1. What are the details that I need to disclose during Financial Inventory?
Debts - You must disclose all the details about all your debts, which includes the creditor, the current balance, the interest rate, your monthly payment, and any other relevant information.
Income – You must disclose all the income you earn, which includes regular working income, unemployment compensation, income from side jobs, dividends or interest from investments, pensions, and money contributed to the household by other people.
Assets and Property – You must disclose all the assets and property that has value, such as stocks, saving accounts, real estate, cars, collectibles, and art.
Expenses – You must disclose all your monthly expenses, which includes your costs for rent or mortgage, food, utilities, medical expenses, clothing, taxes, transportation, child support and alimony.
2. Will the bankruptcy hurt my family, like my spouse?
If you are married, filing bankruptcy doesn’t affect your spouse’s credit. However, if you have the debt under both of your names, you should file bankruptcy together. Otherwise, creditors will simply demand payment for the entire amount from the non-filing spouse.
3. Can I use credit card after I bankruptcy?
After you are aware of that you cannot afford your debt and file bankruptcy case, you cannot use your credit card anymore. If you still use it, you may need to take full criminal responsibility for your behavior. Filing bankruptcy must affect to your credit, which means it will be difficult for you to apply for the new credit card after almost 1 to 2 years after you get the judgment.
4. How often can I file bankruptcy?
You can file your next bankruptcy after 8 years since you get the previous judgment.
5. Need I go to the court?
Yes, you must appear on the court for at least one time.
6. Can filing bankruptcy stop foreclosure case in the court?
Yes, filing bankruptcy can stop the foreclosure case for you.
7. After bankruptcy what property can I left?
When you meet the certain requirement, you can protect you house, vehicle, and personal property.
8. Can I go abroad after I file bankruptcy case?
Certainly yes, you can go abroad as you used to.
9. If I file bankruptcy case, could I wipe up all my debts?
If you meet the specific requirement of Chapter 7, your whole debts will be wipe up.
10. Do I need to get my credit report before I file bankruptcy petition?
Yes, you need to do so.