Bankruptcy FAQ

Common Questions About Bankruptcy

How do I know if bankruptcy is right for me?

Each person and situation is unique and no one solution fits all, but bankruptcy has given millions the chance to start anew in life. For some, however, debt settlement, short sale negotiation and other methods may work best. With the firm's personalized services, the goal is always to find the best possible avenue to bring you out from under the burden of your debts.

What are the advantages of bankruptcy?

First and foremost, in both Chapter 7 and Chapter 13 bankruptcy, you will experience a legal discharge of all or a majority of your debts. This is what is meant by bankruptcy's "fresh start." In also provides a legal means to quickly stop repossessions, debt lawsuits, wage garnishment and creditor abuse and is a way to achieve foreclosure prevention.

How do I know if I am eligible?

In order to qualify for bankruptcy, a lawyer from the firm will conduct a "means test." This procedure identifies those who are eligible to file for bankruptcy, and if you are qualified, the firm quickly begins the task of preparing your petition to the court. Essentially, the test compares your income to the recognized median income for similar households in the state, plus other factors.

Will I have to give up my home or car?

While each case is different, as a general rule, bankruptcy protects key assets such as your vehicle or place of residence. Remember, bankruptcy is intended to assist you, not leave you without a place to live or way to get back and forth to work. An attorney from the firm can review what exemptions will apply to your individual situation.

Do I need an attorney to file?

You are perfectly within your rights to go it alone but the firm would not recommend it. A large percentage of bankruptcy petitions are denied, leaving you with the cost of filing and a worsening financial situation. The attorneys have helped over 100,000 people through tough financial situations and stand ready to help you to a brighter financial future.

You Don't Have to Decipher Bankruptcy Codes Alone!

Bankruptcy law may seem overwhelming, which is why our firm exists to help you. We understand that you likely have more questions than we can answer in this space, which is why we encourage people to call and speak with us directly. When you're in serious debt, it seems as if that is the only thing that you can think about. This is just one more reason why we encourage you to contact us as soon as possible. We want to eliminate unnecessary worry by providing you with answers to your questions about things such as mortgage payments, creditor harassment and having your home foreclosed on. You may even qualify for an alternative to bankruptcy, but only if you meet certain requirements. No one should have to be financially punished for not knowing the proper steps to take. That is exactly where Price Law Group can step in.