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bankruptcy frequently asked questions
Can
I file Bankruptcy by myself or does my spouse have to
file too?
Yes, you can file individually. However, if your spouse is
a co-debtor on any debt, the debt will be discharged as to
you, but not your spouse, who will remain liable.
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Do
I lose any personal property when I file Bankruptcy?
We can choose Texas or Federal Law to protect your
personal property when you file Bankruptcy. In most
situations, you will not lose personal property. However,
if the value of your property exceeds the statutory
amounts, you may lose property. CONTACT OUR OFFICE FOR
FURTHER QUESTIONS ABOUT THIS. Typically, the Court does
not want to take things from you, but if you have assets
like stocks, cash, vacation property or luxury items, they
are at risk.
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Do
I have to file Bankruptcy on all my debts?
Yes, you are not allowed to pick and choose which debts go
into your Bankruptcy. Federal Law requires you to list all
creditors when you file Bankruptcy.
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Will
filing Bankruptcy affect my credit?
Yes, a Chapter 7 Bankruptcy will remain on your credit
history for ten years. A Chapter 13 bankruptcy will remain
on your credit history for seven years. However, this does
not mean you will not have credit. It means that when you
apply for something on credit, your Bankruptcy filing is
something that will be taken into consideration when
giving you credit. You will be considered a credit risk
and can likely expect to pay higher interest rates, be
asked to pay money down or be required to have a co-signer
for loans.
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