Frequently Asked Questions

Can I file for bankruptcy on my own?
Yes, you can, but there are serious risks to filing without the assistance of a qualified attorney. You could easily file the wrong type of bankruptcy for your situation or make an error that could mean you still owe a large amount of debt or that will delay the process. An experienced legal advocate from Price Law Group can help you obtain the best results for your circumstances.

What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?
A Chapter 7 bankruptcy is a liquidation proceeding used by individuals who cannot pay their debts. All non-exempt property is turned over and converted to cash to pay off creditors. In most cases there are no assets to lose and it is a way to start anew financially. A Chapter 13 bankruptcy, called the "wage- earner's bankruptcy", is used to pay off debts in 3-5 years by individuals who have the ability to pay some to their debt each month and are still able to pay their monthly bills.

Will I lose my job if I file for bankruptcy?
No, you cannot be discriminated against at your job due to filing a bankruptcy petition per Section 525 of the U.S. Code.

What is the Means Test?
The means test is a procedure that everyone who files for bankruptcy must go through to determine whether they are eligible for a Chapter 7 or a Chapter 13 bankruptcy filing. If your income for the past 6 months is below the median for your geographic area, you are eligible for a Chapter 7. If your income to higher than the median for your area, and you have enough disposable income to pay some or all of your outstanding debt, you are eligible for a Chapter 13 filing.

How long will bankruptcy remain on my credit report?
Ten years.

Can one spouse file without the other spouse?
Yes, it is possible, but the spouse who doesn't file may be held responsible for some of your debts. It is advisable that the non-filing spouse speak with an attorney before this decision is made.