Business Law Representation That Respects Your Bottom Line

Frequently Asked Questions About Bankruptcy

Filing for bankruptcy can be an overwhelming and stressful experience. However, with the right guidance, bankruptcy can help you find a new start. Our Las Vegas Valley attorneys at May Brock Law Group are here to answer your questions. In the meantime, please see some answers to frequently asked questions about bankruptcy.

Is It A Bad Idea To File For Bankruptcy?

Filing for bankruptcy could impact your credit rating immediately after filing. But it could also help you financially because you might have more cash flow because of fewer bills that you have to pay.

I Owe Money And Am Overwhelmed By Debt. Can I Avoid Filing For Bankruptcy?

Just because you feel overwhelmed by debt doesn’t mean that you have to file for bankruptcy. There are other alternatives that you might consider such as negotiating with your creditors, seeking advice from a reputable credit counselor or even paying down your debt with savings.

When Should I Declare Bankruptcy?

After thinking through all the methods described above then you might begin to think about filing for bankruptcy.

Will I Lose My Home If I File For Chapter 7 Bankruptcy?

You won’t necessarily lose your home in Chapter 7 bankruptcy – especially if you don’t have much home equity and the mortgage is current. But if you’re facing foreclosure or you have significant equity, filing for Chapter 13 bankruptcy might be the better option.

Will Bankruptcy Affect My Job Or Future Employment?

In most situations, bankruptcy won’t affect your current employment; however, it might come into play if you are applying for a job in a private industry.

Multiple Bankruptcy Filings: When Can You File Again?

If you file bankruptcy too soon after you have received a previous bankruptcy discharge, you cannot receive another discharge.

Can Bankruptcy Take Your Social Security?

Federal law protects Social Security funds in bankruptcy.

Can I Go To Jail For Filing For Bankruptcy?

As long as you tell the truth in court and on your bankruptcy petition, the answer is no. People don’t normally go to jail for filing bankruptcy.

Can I File For Bankruptcy If I Am Unemployed?

You don’t have to be employed to file for bankruptcy. But being unemployed can affect the success of your bankruptcy if you file for Chapter 13.

Can I File for Bankruptcy If I Make A Lot of Money?

If you have a higher than average income, you may not qualify under the means test for Chapter 7 bankruptcy. However, Chapter 13 bankruptcy may still be an option for you. At May Brock Law Group, we can discuss your options to find the best solution for you.

Let’s Get Started

Give us a call today at 702-960-1270 or complete our online contact form to schedule a consultation and discuss if filing for bankruptcy is the best option for you.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.