1. Am I eligible to file Bankruptcy?
The standards to file bankruptcy changed in 2005. Most people are eligible to file bankruptcy but there are guidelines to fit Chapter 7, and Chapter 13 Bankruptcy. Chapter 7 Bankruptcy now has a means test to determine if a person qualifies to file Chapter 7. Call our Portland office to discuss your financial situation to determine what your options are.
2. Can I keep my home?
Bankruptcy allows for a Homestead Exemption. The exemption allows for a certain amount of equity in your home to be protected. The amount of the exemption depends upon the state that you live in and if you are married. Depending on the equity in your home different options will be discussed in how to approach your financial situation.
3. Will I be able to get credit after I file Bankruptcy?
Every case is unique but in most circumstances the person that files Bankruptcy will be able to get credit. You can expect to pay a premium due to the bankruptcy but credit can be found and there are places that will work with you to help you reestablish your credit.
4. How long will the Bankruptcy stay on my credit report?
The bankruptcy can stay on your credit report for 10 years. It is important to remember that the further away you get from your Bankruptcy the better for you.
5. I am being garnished will bankruptcy stop me from being garnished?
Bankruptcy will terminate garnishments as to wages earned after the filing of the bankruptcy. Wages earned before the filing may be recoverable from garnishment if those wages would have been exempt under bankruptcy.
The sole exception concerns child support. Child support garnishments depend on the type of Bankruptcy that you have filed and when support came due.
6. Are child support and spousal support judgments dischargeable?
Child support, alimony and family support are all non-dischargeable in bankruptcy. However, Bankruptcy could allow you to get a grasp on the rest of your financial situation to help resolve your support obligations.
