Your Important Bankruptcy Questions Answered
If you’re considering bankruptcy, you are not alone. Likely, there are about 2 million people (single and married couples) who will file bankruptcy this year.
We understand that filing bankruptcy is both stressful and a relief. You can put an end to harassment by creditors, embarrassing phone calls, and sleepless nights. Filing bankruptcy will likely give you increased peace of mind, allowing you to sleep well at night.
When will the telephone calls stop?
As soon as your bankruptcy petition is filed and accepted, the court will order a “stay” and all collection attempts must cease.
What is a discharge in bankruptcy?
You never have to repay debts that are discharged in bankruptcy.
Can I be fired for filing bankruptcy?
No, the law provides that both private employers and governmental employers cannot fire you solely because you filed bankruptcy.
Do I have to file bankruptcy if my spouse files?
No, there is no requirement for a married couple to both file. In some circumstances, it may be wise for you both to file to get rid of joint debts and debts in your name as well as to double your exemptions. In other cases, it may be in your best interest not to file. We can help you decide what’s in your best interest.
Will I lose everything if I file bankruptcy?
No, not at all. Check out Ohio’s bankruptcy exemptions in our article, “Will I lose anything if I file bankruptcy?”
Will I have to go to court?
Typically, you do NOT have to go to court. A bankruptcy petitioner only has to go to court if a creditor files a motion or an adversary action. You will have to attend a meeting with a bankruptcy trustee about 30 to 40 days after filing your bankruptcy petition. This is not as scary as going to court. This meeting is called the “First Meeting of Creditors.” Under oath, you must answer the bankruptcy trustee’s questions. These questions are about your assets, debts, and the content of your bankruptcy petition. For example, the trustee may ask you if you used your credit cards to renovate your kitchen. Creditors have the right to ask questions, but rarely do. In fact, they rarely show up to the meeting.
Where do I get help?
If you are looking for an experienced law firm to guide you throughout a bankruptcy case, contact
Geygan & Geygan. We help people just like you every day. You are not alone. Call (513) 793-6555, or email thomasjr@geygan.com. Our office is located in the Kenwood area of Cincinnati.
