{"id":84,"date":"2015-11-10T18:02:54","date_gmt":"2015-11-10T18:02:54","guid":{"rendered":"http:\/\/woodbk.com\/?page_id=84"},"modified":"2015-11-17T03:14:59","modified_gmt":"2015-11-17T03:14:59","slug":"faq","status":"publish","type":"page","link":"https:\/\/woodbk.com\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What is bankruptcy?<\/strong>
\nA: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court and obtain a \u201cfresh start\u201d with regard to their finances.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Why do I need to hire an attorney to file my bankruptcy?<\/strong>
\nA: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Even if you have a simple Chapter 7 case, bankruptcy can be an intimidating and time consuming process.\u00a0 You will need to accurately fill out many forms, research the law, and attend hearings. Bankruptcy cases have many deadlines that the average person is unlikely to be aware of and requirements may not be properly met.\u00a0 Getting expert help from a team of knowledgeable professionals will help guide you through this process.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If I file for bankruptcy, will I lose all my possessions?
\n<\/strong>A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Many people worry that they will lose everything they own after they file bankruptcy. This is a very unlikely scenario. Within the rules of the bankruptcy code, there are certain \u201cexemptions\u201d that can be used to protect the value of your assets. An experienced Bankruptcy Attorney will be able to advise you should your assets exceed the exemptions available to you.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Will my family\/friends\/employer know if I file for bankruptcy?
\n<\/strong>A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The only people who receive notification of your bankruptcy filing are those listed as a co-debtor with you, or if they are one of your creditors. While bankruptcy filings are public record and can be accessed by anyone willing to put in the effort, only interested parties to the bankruptcy actually receive notification.<\/p>\n

Q:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Can I be fired for filing bankruptcy?
\n<\/strong>A:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 No. The law prohibits government and private employers from discriminating against you because you filed a bankruptcy petition or because you failed to pay a dischargeable debt.<\/p>\n

Q:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Does my spouse also have to file bankruptcy if I do?
\n<\/strong>A:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 No. As long as your debts are individual and not joint with your spouse, you may file\u00a0individually. Your spouse may be asked to provide some basic information about their income, but they will remain unaffected by your filing.<\/p>\n

Q:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Will bankruptcy ruin my credit rating?
\n<\/strong>A:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In many cases, by the time you need to file for bankruptcy, your credit score has already been affected, so as a practical matter, the filing may not have a major impact on your credit score. To the contrary \u2013 the filing of bankruptcy will not “ruin” your credit score, but rather, has the potential to fix your credit score by providing you with a fresh start. Some people receive credit card offers in the mail soon after their cases are discharged.<\/span><\/p>\n

Q: \u00a0 \u00a0 \u00a0 How long does the bankruptcy process last?
\n<\/strong>A:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A person is in Chapter 7 for approximately three months from the date of filing, and a person is in Chapter 13 for three to five years.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Can bankruptcy stop the foreclosure of my home?<\/strong>
\nA: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Depending on your particular circumstances, bankruptcy can either forestall or prevent the execution of the foreclosure process.\u00a0\u00a0A Chapter 7 will temporarily stall the foreclosure for a limited time.\u00a0 A Chapter 13 will allow you to enter into a repayment plan (over 3 to 5 years) for the past-due amounts.\u00a0 After completing this plan, you will be current with your mortgage and the foreclosure will be removed.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Can I qualify for bankruptcy if I am on a fixed income?
\n<\/strong>A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Yes, people living on a fixed income can qualify to file for bankruptcy.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Will bankruptcy stop a wage garnishment?
\n<\/strong>A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Yes.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Will bankruptcy stop a foreclosure of my home?
\n<\/strong>A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Yes, depending on the circumstances. A Chapter 7 can temporarily<\/em> stall a foreclosure for a limited amount of time, but the lender is entitled to seek relief from the automatic stay. A Chapter 13 will allow you to enter into a repayment plan of past-due amounts, and after fulfilling this plan, you will be current with your mortgage and end the foreclosure.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Can bankruptcy stop a Trustee Sale for my home?
\n<\/strong>A:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 You will only be able to postpone the Trustee’s sale unless you reach a realistic plan to restructure your mortgage payments.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Will bankruptcy stop an eviction?
\n<\/strong>A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It may delay it, but the property owner is entitled to possession of the property and will be able to resume eviction proceedings with court approval or after the discharge.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Will a bankruptcy remove a lien?
\n<\/strong>A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Most liens, including second mortgage liens and HOA liens, can be removed from your property.<\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Do I make too much money to qualify for bankruptcy?
\n<\/strong>A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 There is a maximum income limit to qualify for bankruptcy under Chapter 7. If you exceed this limit, filing under Chapter 13 may be a better choice for you.\u00a0<\/strong><\/p>\n

