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William K. Thomas 

Attorney at Law

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FAQs about bankruptcy

Posted on August 14, 2018 at 11:45 AM

Q: Will everyone know that I have filed for bankruptcy?

A: Unless you are a prominent person in the community, no. Bankruptcy filings do not appear in the newspaper.


Q: When I file Chapter 7, will all of my debts be wiped out?

A: Unsecured debts, such as credit cards and medical bills will be discharged. Student loans cannot be discharged. Secured debts, such as automobiles, real estate, usually jewelry and furniture, must either be reaffirmed, or you can surrender such property to the creditor and be discharged from any remaining debt.


Q: Will I lose everything I have?

A: Exemptions may protect many of your assets, such as your residence or your automobile. Call us with your specific question and we will ask the right questions to determine if the exemptions fit your situation.


Q: How often can I file for bankruptcy?

A: Once every eight years.

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