Frequently Asked Questions

What is bankruptcy?

What can bankruptcy do for me?

What does bankruptcy not do?

What are the different types of bankruptcy available to individuals and/or small businesses?

Who will know about my bankruptcy?

Will my friends and/or relatives know I have filed bankruptcy?

Will my employer know I have filed bankruptcy?

Can I file bankruptcy on some creditors and not on others?

If I file bankruptcy, does my spouse have to file with me?

If I filed bankruptcy before, can I file again?

If I filed bankruptcy before, how long do I have to wait before I am eligible to file another bankruptcy and receive a discharge of my debts?

What happens if I filed bankruptcy before, need to file again and cannot wait until I am eligible to receive a discharge of my debt?

How will bankruptcy affect my co-signer?

Will I have to go to court?

Will bankruptcy wipe out all my debts?

Will I lose all of my property and belongings if I file bankruptcy?

What happens to my home and car if I file bankruptcy?

Will bankruptcy affect my credit?

How long will bankruptcy stay on my credit report?

What else should I know?

  • Utility Services – public utilizes such as the electric company, cannot refuse or cut off service because you have filed for bankruptcy. However, the utility can require a deposit for future service and you do have to pay bills which arise after bankruptcy is filed.
  • Discrimination – an employer or government agency cannot discriminate against you because you have filed for bankruptcy; this includes government agencies and private entities involved in student loan program.
  • Driver's license – if you lost your license solely because you could not pay court-ordered damages caused in an accident, bankruptcy will allow you to get your license back.

Are there alternatives to bankruptcy?

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M. Caroline Cantrell, Attorney at Law