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  1. WLG PERSONAL FINANCE
  2. FAQ REGARDING STUDENT LOANS
  1. Do I have to pay in pound fees to get my car back?

    Do I have to pay in pound fees to get my car back?

    No. You do not have to pay any fees in order to have your car returned to you after repossession if you file a bankruptcy to force the return.

  2. Will the court approve my bankruptcy?

    Will the court approve my bankruptcy?

    Yes. Bankruptcy is a voluntary action, it is your right as a citizen, the question is never can you file, it is always what is the appropriate chapter.

  3. How do I know if I qualify for a chapter 7?

    How do I know if I qualify for a chapter 7?

    Qualifying for a chapter 7 depends on your income and expenses. You and the attorney will complete the means test together to determine if you qualify; even if you make more than the median family income that does not mean you won’t be able to file a chapter 7.

  4. How much do you charge to file bankruptcy?

    How much do you charge to file bankruptcy?

    The filing fees are set by the Court; the attorney fees are discussed in your first meeting. We are sensitive to our client’s financial situation and work with each client to show them how they can afford our fees.

  5. What will my chapter 13 payment be?

    What will my chapter 13 payment be?

    Your chapter 13 payment depends on the secured debt (home or car) you are trying to keep. You and the attorney will discuss your income and what property you are trying to keep when formulating your chapter 13 plan.

  6. I owe child support, how does my bankruptcy affect that payment?

    I owe child support, how does my bankruptcy affect that payment?

    If child support is a current on-going support obligation, you are required to continue to make that payment.

  7. Is the Trustee going to take my property?

    Is the Trustee going to take my property?

    No. Most people’s personal property is fully protected and the Trustee is not able to seize it.

  8. Can I keep one credit card while in bankruptcy?

    Can I keep one credit card while in bankruptcy?

    No. You cannot favor one creditor over another. In bankruptcy all creditors must be included.

  9. Can I pay back my friend that I borrowed money from?

    Can I pay back my friend that I borrowed money from?

    No. Personal debt is the same as medical debt, credit card debt, pay day loans, etc. It must all be included in the bankruptcy.

  10. Will an apartment lease to me?

    Will an apartment lease to me?

    Yes. Even if evictions are on your credit report you will be able to lease an apartment as long as your income is sufficient to make the monthly payment. You may have to pay a higher security deposit but that typically is the only difference.

  11. Do I file my taxes the same?

    Do I file my taxes the same?

    Yes. Bankruptcy does not have additional requirements. You are required to timely file your tax returns while in an active bankruptcy.

  12. How long will BK stay on my credit?

    How long will BK stay on my credit?

    The BK will stay on your credit report for 10 years; but your credit score typically is not negatively impacted by this information after 2 years.

  13. Can I keep my credit cards that I’m current on?

    Can I keep my credit cards that I’m current on?

    No, you cannot pick and choose which unsecured creditors are included in your bankruptcy.

  14. Are my personal belongings going to be taken from me?

    Are my personal belongings going to be taken from me?

    Bankruptcy protects personal belongings through something called exemptions. Most people’s furniture, TVs, clothes, jewelry, and appliances are fully protected and they keep.

  15. If my spouse doesn’t file will my bankruptcy show on their credit report?

    If my spouse doesn’t file will my bankruptcy show on their credit report?

    No. The bankruptcy will only be reported on the credit report for the social security number attached to the filing.

  16. If my spouse isn’t filing, why do I have to provide their information?

    If my spouse isn’t filing, why do I have to provide their information?

    Texas is a community property state, meaning that all household income must be reported because legally both spouses have a right to that money.

  17. Can I buy a house if I filed for bankruptcy?

    Can I buy a house if I filed for bankruptcy?

    Absolutely. Filing bankruptcy is not a punishment. Two years after receiving a discharge, you could apply for an FHA government insured mortgage. Depending on your income and the lender, you may qualify to buy a house earlier than the two year post discharge mark.

  18. Will bankruptcy take care of my IRS debt?

    Will bankruptcy take care of my IRS debt?

    Some IRS debt may be able to be discharged (forgiven). The general rule is if you have filed your tax returns on time each year and the IRS obligation is older than three years and has not been independently reassessed in the year and half prior to filing, the debt may be forgiven.

  19. What if I forget a creditor?

    What if I forget a creditor?

