Answers to your bankruptcy questions

Our lawfirm is very professional when we handle your bankruptcy. Some of the questions during the consultation are designed to inquire into your personal belongings in order to discuss any risks. Typically all of your assets are exempt. Which means a trustee cannot sell them to pay for all or some of your debt. You won't necessarily lose your home when you file for bankruptcy. It depends on the amount of equity you have in your house and which chapter you file under.

A discharge is a court order stating that you do not have to pay most of your debts. Some debts, however, cannot be discharged, such as taxes, child support, alimony, most student loans, court fines, criminal restitution, and personal injury. Also, discharge only applies to debts you incurred before the date you filed. No one can make you pay a debt after it is discharged, but you can voluntarily pay any debt you wish.

If a debt is discharged but you want to pay it anyway, for example if you want to work out a plan with the bank so you can keep your car, you'll have to sign and file a reaffirmation agreement with the court. This agreement must be voluntary, cannot place too heavy a burden on you or your family, must be in your best interest, and can be cancelled anytime before the court issues your discharge.