The following are a series of frequently asked questions regarding Bankruptcies
Can anyone file a bankruptcy? This is a difficult question to answer. Generally speaking, for an individual to a bankruptcy he or she must have negative cash flow. This means their expenses must be greater than their income. Since this is such a broad question, in most situations a detailed discussion would have to be undertaken with a bankruptcy attorney to have an answer involving a specific situation for the individual or individuals seeking to file bankruptcy.
Do individuals filing bankruptcy ever obtain credit? The answer to this question is: Yes. Immediately after filing a bankruptcy an individual can take appropriate action to rebuild their credit. After filing bankruptcy most bankruptcy lawyers will help provide the debtor with a credit rebuilding plan.
Can I eliminate my child support payments by filing bankruptcy? No. Bankruptcy does not allow an individual to eliminate child support payments.
Can I eliminate alimony or spousal maintenance by filing bankruptcy? No. Bankruptcy cannot be used to eliminate obligations of spousal maintenance which is often referred to as alimony.
Can filing bankruptcy help me keep my home? Yes. The filing of a Chapter 13 bankruptcy can be utilized to restructure your debt and allow you to keep your home.
Can I eliminate my student loan by filing bankruptcy? The answer to this question is generally no. Only under extreme circumstances can student loans be discharged in bankruptcy.
Elliot S. Schlissel, Esq. has been practicing bankruptcy law for over 35 years. He is the managing partner of Schlissel DeCorpo LLP. The law firm represents debtors in foreclosure defense and helps debtors file bankruptcy cases and obtain mortgage modifications. They can be reached for a free consultation at 800-344-6431 or by e-mail at Elliot@sdnylaw.com.