The Top 6 Frequently Asked Bankruptcy Questions

Rick Goldfeller
March 6, 2009 — 1,214 views  
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Bankruptcy is a long and complicated process, requiring a lot of paper work to be done, which can be extremely stressful. The hardships experienced here can be amplified exponentially if the person filing for this "status" has no idea on where to start. For the amateurs or those unfamiliar with the system of filing for such, bankruptcy questions run through their minds all the time. That's completely understandable, because I haven't heard of anybody that can walk through the entire process without difficulty. Some frequently asked bankruptcy questions include this: will my wife or husband be affected if I file for bankruptcy? The answer to that would depend on whether or not your husband or wife signed any agreements that directly tie her to the bankrupt accounts.

If she hasn't, then the answer is: no - he or she will gain "immunity" to it, or in other words, he/she won't be affected. But that isn't the only factor that comes into play, because the "rule" of "immunity" does differ from state to state, therefore its best that you consult a lawyer specializing in this field before you start celebrating (for some strange reason). The next bankruptcy question that's ever so annoyingly asked is if the guy filing for it can do it on his own, and if he wouldn't need the help of a lawyer. The answer to that would be hell yeah! Yes - you can go about the process by yourself, that is if you know what you're doing, and aware of all the risks involved for not "stating your case" properly.

If you don't have a clue as to what on earth you're doing, overwhelmed by endless paperwork, and what's going to happen, then it's best you hire yourself a bankruptcy lawyer. This is a guy that KNOWS what he's doing, everything that's needed to be done, and makes sure the "flow" runs smooth and clean (unlike you). How much would hiring a guy of that profession cost? That's another one of those frequently asked bankruptcy question, in which I'll gladly answer: that'd depend on a number of factors, like who you hire, and where you're from, but the usual price ranges from 1 to 2 grand (US dollars).

Moving forward, for some reason, many people ask whether or not their student loans will be discharged. Here's the answer to that: you'd be lucky if they were. Many cases do not discharge them, and are usually only discharged in extremely pathetic situations of hardship. Hey, that brings up another frequently asked bankruptcy question, which is: what debts aren't eradicated when filing for bankruptcy? First and foremost, the debts which you don't list on the paper aren't eradicated (obviously). Other debts that aren't erased include the support you have to pay to your spouse after separation (not getting rid of her that easy), child support (them too), as well as tax debts.

Moving on to the last question, which is "will I be selling my house if I were to file for bankruptcy?" The answer to that would depend entirely on the chapter you belong to, and the equity of your house. A lawyer can help you choose the best options that'd be in your favor.

About the Author

The author of this article Rick Goldfeller is an underground Financial Analyst who has been successfully running campaigns for several wealthy clients. Rick finally decided to go public and share his knowledge and experience through his website http://www.finanzine.com. You can sign up for his free newsletter and join his coaching program.

Rick Goldfeller