    If you file a chapter 13 bankruptcy and forget to include the creditor; than the debt will survive the bankruptcy and you still owe the missed creditor. If you file a chapter 7 bankruptcy and it is determined to be a no asset case and you forget a creditor, then it is deemed discharged. So, in a no-asset chapter 7 you can forget creditors, but it is your duty to disclose all of your debt, so it is important to do your best to include all creditors that you possibly owe money to.

  20. How long is bankruptcy?

    How long is bankruptcy?

    Chapter 13 bankruptcy is a repayment plan that is lasts from 36 months to 60 months; Chapter 7 from file date until discharge is received is typically 6 months.

  21. I read on google….

    I read on google….

    Understand that the internet is full of misstatements; oftentimes what we read is overdramatized or a myth. Remember that your case is specific to you and your facts. What happened to another person has zero effect on what will happen in your case.

  22. This happened in my friend or family member’s bankruptcy...

    This happened in my friend or family member’s bankruptcy...

    Each bankruptcy case is different. What happens or doesn’t happen depends on many factors. Do not give credence to what occurred in a friend or family member’s bankruptcy. Discuss your concerns and goals with our office and we will create a strategy that is specific to your case.

  23. If I file a chapter 7 do I get to keep my car or house and not pay for it?

    If I file a chapter 7 do I get to keep my car or house and not pay for it?

    No. When filing a chapter 7 bankruptcy, you are able to keep your home or vehicle as long as you are current on your payments.

  24. Will bankruptcy stop my garnishment?

    Will bankruptcy stop my garnishment?

    Yes. Upon filing bankruptcy an automatic stay is triggered, which means all attempts to collect a debt from creditors must cease.

  25. Do I have to pay my student loans when I’m in bankruptcy?

    Do I have to pay my student loans when I’m in bankruptcy?

    Student loans survive bankruptcy, which means the debt is still owed after the discharge is received; however, while in an active bankruptcy student loans are placed in a dormant status and payment is not required but interest will accrue.

  26. What if I win the lottery while I’m in bankruptcy?

    What if I win the lottery while I’m in bankruptcy?

    If you win the lottery, inherit money, or receive any other windfall of money while in bankruptcy it is your duty to disclose the winnings with the Trustee and the court; you need to immediately speak with our office because some or all of the money could be used to pay your creditors. If money remains after your creditors are paid it is yours to keep.

  27. Will bankruptcy affect my business?

    Will bankruptcy affect my business?

    If you file a personal bankruptcy and your business is a separate entity, meaning an LLC or Corporation, then your personal bankruptcy has no affect on your business and how it operates.

  28. How long does bankruptcy stay on my credit report?

    How long does bankruptcy stay on my credit report?

    Bankruptcy will be reported for ten years; however, most debtors have an improved score, meaning above 650 within two years from receiving their discharge.

  29. Can bankruptcy stop an eviction?

    Can bankruptcy stop an eviction?

    Filing a bankruptcy can stop an eviction temporarily. Because the automatic stay goes into effect immediately upon filing, the eviction will be stopped and your landlord will have to seek permission from the bankruptcy court in order to further pursue an eviction. If a writ of possession has already been issued by the JP Court, filing a bankruptcy will not prevent the constable from forcibly removing you and your possessions from the premises.

  30. Why not just file Pro Se?

    Why not just file Pro Se?

    Bankruptcy seems simple until its not, and then it is very complicated. The best answer is bankruptcy is a legal process conducted in federal court; it is serious and you need competent representation in order to ensure you are protected and receiving the desired result.

  31. Do I have to go to court?

    Do I have to go to court?

    Most debtors never have to appear in court during the pendency of their bankruptcy. The fear of attending court should not prevent you from speaking with us about the benefits of filing. Additionally, if you are concerned that you have something specific that you believe will cause you to have to appear in court you should ask us about it and see in our experience if that is a valid concern.

  32. Why should I file bankruptcy instead of using a debt consolidation company?

    Why should I file bankruptcy instead of using a debt consolidation company?

    In our experience, the benefits of debt consolidation do not outweigh the negatives; too many of our clients pay $600-$700 a month for years and still end up being sued or owing creditors. When you find yourself in need of a fresh start because you feel you will never be able to pay back your creditors, bankruptcy offers a faster and more complete solution.

  33. If I see a specialist or orthodontist can I still use them?

    If I see a specialist or orthodontist can I still use them?

    If you have a specific doctor that you must continue to seek treatment from you are able to still use that doctor; and if you owe a balance to them for their services you need to work out a payment plan with them because they would have the right to drop you as a patient for non-payment if you choose to include their debt in your bankruptcy.

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