Question 1

What is it like working with an attorney on a bankruptcy?

Accepted Answer

Wood Law makes it easy. Most people start by calling our office. During the call, we’ll ask you questions to better understand your situation and your needs. We’ll then give you a list of information you’ll need to gather in order to proceed. If you use e-mail, we can send you a message with the necessary details.

Once you’ve collected the information, you’ll drop off key documents and information at our office. We’ll use this information to prepare the paperwork necessary for your case, which can seem complicated.

When we have filed the case with the court and been assigned a case number, we’ll give you this information to share with your creditors. Once they have this, they’ll stop calling you to collect.

We’ll then continue processing the case and seeing it through to completion. We’ll guide you through each step of the process.

Question 2

How much does bankruptcy cost?

Accepted Answer

This can vary by case type and complexity. You will, however, know the cost before we begin. In most instances, some of the money you have been paying to creditors will go to cover attorney fees.

Question 3

How long does a bankruptcy take?

Accepted Answer

Once we have the necessary information from you, filing a case with the court and getting assigned a case number takes a few weeks. A Chapter 7 case is often concluded in about 3 months. A Chapter 13 case continues during the time payments are being made.  In either case the bulk of the work takes place at the start. We can answer this question better once we’ve talked to discuss the details of your situation.

Question 4

Do I have to pay back my debts?

Accepted Answer

Sometimes yes, depending on the type of bankruptcy proceeding. Depending on your income and other details, you may be required to complete a payment plan based upon your disposable income. Sometimes, the court will discharge or wipe away debts. We can give you a more complete answer once we’ve talked to discuss the details of your situation.

Question 5

Can I be denied credit if I file bankruptcy?

Accepted Answer

Neither the Bankruptcy Court nor your attorney can eliminate this possibility. If your situation calls for bankruptcy, your access to credit may already be limited.

Question 6

Will I lose my car if I file bankruptcy?

Accepted Answer

You are entitled to keep a motor vehicle within certain value limits. If your vehicle is being financed or is leased, you will need to continue making payments.

Question 7

Will I lose my cell phone if I file bankruptcy?

Accepted Answer

Not if you continue paying the monthly cost.

Question 8

What happens to my property and belongings if I file bankruptcy?

Accepted Answer

Clothing, furniture, and personal property can generally be kept. As a general rule, if it is being financed or leased, payments must continue.

Question 9

How does bankruptcy affect my credit?

Accepted Answer

If you file for bankruptcy, it will show on your credit rating. However, your rating will start to improve as you get on track paying your bills. With effort, it's possible to have a good credit score again within a short time.

Bankruptcy

Schedule an Appointment

Bankruptcy Concepts

Chapter 7 bankruptcy

Chapter 13 bankruptcy

Automatic Stay

Common Bankruptcy Questions

Schedule an Appointment

Our Specialties

Business Hours

Address / Phone