—-Your Common #Bankruptcy Questions Quickly Answered—-
1. Will I lose my house in Chapter 7 Bankruptcy?
In most cases, your house will most likely be exempted from being sold off in a Chapter 7 Bankruptcy case.
2. Can Bankruptcy take my social security?
As per Federal Law, your social security funds are exempt and thus protected in bankruptcy.
3. I am currently unemployed. Can I still file for bankruptcy?
Yes, your employment status does not bar you from filing for bankruptcy. It will, however, impact the chances of a successful outcome in a Chapter 13 bankruptcy.
4. Can my student loans be eligible for a bankruptcy discharge?
In most cases, your student loans are not eligible for a discharge under either Chapter 7 or Chapter 13 bankruptcy. However, it can be wiped out if you can prove that it is causing you undue hardship.
5. I make a lot of money. Do I still qualify for Chapter 7 Bankruptcy?
If your household income exceeds that of your state median, you may still qualify depending on how much are your monthly deductible expenses (e.g., childcare, taxes, debt repayments, utility, and food).
6. Do married couples both have to file for Bankruptcy?
Both you and your partner can file for bankruptcy individually or jointly. Depending on your debt situation and the state you reside in, either of the options could be more beneficial.
7. Will Bankruptcy affect my employment?
No employer will lay you off solely because of your bankruptcy, nor does it, in most cases, impact your employment prospects.
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