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Robert Bialkin
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1,181 followers
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Can I file bankruptcy on my own without an attorney?
Bankruptcy is complicated but can be done successfully without a lawyer. However, creditors can use errors in your paperwork to demand that your debts not be discharged and can leave protectable assets unprotected and subject to sale by the Trustee. These losses can amount to much more than the cost of an attorney.

What is the difference between secured and unsecured debt?
Unsecured debt is usually credit cards or medical bills that creditors must sue you to collect. Secured debt is usually a car or home loan that are secured by the car or home in the form of a mortgage as collateral for your loan. Creditors may foreclose or repossess the property that is security for the loan if you do not make your payments.

Can a business file bankruptcy? What is a chapter 11 bankruptcy?
Generally, if the owner of a small business files bankruptcy they must close their doors and sell the business assets to pay creditors. The remaining debts are then discharged in the bankruptcy. Chapter 11 bankruptcy allows a business to continue operating under a reorganization and debt repayment plan supervised by the Trustee.

Does my spouse have to file bankruptcy if I do? Is my spouse's debt discharged if I file bankruptcy but they don't?
You can file bankruptcy individually if you are married, but the debt is only discharged as to your interest and your spouse remains financially responsible for the entire debt.

Can I modify my mortgage? What is a loan modification?
The loan modification process is getting better, and is often a great way to keep your home. However, the process can take up to a year and by that time the foreclosure process is usually complete. Only a bankruptcy can halt the foreclosure.

Is a co-signer or co-debtor still responsible for the debt if I file bankruptcy?
A co-signer is also fully responsible for the loan, and must pay the debt themselves if you default on the loan or file for bankruptcy.

How often can I file bankruptcy? How long do I have to wait before filing bankruptcy again?
You have a Federal right to start over by filing a chapter 7 bankruptcy 8 years after you filed your last chapter 7 or 6 years after you filed your last chapter 13. You can file another chapter 13 bankruptcy 4 years after you file a chapter 7 or 2 years after you file a chapter 13.

Can I get rid of educational school student loan debts in bankruptcy? Are educational student loans dischargeable?
No, unless you can prove that repayment will cause an undue hardship.

Can I eliminate tax debt in bankruptcy? Are tax debts dischargeable?
Tax debts are considered priority and are generally not dischargeable. However, income tax debts older than 3 years are sometimes dischargeable in a chapter 7 bankruptcy. Chapter 13 bankruptcy can be used to force the IRS into a payment plan and prevent them from charging interest and late fees.

Can I get rid of educational school student loan debts in bankruptcy? Are educational student loans dischargeable?
No, unless you can prove that repayment will cause an undue hardship.
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