Frequently Asked Questions
FREQUENTLY ASKED QUESTIONS
A: No. In general after your Chapter 7 bankruptcy petition is filed, it cannot be dismissed unless for exceptional circumstances.
Q: After I file bankruptcy, do I get to retain my automobile or homes?
A: If you plan to retain property that is secured by a loan (i.e. your automobile, home, etc.), you should continue to make the loan payment(s) on time. If you have any questions about whether or not to pay a debt, please feel free to contact our office. Remember, bankruptcy discharges your personal liability. It does not discharge “property liability.” Therefore, if there is a valid perfected lien against property, the creditor cannot collect against you personally if that debt has been discharged in bankruptcy, but the creditor can still collect against the property, unless the lien has been avoided. This means, that if you do not pay for the property, it can be repossessed or foreclosed upon.
Q: What is a reaffirmation agreement?
A: A reaffirmation agreement is an agreement by a Chapter 7 debtor to continue paying a dischargeable debt after the bankruptcy. It is usually used to keep collateral or mortgaged property that would otherwise be subject to repossession. Our firm typically does not recommend signing reaffirmation agreements, but will negotiate the reaffirmation agreements on your behalf (subject to court approval, of course). However, keep in mind, not all creditors will agree to reaffirm a debt. The creditor is not required to enter into a reaffirmation agreement.
Q: How often can I file Chapter 7?
A: You cannot obtain a discharge if you have obtained a discharge in: (1) a Chapter 7 case filed within the past 8 years or (2) a Chapter 13 case filed within the past 6 years. The time periods in either case are measured from the filing dates of the respective cases.