Common Questions ::

You are not alone in wondering about bankruptcy. Here are answers to the most often asked questions.

Q: Will I lose my house or car?
A: No. Even if you file for Chapter 7, you will not lose any of your property. This also includes household goods, bank accounts, retirement funds and any other miscellaneous property that you might own.

Q: What should I do if a foreclosure has been filed or is about to be filed against me?
A: Filing a Chapter 13 will stop your mortgage company from pursuing its foreclosure action. The Fox Valley Legal Group can help you develop a reasonable plan to pay your mortgage and all of your other bills over time. A Chapter 13 combines all of your bills into one affordable payment, which make sticking to the plan easy.

Q: What if someone has already sued me and taken a judgment against me?
A: Even if a judgment had already been taken against you, a bankruptcy will stop the creditors from being allowed to collect on the judgment.

Q: How do I get bill collectors to stop calling me?
A: As soon as you retain The Fox Valley Legal Group as your counsel, you can give out our name and number to any creditor who calls you so we can deal with them. Of course, once your bankruptcy is filed with the court, it then becomes illegal for your creditors and their collectors to call.

Q: Will I have to go to court?
A: Most people who file for bankruptcy do not have to make any court appearances. On a very rare occasion a debtor may have to answer a few questions in front of a judge, but that is very unusual. If you do have to go to court, an attorney from The Fox Valley Legal Group will accompany you there.

Q: Will someone from the bankruptcy court come to my house?
A: No. No one will come to take an inventory of the belongings in your home.

Q: Does my employer have to find out that I filed for bankruptcy?
A: No. The only people who will be notified of your bankruptcy are your creditors.

Q: If I am married, does my spouse have to file bankruptcy with me?
A: Your spouse does not have to file bankruptcy with you. If your debts are separate, your spouse is not liable for your debts. If your spouse is co-signed on any of the debts, doing a joint bankruptcy is usually the way to get the best results. The Fox Valley Legal Group can advise you if an individual or joint bankruptcy would best suit your needs.

Q: Will bankruptcy discharge my student loans?
A: No. Student loans are not dischargeable.

Q: Will I be able to rent an apartment again? Can I ever buy a house?
A: Yes. In the Chicagoland area, people who have filed for bankruptcy are able to rent an apartment. As for buying a house, it will depend on your individual situation. But if you have a steady job, a down payment and have kept out of debt after your case has been discharged, you should be able to buy a house 2 years after your bankruptcy is over.

Q: Will I be able to get credit after I have filed for bankruptcy?
A: Most people are able to establish credit again within one year, sometimes less.

Q: How long will a bankruptcy stay on my credit report?
A: Ten years. As a side note, you should not believe anyone who tells you that they can remove a bankruptcy from your credit report before ten years has elapsed, especially if they charge a fee for this.

Q: How much does a bankruptcy cost?
A: No two cases are exactly the same. At The Fox Valley Legal Group we base the fee on the circumstances of each case. If you call, we should be able to quote you an approximate fee over the phone. Of course, the initial in-office consultation at The Fox Valley Legal Group is free. After the initial consultation, we will quote you a specific fee. Our fees can be paid in installments.

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