Frequently Asked Questions

If I file for bankruptcy can I keep my home?
That depends on a variety of factors, but most likely yes. Whether or not you keep your home can depend on whether you file for Chapter 7 or Chapter 13, or if you and your bankruptcy attorney are able to find that your home can be considered exempt from liquidation. Also, after restructuring your debt you may find that keeping your home isn’t the best financial option for you and it might be beneficial to consider a short sale or a deed in lieu.

What kind of debt will be discharged if I file for bankruptcy?
It depends if you file under Chapter 7 or Chapter 13, but generally bankruptcy discharges unsecured debts such as credit card debt, medical bills, loans, and certain lawsuit judgments. You cannot discharge secured debt such as alimony, child support, student loans, and criminal fines. Also, any debts incurred as a result of drunk driving, debts incurred within 60 days of filing the petition, or debts not listed in the bankruptcy petition cannot be discharged. This is why it’s important to have professional help from a bankruptcy attorney when filing for bankruptcy. If you forget to report a debt when you file your bankruptcy petition you may still be responsible for paying that debt.

My mortgage rates just skyrocketed so high I can no longer pay them. What can I do?
You are not alone. The sub-prime mortgage craze has claimed a lot of individuals who were taken in by predatory lenders. But with help from a foreclosure defense attorney you may still have options. Lenders are often more willing to negotiate loan modifications when a lawyer represents you. Also, you may find that bankruptcy is the best option. Whatever your situation is, it’s important to consult with an attorney as soon as possible- before foreclosure proceedings go too far.

If you have any other questions, or would like to consult with a Los Angeles bankruptcy lawyer about bankruptcy, foreclosure, or loan modifications please contact the Law Offices of J. Arthur Roberts today!