SPECIFIC FREQUENTLY ASKED QUESTIONS
- Do I still have to make my car and/or house payment?
- Do I have to list all of my creditors?
- Can I still use my credit cards?
- Can I keep any of my credit cards?
- If I'm married but filing as an individual, do I have to give my spouse's information?
- I have filed a joint petition; do my spouse and I both have to attend the creditor's meeting?
- How long does the bankruptcy process take from start to finish?
- I am listed on a bank account that's not mine; do I have to list this as an asset?
- I co-signed for another person; do I have to include that debt?
- My salary changes from month to month, what amount should I list for my income?
- Do I have to file my income taxes while in bankruptcy?
- Can I include my back child support in my bankruptcy to be discharged?
- What if I forget to list a creditor?
- What is disposable income?
- Will my employer find out I have filed bankruptcy?
1. Do I still have to make my car and/or house payment?
In a Chapter 7, you will generally want to stay current with any secured debt you would like to keep. In a Chapter 13 you must continue to make your regular house payments after filing bankruptcy, but your arrearages will be included in the Chapter 13 plan.
2. Do I have to list all of my creditors?
You should include all creditors that do not have a zero balance.
3. Can I still use my credit cards?
You should not incur any additional debt once you know you are going to file for Bankruptcy.
4. Can I keep any of my credit cards?
It is up to each particular creditor as to whether they offer a reaffirmation agreement or not.
5. If I'm married but filing as an individual, do I have to give my spouse's information?
Typically, only their income information is needed.
6. I have filed a joint petition; do my spouse and I both have to attend the creditor's meeting?
Your case can be dismissed if you both do not attend.
7. How long does the bankruptcy process take from start to finish?
Typically 3-4 months from start to finish.
8. I am listed on a bank account that's not mine; do I have to list this as an asset?
Generally yes, but you should consult an attorney for specifics.
9. I co-signed for another person; do I have to include that debt?
All debts you owe must be listed.
10. My salary changes from month to month, what amount should I list for my income?
In most cases, add your income for 6-12 months and divide by that number to obtain an average.
11. Do I have to file my income taxes while in bankruptcy?
Yes.
12. Can I include my back child support in my bankruptcy to be discharged?
Usually child support and/or alimony cannot be discharged.
13. What if I forget to list a creditor?
While you may add a creditor post-petition there are usually additional fees associated with doing so.
14. What is disposable income?
This is the amount of money left after deducting your cost of living from all sources of income.
15. Will my employer find out I have filed bankruptcy?
Usually not, however, the Bankruptcy Code prohibits job action against you because you are in a Chapter 7 Bankruptcy.
If you have any questions on New Jersey bankruptcy, Chapter 7, Chapter 13, debt relief, or would like to schedule an appointment for a free consultation, call Attorney Ralph A. Ferro, Jr. at: 1-866-607-7556.
Ralph A. Ferro, Jr., Esquire
245 Paterson Avenue
Little Falls, NJ 07424
Call: 1-866-607-7556