McDaniel Legal

11111 Katy Freeway, Suite 910
Houston, TX 77079

 

bankruptcy faq
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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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bankruptcy faq | free office consultation