Bankruptcy FAQs


  1. What debts do I still owe? You still owe your non-dischargeable debts—child support, student loans, alimony, non-dischargeable taxes, criminal fines and restitution. You also still must pay the payments due on any items you chose to keep during the bankruptcy—automobiles, a home, furniture, and other items that are collateral for a debt.

  2. How can I get back automatic payments? Contact the creditor and your bank about reinstating automatic bill pay or online payment arrangements for those debts you have reaffirmed.

  3. Will I need my bankruptcy papers again—I don’t want to remember this time in my life? Yes, you may need them again. In fact, you most likely will need them to recite your case number and date of discharge to creditors who may have purchased your discharged debt.

  4. Shall I stay with my old bank? If you ever need a home loan or a car loan again, you will get a better rate from a credit union. If you can, join one and enjoy the benefits.

  5. What about my insurance coverage; am I responsible for insuring the items that I surrendered? No you are not and you should check to be sure that all insurance on surrendered items has been cancelled and that you have received all your refunds. However, do not cancel the insurance until the creditor has taken possession of the returned item—house—car—boat.

  6. Double check your credit report. It should now show that you owe only those debts that you reaffirmed. If not, write and dispute the report.

  7. Start an automatic savings program. This will be your defense against another bankruptcy

  8. What if I need to file again—when can I do that? If you received a discharge in a Chapter 7, you may file for Chapter 7 relief eight years after you filed the discharged case. You may seek Chapter 13 relief 4 years after filing a Chapter 7 in which you received a discharge but you will have to pay all your unsecured creditors.

  9. Will I ever be able to get credit again? First, you should use credit only for a house or a car but if you need credit try to start rebuilding your credit by borrowing against your savings account. Make the payments on time each month and begin to rebuild without a credit card.

If you have more questions or would like to schedule a FREE consultation, contact us today!

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