The Fundamentals

A collection of broad questions about the fundamentals of bankruptcy relief.

How does bankruptcy save a house from foreclosure?

Bankruptcy, Chapter 13 Bankruptcy especially, is routinely used to save a house from foreclosure. It boils down to a two step process: (1) stay the foreclosure with the filing of the bankruptcy case and (2) catch up the past-due amount over 3 to 5 years.

Will the Judge approve my bankruptcy?

A frequent concern of clients starting the bankruptcy process is whether their bankruptcy will "go through" or if "the judge will approve it."

What are the advantages of chapter 13 bankruptcy?

Chapter 13 can do things that chapter 7 bankruptcy cannot. The highest profile advantage of chapter 13 bankruptcy is ability cure defaults and sometimes modify repayment terms for secured loans, but this is not the only potential advantage.

Should I file Chapter 7 or Chapter 13?

For anyone contemplating bankruptcy, the choice of chapters ranks amongst the most important decisions in the bankruptcy process. Which is best is a complex question that involves applying the particulars of a person's financial situation to multiple bankruptcy laws and procedures. At Fabricius & Fabricius, we answer this question for a prospective bankruptcy filer only after our bankruptcy attorney has a conversation with the individual to learn about their priorities and objectives.

What Happens in Bankruptcy?

Bankruptcy is a federal legal process for resolving problems with debt. After planning and consultation, a bankruptcy petition is filed with the federal bankruptcy court, opening a bankruptcy case. Also filed with the court are detailed schedules and forms providing a complete picture of the debtor's finances, including assets, debts, income, and expenses.

Am I Eligible for Bankruptcy?

This question is tricky in its simplicity. While almost every individual person is eligible to file a bankruptcy, the real consideration is eligibility for bankruptcy relief, which can vary from person-to-person. Most frequently, the question is "can I file a chapter 7 straight bankruptcy and obtain a fresh start with a discharge?"

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