Frequently Asked Questions

What is bankruptcy?

What can bankruptcy do for me?

What does bankruptcy not do?

What are the different types of bankruptcy available to individuals and/or small businesses?

Who will know about my bankruptcy?

Will my friends and/or relatives know I have filed bankruptcy?

Will my employer know I have filed bankruptcy?

Can I file bankruptcy on some creditors and not on others?

If I file bankruptcy, does my spouse have to file with me?

If I filed bankruptcy before, can I file again?

If I filed bankruptcy before, how long do I have to wait before I am eligible to file another bankruptcy and receive a discharge of my debts?

What happens if I filed bankruptcy before, need to file again and cannot wait until I am eligible to receive a discharge of my debt?

How will bankruptcy affect my co-signer?

Will I have to go to court?

Will bankruptcy wipe out all my debts?

Will I lose all of my property and belongings if I file bankruptcy?

What happens to my home and car if I file bankruptcy?

Will bankruptcy affect my credit?

The answer is unclear; if you are behind on your bills, your credit may already be bad and bankruptcy may not make things any worse. Because it wipes out old debt, you may be in a better position to pay your current bills and able to get new credit.

If you decide to file bankruptcy, the debts discharged in your bankruptcy should be listed on your credit report as having a zero balance, meaning you no longer owe the debt. Debts incorrectly reported as having a balance owed will negatively affect your credit score and make it more difficult or costly to get credit. You should check your credit report after your bankruptcy discharge and file a dispute with the credit bureaus if the information on your credit report is not correct.

How long will bankruptcy stay on my credit report?

What else should I know?

Are there alternatives to bankruptcy?

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M. Caroline Cantrell, Attorney at Law