert Bankruptcy Attorneys Answer Frequently Asked Questions
It’s not every day that you file for bankruptcy. Those who do file for bankruptcy usually only file once. So chances are good that if you are thinking of filing for bankruptcy, you haven’t done it before, and you have a lot of questions. You may even feel intimidated by the process, and that may deter you from getting the debt relief that you need.
The best thing to do is consult with an experienced Gilbert bankruptcy attorney to learn how bankruptcy may help you and to get answers to all your questions about the process and how it will benefit you. You can do a little research ahead of time to prepare yourself for the meeting and have information that will help you ask better questions and make better choices. Here are some of the most frequently asked questions we get about bankruptcy:
Can Bankruptcy Help Me Stop Calls and Letters from My Creditors?
Yes. When you file for bankruptcy, it triggers an automatic stay. That puts a stop to all legal activity against you by your creditors, and they must stop contacting you about your debt. Sometimes, you may get a call or two after the filing simply because the notification hasn’t made its way all the way through the creditor’s system. You just need to let the representative know that you have filed for bankruptcy and refer them to your Gilbert bankruptcy attorney. You shouldn’t be contacted again.
How Can I Stop Wage Garnishment?
Your creditors may have already moved to take legal action against you, such as by garnishing your wages, garnishing your bank account, or seizing your vehicle or your home. In many cases, filing for bankruptcy can put an end to this. Filing for bankruptcy puts an immediate stop to the garnishment of wages or bank accounts while the bankruptcy court has time to evaluate your filing and determine whether your debts can be discharged. A bankruptcy filing may also help you avoid foreclosure or repossession by rolling what you owe into an affordable repayment plan.
Can I Keep My Home if I File for Bankruptcy?
A common concern for those considering bankruptcy is whether or not they can keep their homes. In most cases, the answer is yes. If you file for Chapter 7 bankruptcy, you will be able to get a discharge of your unsecured debts, but you will have to pass a means test based on your income and assets to qualify. If you own a home, you will be allowed an exemption up to a certain dollar amount. Most people are able to keep their homes under the exemption.
If your home is worth more than the exemption, you can still file for Chapter 13 bankruptcy, which would organize your debt under a more affordable repayment plan. You could even include any back payments that you owe on the house in the repayment plan.
How Long Will It Take To Get Debt Relief Through chapter 7 & chapter 13 bankruptcy?
Every bankruptcy filing will be different, but you can expect to have relief in just a few months if you file for Chapter 7 bankruptcy and in three to five years if you file for Chapter 13 bankruptcy. Working with a good bankruptcy attorney can expedite the process. While you won’t be able to control some parts of the process, like how quickly the bankruptcy court can schedule your hearing, you can control the timing of the meetings with your lawyer, when you take your debt counseling course, and so on.
You likely have many more questions about the bankruptcy process. The best thing you can do is meet with a bankruptcy attorney to discuss your concerns, get answers about the process, and review the specifics of your case. Then you can get tailored advice for your situation, rather than general guidance.
contact an Expert gilbert bankruptcy lawyer Today
Gilbert Bankruptcy Lawyers are ready to help you. Our experienced bankruptcy attorney can review your finances and talk with you in-depth about your goals to help you understand the best path forward with bankruptcy. Our goal is to help you get the maximum debt relief possible as quickly as possible. We offer affordable rates and flexible scheduling to make the process as easy for you as possible. Call us in Gilbert today to schedule an appointment with one of our bankruptcy attorneys and learn more.