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Frequently Asked QuestionsWhat can bankruptcy do for me? 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? How will bankruptcy affect my co-signer? A Chapter 7 prevents a creditor from collecting from you; however, it does not stop the creditor from demanding payment from your co-debtor. If the debt is secured (house, car, furniture, boat, etc.) and you want to keep the collateral, you can continue to pay the debt during the bankruptcy to protect the co-signer. If the debt is unsecured (credit card, utilities, medical, etc.) you can repay the debt after your discharge to protect a co-signer. Chapter 13 may provide protection to co-signers if the co-signed debt was for consumer goods and the debt is paid through the Chapter 13 Plan. It does not provide co-signer protection for business debts or tax liability. Your bankruptcy filing may negatively impact your co-signer's credit rating as the co-signed debt will be listed on the co-signer's credit report as being included in bankruptcy. 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? |
Initial ConsultationUse this form to contact us to arrange for an initial consultation. The first 30 minutes of a bankruptcy consultation is free, additional time or other matters such as student loan issues or wills billed at standard rates. Please provide details as to how we can assist you. |
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Canby Bankruptcy Center |