Q: I'm confused about bankruptcy - if I declare do my debts go away, or will things just go into a new payment plan?
A: Depends on the chapter you file. Chapter 7 discharges most debts while chapter 13 is a repayment plan. See a bankruptcy lawyer near you and they can advise what would be best for you. Good luck!
A: Depends on whether you file a Chapter 7 or a Chapter 13. 7 is liquidation and 13 is Wage Earner. You need to consult an experienced bankruptcy attorney to determine which chapter you should file under.
I realize this is a challenging time & you have lots of questions. It is okay to be anxious & overwhelmed. You are on the right track to educate yourself about how to deal with your financial situation. As a lawyer & retired law professor I am committed to education as a foundation for anyone considering bankruptcy.
Your current financial issues, including possible bankruptcy planning, are often like a Rubic's cube where many competing issues must be solved simultaneously. Such as: protecting basic necessities, using credit cards, estate planning, tax issues, foreclosure & survival after bankruptcy.
Please go to www.DianeDrain.com - click "free bankruptcy consultation" button. Watch 9 short Bankruptcy Court videos which will explain basic bankruptcy issues. Then completely fill out an on-line questionnaire form & press “submit”. It will take 30-45 minutes, but is very important in order for me to guide you as to options. Then I will call to schedule a free 30 minute phone call.
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