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What are the main differences between Chapter 7 and Chapter 13 bankruptcy?
\n<\/strong>A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Chapter 7 is a liquidation bankruptcy in which you might lose some of your property (with some important exceptions) in order to discharge your debt. Chapter 7 is reserved for individuals with little or no ability to repay their debts in the future, so those who file Chapter 7 may lose non-exempt assets in exchange for having most of their debts erased.<\/p>\n

Chapter 13 is a reorganization bankruptcy because it allows you to reorganize your debt burdens and payment schedules. If you file for Chapter 13, you must propose a repayment plan showing your income and how you propose to pay off your debts. Working with the court, your plan will determine how much you need to repay based on your income, debt load, and the value of your property.<\/p>\n","protected":false},"excerpt":{"rendered":"

Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What is bankruptcy? A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court and obtain a \u201cfresh start\u201d with regard to their finances. Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Why do I need to hire an attorney to file my […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"\nFAQ - Law Offices of Vincent E. Wood - Bankruptcy Attorney<\/title>\n<meta name=\"description\" content=\"Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What is bankruptcy? A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/woodbk.com\/faq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FAQ - Law Offices of Vincent E. Wood - Bankruptcy Attorney\" \/>\n<meta property=\"og:description\" content=\"Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What is bankruptcy? A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay\" \/>\n<meta property=\"og:url\" content=\"https:\/\/woodbk.com\/faq\/\" \/>\n<meta property=\"og:site_name\" content=\"Law Offices of Vincent E. Wood - Bankruptcy Attorney\" \/>\n<meta property=\"article:modified_time\" content=\"2015-11-17T03:14:59+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/woodbk.com\/faq\/\",\"url\":\"https:\/\/woodbk.com\/faq\/\",\"name\":\"FAQ - Law Offices of Vincent E. Wood - Bankruptcy Attorney\",\"isPartOf\":{\"@id\":\"https:\/\/woodbk.com\/#website\"},\"datePublished\":\"2015-11-10T18:02:54+00:00\",\"dateModified\":\"2015-11-17T03:14:59+00:00\",\"description\":\"Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What is bankruptcy? A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay\",\"breadcrumb\":{\"@id\":\"https:\/\/woodbk.com\/faq\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/woodbk.com\/faq\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/woodbk.com\/faq\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/woodbk.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FAQ\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/woodbk.com\/#website\",\"url\":\"https:\/\/woodbk.com\/\",\"name\":\"Law Offices of Vincent E. Wood - Bankruptcy Attorney\",\"description\":\"Bankruptcy Attorney in Walnut Creek, Antioch, Richmond, Oakland, Dublin, and Fremont\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/woodbk.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FAQ - Law Offices of Vincent E. Wood - Bankruptcy Attorney","description":"Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What is bankruptcy? A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/woodbk.com\/faq\/","og_locale":"en_US","og_type":"article","og_title":"FAQ - Law Offices of Vincent E. Wood - Bankruptcy Attorney","og_description":"Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What is bankruptcy? A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay","og_url":"https:\/\/woodbk.com\/faq\/","og_site_name":"Law Offices of Vincent E. Wood - Bankruptcy Attorney","article_modified_time":"2015-11-17T03:14:59+00:00","twitter_card":"summary","twitter_misc":{"Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/woodbk.com\/faq\/","url":"https:\/\/woodbk.com\/faq\/","name":"FAQ - Law Offices of Vincent E. Wood - Bankruptcy Attorney","isPartOf":{"@id":"https:\/\/woodbk.com\/#website"},"datePublished":"2015-11-10T18:02:54+00:00","dateModified":"2015-11-17T03:14:59+00:00","description":"Q: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What is bankruptcy? A: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay","breadcrumb":{"@id":"https:\/\/woodbk.com\/faq\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/woodbk.com\/faq\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/woodbk.com\/faq\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/woodbk.com\/"},{"@type":"ListItem","position":2,"name":"FAQ"}]},{"@type":"WebSite","@id":"https:\/\/woodbk.com\/#website","url":"https:\/\/woodbk.com\/","name":"Law Offices of Vincent E. Wood - Bankruptcy Attorney","description":"Bankruptcy Attorney in Walnut Creek, Antioch, Richmond, Oakland, Dublin, and Fremont","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/woodbk.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/woodbk.com\/wp-json\/wp\/v2\/pages\/84"}],"collection":[{"href":"https:\/\/woodbk.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/woodbk.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/woodbk.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woodbk.com\/wp-json\/wp\/v2\/comments?post=84"}],"version-history":[{"count":0,"href":"https:\/\/woodbk.com\/wp-json\/wp\/v2\/pages\/84\/revisions"}],"wp:attachment":[{"href":"https:\/\/woodbk.com\/wp-json\/wp\/v2\/media?parent=84"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}