FAQ
Frequently Asked Questions
Contents
Who can file for bankruptcy?
Who can file for bankruptcy?
Any individual or business owing money to a creditor can file for bankruptcy.
I originally filed for Chapter 13 bankruptcy, but I want to file for Chapter 7 instead. Am I permitted to change from one chapter of bankruptcy to another?
I originally filed for Chapter 13 bankruptcy, but I want to file for Chapter 7 instead. Am I permitted to change from one chapter of bankruptcy to another?
Yes, typically you are permitted to convert a case one time to any other chapter for which you are eligible. While the change may be accomplished with a simple notice, complications can arise.
My spouse is filing for bankruptcy but I am not. How does this work?
My spouse is filing for bankruptcy but I am not. How does this work?
Your spouse can file for bankruptcy without you, however, you could still be responsible for the debts. Discuss this option with a skilled personal bankruptcy attorney before making a decision.
I am divorced. Does this protect me from creditors if my former spouse files for bankruptcy?
I am divorced. Does this protect me from creditors if my former spouse files for bankruptcy?
No. You can be held accountable for any debts you co-signed on with your former spouse while married- even if your divorce decree assigns the full debt to your ex. However, your divorce decree may detail any potential recourse you can take against your ex-spouse should he default on loan obligations.
I co-signed on a loan for my brother. Can I be held responsible for the debt if he declares bankruptcy?
I co-signed on a loan for my brother. Can I be held responsible for the debt if he declares bankruptcy?
Yes. If the principal on a loan- in this case, your brother- declares bankruptcy, the lender can require you as co-signer to make payments on the loan.