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Bankruptcy FAQ

by | May 12, 2020

We have the answers.

Below are answers to frequently asked questions, but please remember that every situation is unique, which is why you should contact a skilled and experienced bankruptcy lawyer. Call us at (949) 450-8500 for a FREE consultation.
 1. What is bankruptcy?
 2. What is a Chapter 7 Bankruptcy?
 3. Who can file a Chapter 7 Bankruptcy petition?
 4. Who can file a Chapter 7 Bankruptcy in California?
 5. What is the Means Test?
 6. What happens when I file a Chapter 7 Bankruptcy?
 7. How long does the Chapter 7 Bankruptcy process take?
 8. What is the difference between Chapter 7 and Chapter 13 Bankruptcy?
 9. What is a Chapter 13 Bankruptcy?
10. Who can file a Chapter 13 Bankruptcy?
11. What is a Chapter 11 Bankruptcy?
12. What is a Subchapter V Bankruptcy?
13. What is a Small Business Reorgainization?
14. Who Qualifies as a Small Business Debtor?
15. Who can file bankruptcy?
16. Does my spouse have to file bankruptcy as well?
17. Can I file bankruptcy if I am in the middle of a divorce?
18. What should I do before I file bankruptcy?
19. What information and documents do I need for my initial appointment?
20. What is the general process in consumer bankruptcy cases?
21. Do I need to take any educational courses before I file bankruptcy or before my debts are discharged?
22. Do I need an attorney to file bankruptcy?
23. Will I have to fill out any forms?
24. What are the Bankruptcy Court filing fees?
25. Will I have to go to court?
26. What is a section 341(a) meeting of creditors?
27. What will happen at the meeting of creditors?
28. What will I need to bring to the meeting?
29. Can I still agree to pay certain debts?
30. What is the difference between secured and unsecured debt?
31. Do I have to list someone else’s debt that I co-signed for?
32. Do I have to list past due alimony or child support even though it will not be discharged?
33. Should I pay off debts I owe to relatives before I file bankruptcy so that I won’t have to include them in the bankruptcy petition?
34. Will bankruptcy eliminate all of my debts?
35. What does a bankruptcy discharge mean?
36. Can bankruptcy eliminate my community debt that still exists after my divorce?
37. Are payday loans dischargeable?
38. Is spousal or child support dischargeable?
39. Will bankruptcy eliminate my past due income tax obligation?
40. Are student loans dischargeable in bankruptcy?
41. How will bankruptcy affect a debt that I co-signed?
42. Can I file a bankruptcy for my debts, but not include my assets?
43. Can I choose which debts and assets to include in my bankruptcy petition?
44. Do I have to disclose all of my assets?
45. Can I transfer title of my car to a relative if I own it free and clear?
46. Do I have to list a bank account that is not mine that I am a signer on?
47. What happens to all of my property when I file bankruptcy?
48. What property is exempt?
49. What is an exemption?
50. Can I keep the money in my retirement accounts?
51. Is my home exempt?
52. Can I keep my home if I file Bankruptcy?
53. Can I keep my car?
54. Will I have to continue to make payments on my car?
55. Do I still need to make my house payments while I’m in bankruptcy?
56. Will filing bankruptcy save my home from foreclosure?
57. Will bankruptcy stop an eviction?
58. What is the “automatic stay?”
59. Will filing bankruptcy stop creditor from calling me?
60. How long will it take for creditors to stop calling me after I file bankruptcy?
61. Who notifies my creditors of the bankruptcy?
62. What if my creditors ignore the automatic stay?
63. Who deals with my creditors during the bankruptcy?
64. Will filing bankruptcy stop collection on a judgment?
65. Will filing bankruptcy stop a wage garnishment?
66. What happens after I file bankruptcy?
67. Will my employer find out that I filed bankruptcy?
68. Can I lose my job if I file bankruptcy?
69. Will filing bankruptcy affect my immigration status?
70. Will I lose my tax refund if I file bankruptcy?
71. Do I have to file income tax returns while I’m in bankruptcy?
72. Can I keep my credit cards after I file Bankruptcy?
73. Will the fact that I filed bankruptcy appear on my credit report?
74. Will filing bankruptcy ruin my credit?
75. Will filing bankruptcy hurt my spouse’s credit?
76. Can I obtain new credit after bankruptcy?
77. How can I re-establish my credit after filing bankruptcy?
78. How long does it take to rebuild credit after bankruptcy?
79. What is included in my credit report?
80. How can I get a copy of my credit report?
81. Will a bankruptcy remove a lien on my property?
82. What is a “lien strip”?
83. If I don’t file bankruptcy, am I personally liable for the balance owed on a second trust deed that is not paid off in a foreclosure or short sale?
84. If I don’t file bankruptcy, am I liable for any deficiency on the new loan that I obtained when I refinanced my home?
85. If I don’t file bankruptcy, am I personally liable for the balance of my home loan that was not paid off in a foreclosure or short sale?
86. If I don’t file bankruptcy, am I responsible to pay off any deficiency of my home loan when the lender forecloses?
87. If I don’t file bankruptcy, am I personally liable for any deficiency for a loan secured by commercial real estate?
88. If I don’t file bankruptcy, am I personally liable for any deficiency for a loan on my rental property?
89. If I don’t file bankruptcy, will I owe taxes on the difference between what I owe on my home and what it is sold for in foreclosure or a short sale?
90. What about non-attorney bankruptcy services?
91. Can I file bankruptcy simply to stall collection by a creditor?
92. What if I forget to list all of my creditors in the bankruptcy filing?
93. What can I do if there are mistakes in my credit report?
94. Are there alternatives to bankruptcy?
95. Can I file bankruptcy again if I already filed bankruptcy before?
96. Where can I find more information about bankruptcy?
bankruptcy glossary terms
Hallstrom, Klein & Ward LLP has dedicated legal professionals who can help you find a way out of your financial troubles.

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HALLSTROM KLEIN & WARD LLP
IRVINE, ORANGE COUNTY, CA
(949) 450-8500
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