You can keep your automobile in a bankruptcy. If however you are behind on your payments, you must work out a repayment plan to bring the payments current.
2. My spouse has to file with me
Married couples can file together but are not obligated to do so.
3. My spouse is not filing so I do not need his or her information
California is a community property state which means the income, expenses, and assets of both spouses must be disclosed.
4. My credit will be ruined
A chapter 7 bankruptcy will remain on your credit for 10 years. This is not a death sentence. In fact, newly discharged debtors, in the eyes of some creditors, are excellent candidates for new credit because they just got rid of their debt.
5. I do not have to list all my creditors
Yes, you do. You cannot play favorites.
6. I do not have to list all my property
Disclose everything. The trustee’s office has access to a lot of information.
7. I will lose all my property
You are allowed to protect assets up to a certain limit. Most cases are no-asset cases which means everything is protected.
8. I can charge on my credit cards before filing bankruptcy
Nope. Don’t do it. If you do, the creditor may send their big, bad attorney to court to ask the judge to make you pay back the entire debt owed to them.
9. I am a failure
You are not a failure. Life just happened to you and it is only a season.
