Frequently Asked Questions – Bankruptcy General

What is bankruptcy? 

Bankruptcy is a federal law designed to get you a fresh start, free from harassing creditor phone calls, lawsuits, repossessions and garnishments. It is a privilege granted to you under the United States Constitution. It is a very powerful law because it forces your creditors to permanently wipe out your debts (chapter 7) or to accept a repayment plan which you have proposed (chapter 13). 

Will I lose my property if I file for bankruptcy?

No, as long as you tell the court what you own and what you think it is worth, the law will allow you to keep your property as the basis for your "fresh start" subject to certain limitations. The law is very generous in allowing you to exempt your home equity, automobiles, household goods and furnishings, clothing, jewelry, bank accounts, stocks and bonds, pension and 401k plans, etc. The most important thing to do is make an accurate list of what you own and what you think it is worth (at a garage sale or

Can I keep my house and car? 

Yes, you can file a bankruptcy and keep your house and car provided you continue to make payments to the finance or mortgage company. 

I’m married, can I file alone or must my spouse also file? 

If you are married, you can file either together as a couple (jointly) or either spouse (husband or wife) can file on their own.  The law does not require that both the husband and the wife file. 

Click here for Chapter 7 FAQ's

Click here for Chapter 13 FAQ's

Contact the law office of Zachary Bushatz at 1-937-318-1529 today to set up your free initial consultation.