Do I risk losing everything?
No. The bankruptcy procedure is intended to provide greater asset protection than other debt relief options. For instance, only a bankruptcy filing can suspend a foreclosure while you negotiate a repayment plan with your lender. The bankruptcy exemption laws cover a substantial portion of your essential living and property assets. Depending on which chapter you file, none of your property may be subject to liquidation.
Should My Spouse File Taxes?
No, filing for bankruptcy with a spouse or companion does not require filing jointly. Some couples choose to register jointly because the majority of their debts are held jointly, making both parties jointly responsible for repayment. You have the option of filing jointly or separately, depending on your debt distribution and types of debt.
Will My Employer Learn?
Generally, no. There is no dissemination of your bankruptcy filing information, nor will your employer be informed. Employers would learn if they conducted a credit check for whatever reason or if you were already subject to a wage garnishment order. If you file for bankruptcy while your wages are already being garnished, your employer will likely be notified, but only to cancel the garnishment order. There are no consequences for filing bankruptcy in the workplace. If you believe that your employer discriminated against you or unlawfully terminated you because of your filing, contact an attorney immediately. There are laws in place to protect you from discrimination based on your situation.
Will My Credit Rating Be Affected?
No. High debt balances, missed payments, and delinquent account statuses have probably already harmed your credit. While a bankruptcy filing remains on your credit report for several years, it does not negatively impact your credit score. In fact, the majority of individuals discover that their credit improves within a few months of filing for bankruptcy. Resolved debt accounts and the elimination of excessive balances enhance credit. Additionally, numerous creditors are willing to extend credit to consumers following bankruptcy. The credit recovery process can be lengthy, but it is much more likely to result in an improvement if you stop carrying large balances and stop making payments.
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