If you’re considering filing for bankruptcy or looking for general advice on bankruptcy, FGC’s team of bankruptcy lawyers can help. We understand that each case is unique and requires a tailored plan to suit your specific circumstances. Our bankruptcy attorneys analyze your assets and debts to provide you with the best possible advice. We offer representation and operational guidance in the following areas:
In addition to this, our team of bankruptcy lawyers can also assist you with the filing of claims in bankruptcy proceedings or the recovery of debt. We concentrate in dealing with objections to debtors’ exemptions who have committed fraud or seek to discharge secured claims.
We understand that filing for bankruptcy can be a complex and overwhelming process. To help you better understand the process, we have compiled a list of frequently asked questions below:
Bankruptcy is a legal process that offers individuals or businesses that are unable to pay off their debts a fresh start. It involves filing a petition in court that details your financial situation and a plan to repay your debts. Once approved, the court can discharge some or all of your debts or work out a repayment plan.
There are several types of bankruptcy, but the most common ones are Chapter 7 and Chapter 13. Chapter 7 bankruptcy is a liquidation bankruptcy that can discharge most unsecured debts. Chapter 13 bankruptcy, on the other hand, allows individuals to reorganize their debts and pay them back over time through a repayment plan.
Filing for bankruptcy can have a negative impact on your credit score. However, the impact can vary depending on your current credit score and financial situation. In general, bankruptcy can remain on your credit report for up to 10 years, but you can start rebuilding your credit score immediately after filing.
It depends on the type of bankruptcy you file and the specific laws in your state. In a Chapter 7 bankruptcy, you may have to liquidate some of your assets to pay off your creditors. However, some assets may be exempt from liquidation, such as your primary residence, car, and personal property. In a Chapter 13 bankruptcy, you can usually keep your assets, but you will have to pay back a portion of your debt over time.
Filing for bankruptcy can temporarily stop foreclosure proceedings, but it will not necessarily prevent you from losing your home in the long run. If you file for Chapter 7 bankruptcy, your home may be sold to pay off your debts. In a Chapter 13 bankruptcy, you may be able to keep your home by catching up on your mortgage payments over time.
Yes, self-employed individuals can file for bankruptcy. However, the process can be more complicated than for wage earners, and you may need to provide additional documentation to the court to show your income and expenses.
The length of the bankruptcy process can vary depending on the type of bankruptcy you file and the complexity of your case. In general, Chapter 7 bankruptcy can take about 3-6 months, while Chapter 13 bankruptcy can take 3-5 years.
Most unsecured debts, such as credit card debt and medical bills, can be discharged in bankruptcy. However, some debts, such as student loans and tax debts, are usually not dischargeable.
Yes, you can file for bankruptcy more than once, but there are certain restrictions and limitations. The amount of time you have to wait before filing again depends on the type of bankruptcy you previously filed and the type of bankruptcy you want to file now.
The cost of filing for bankruptcy can vary depending on the type of bankruptcy you file and the complexity of your case. In addition to court filing fees, you may also need to pay for legal fees and credit counseling fees.
At FGC, we are committed to helping our clients navigate the bankruptcy process with ease. If you have any questions or concerns, please do not hesitate to contact our team of bankruptcy lawyers.
