Commonly Asked Questions About Chapter 13 Bankruptcy

On this page we will answer some of the most commonly asked
questions about chapter 13 bankruptcy.Yes, it is possible to file
bankruptcy without legal representation, though, unless you are a
legal expert yourself, it is not to be advised. Filing chapter 13
bankruptcy is an extremely complex process and if you make any mistake
or omission, you risk serious financial and legal repercussions.You
may have to liquidate some assets in order to pay off part of your
debts, but for the most part, your debt will be paid off over time by
means of your monthly repayment plan.Yes, it is true that there are
types of debts that will survive your bankruptcy. These are mainly tax
debts, government fines, child support and student loans.Yes, once the
court notifies your creditors of your bankruptcy, an automatic stay
goes into effect that prohibits creditors from any further collection
actions against a debtor. This includes lawsuits, wage garnishing and
harassing phone calls. Creditors are allowed to object to your chapter
13 bankruptcy in the court-supervised Meeting of Trustees.No, in most
cases, retirement savings and IRAs are considered exempt from your
bankruptcy filing. Because the exact exemptions differ from state to
state, you are best advised to ask your bankruptcy lawyer if your
retirement savings will be protected.This depends on which chapter you
filed before, whether you received a discharge in the previous case,
and how long ago this happened. Contact your bankruptcy lawyer to
examine what your options are.