Q: Can I file by myself if I am married?
A: Yes. Your spouse does not have to file with you. However, the court will analyze your spouse's income when computing financial information to determine if you qualify.
Q: Can I discharge my student loans in bankruptcy?
A: No, you cannot discharge student loans unless you are experiencing very drastic circumstances, such as permanent disability (possibly from a major accident or lifelong injury). However, if you are filing Chapter 13, bankruptcy courts will review your entire debt portfolio and determine a monthly payment that is reasonable for your income.
Q: Will I ever be able to get a home loan again?
A: Yes, and sooner than you think! As soon as you file bankruptcy, your credit will begin to rebuild. Within a few years, you may be able to qualify for a home loan.
Q: What can I do if I want to save my home from foreclosure?
A: If you want to keep your home, Chapter 13 may be the best option. With Chapter 13, you will be able to keep your home and catch up on your payments over a period of time.
Q: Will I ever be able to rebuild my credit?
A: Yes. It is a common misconception that it takes many years to rebuild your credit after filing for bankruptcy. In reality, you may have a greater credit score than before filing for bankruptcy because your debt to income ratio is smaller. It only takes one to two years to rebuild your credit score.