Browse through our Bankruptcy Video FAQ for the answers to the most common bankruptcy questions. Click the ‘tags’ dropdown to browse through the different categories.

June 22, 2017

How long will a bankruptcy filing remain on my credit record?

Our Professional Answer: A lot of people ask, “How long does a bankruptcy filing stay on their credit record?” The technical answer is 10 years. But the real effect is about two years after you receive […]
June 22, 2017

How will a bankruptcy filing affect my future finances?

Our Professional Answer: Many people who are filing bankruptcy or considering filing bankruptcy, are already in financial distress. That distress shows up in their credit reports and in many parts of their lives. In the future, […]
June 22, 2017

How often, if ever, will I have to go to court during bankruptcy proceedings?

Our Professional Answer: Going to court is one of the things that bothers people the most when they file bankruptcy. There are different circumstances. At Chapter 7, we will attend one meeting of creditors with you […]
June 22, 2017

How does a bankruptcy affect a second mortgage or equity loan?

Our Professional Answer: When you file bankruptcy, you must list every debt you have a legal obligation to pay, this includes a second mortgage or a home equity loan. When you receive your discharge of bankruptcy, […]
June 22, 2017

I want to start a business with two partners. What is the best way to protect myself?

Our Professional Answer: If you want to start a business with some other people, two, three, 10 people, you should consult with an attorney about the best form to put that business into. Often, people just […]
June 22, 2017

I declared bankruptcy before. When can I file again?

Our Professional Answer: If you’ve declared bankruptcy previously, and you need to file bankruptcy again, there are several limitations. First of all, in a Chapter 7, which is a liquidating chapter, you can only file a […]
June 22, 2017

May I use Chapter 7 bankruptcy to get rid of all my debts?

Our Professional Answer: Chapter 7, bankruptcy discharges a 100% of all the debts you have a legal obligation to pay. There are three general categories that are not dischargeable, taxes within the last three years, student […]
June 22, 2017

Is the debt discharged in bankruptcy considered income that has to be reported on my income tax return?

Our Professional Answer: Bankruptcy will discharge every debt you have a legal obligation to pay. One of the concerns that most people have is that when they discharge a debt in bankruptcy that they’re going to […]
June 22, 2017

Is bankruptcy a crime?

Our Professional Answer: All too often, you’re going to be told that bankruptcy is a crime and that it will ruin your life, nothing could be farther than the truth. In every society, bankruptcy is a […]