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Q&A With Bankrupty Attorney Gene Turnwald
November 6, 2010 by Bankruptcy Search
Filed under Bankruptcy Help
Filing for bankruptcy usually raises a host of questions. Here are some of the more common:
Will bankruptcy discharge all my debts?
A Chapter 7 bankruptcy will discharge most debts. Exceptions are taxes or student loans. Also, you may choose to keep or reaffirm certain debts in bankruptcy, such as mortgages or car loans, that are secured by the property.
When are my debts discharged in bankruptcy?
The day you file bankruptcy, your debts are frozen. About four to five months after filing, you will receive a formal notice from the bankruptcy courts that your debts have been discharged.
Should I pay bills with money from my IRA?
Most retirement accounts 401K, IRAs, pensions, ERISA accounts are exempt under bankruptcy laws and protected. Paying debts with money from these accounts is usually not a good idea.
How does a bankruptcy stop a home foreclosure?
The same day and minute you file for bankruptcy protection, all debts are frozen and all collections activity must stop. Therefore, if you file bankruptcy the day before a foreclosure sale, the sale must stop. A Chapter 13 bankruptcy then gives you the time to prepare a plan to catch up on house payments over a period of five years.
If I file bankruptcy will I lose everything?
No. The bankruptcy code sets forth limits on the amount and value of the type of property you may keep. The type of property you have is divided into different categories. For example, most household assets are exempt with a $10,000 limit.
Can bankruptcy help with taxes?
While many kinds of taxes are not dischargeable, penalties and interest are. A bankruptcy filing will stop collection activity for taxes owed. A Chapter 13 bankruptcy will provide an
