12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Frequently Asked Questions about Personal Bankruptcy in Prospect Harbor, ME

Frequently Asked Questions about Personal Bankruptcy in Prospect Harbor, ME


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free ME Last Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free ME Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Prospect Harbor, ME
    Gateway Title
    141 State St
    Presque Isle, ME 04769
    (207) 760-9250
    Real Estate Attorneys
    Monahan Rosemary Paralegal
    409 Main St
    Presque Isle, ME 04769
    (207) 760-9228
    Attorneys, Paralegals
    Stacey Channa J ESQ Atty
    612 Main St
    Presque Isle, ME 04769
    (207) 764-7600
    Attorneys
    Matthew Hunter
    429 Main St
    Presque Isle, ME 04769
    (877) 797-6711
    Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  Social Security & Disability Law Attorneys,
    Hunter Matthew
    429 Main St
    Presque Isle, ME 04769
    (877) 797-6711
    Attorneys, Legal Service Plans, Child Custody Attorneys, Criminal Law Attorneys, Divorce Attorneys,
    Swanson Law, P.A.
    404 Main Street
    Presque Isle, ME 04769
    (207) 768-5800
    Criminal Law Attorneys,  Divorce Attorneys,  Family Law Attorneys,  Attorneys,  Business Law Attorne
    Carter Mark G
    121 State Rd
    Presque Isle, ME 04769
    (207) 764-5763
    Attorneys
    Grant Martha A
    19 Park St
    Presque Isle, ME 04769
    (207) 764-5636
    Attorneys
    Frank H Bishop Sr Esq
    99 Fort Fairfield Rd Ste 5
    Presque Isle, ME 04769
    (207) 768-5481
    Attorneys, General Practice Attorneys, Legal Service Plans
    Frank H. Bishop, Sr.
    99 Fort Road, 5, PO Box 311
    Presque Isle, ME 04769
    (207) 768-5481
    Personal Injury Law Attorneys, Family Law Attorneys, General Practice Attorneys
    Legal Services for The Elderly
    33 Davis St
    Presque Isle, ME 04769
    (207) 764-4883
    Attorneys, Legal Service Plans
    Bennett John
    166 Lower Detroit Rd
    Plymouth, ME 04969
    (207) 257-4848
    Attorneys
    Maurice Sally A
    65 Woodland Rd
    Pownal, ME 04069
    (207) 688-4696
    Attorneys, Legal Service Plans
    Dunleavy Law Offices
    154 State St
    Presque Isle, ME 04769
    (207) 764-4491
    Personal Injury Law Attorneys, Social Security & Disability Law Attorneys
    Pine Tree Legal Assistance Inc
    373 Main St
    Presque Isle, ME 04769
    (207) 764-4349
    Attorneys, Legal Service Plans
    Currier Richard L
    55 North St
    Presque Isle, ME 04769
    (207) 764-4193
    Attorneys
    Dunleavy James M
    55 North St
    Presque Isle, ME 04769
    (207) 764-4193
    Attorneys
    Plourde Jon P
    55 North St
    Presque Isle, ME 04769
    (207) 764-4193
    Attorneys
    Trask Norman G
    55 North St Ste 2
    Presque Isle, ME 04769
    (207) 764-4193
    Attorneys, Legal Service Plans
    Stewart II Harold L
    541 Main St # A
    Presque Isle, ME 04769
    (207) 764-4191
    Attorneys, General Practice Attorneys
    Harding Res
    5 Barton St
    Presque Isle, ME 04769
    (207) 764-3467
    Attorneys
    Crawford Gibson Pa-C
    146 Academy St
    Presque Isle, ME 04769
    (207) 764-3142
    Attorneys
    Campbell Barry Pa-C
    23 North St
    Presque Isle, ME 04769
    (207) 764-3142
    Attorneys
    Richard C Engels Bemis & Rossignol
    454 Main St
    Presque Isle, ME 04769
    (207) 764-2928
    Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US