Bankruptcy - Frequently Asked Questions (FAQ)

We answer questions such as -
 
What is a Chapter 7 bankruptcy?
Chapter 7 Bankruptcy refers to a “liquidation proceeding.” The debtor turns over all non-exempt property to the bankruptcy trustee. It is then converted to cash for distribution to the creditors. The debtor receives a discharge of all dis-chargeable debts usually within a few months.

Will my spouse be affected by my bankruptcy?
Your wife or husband will not be affected by your bankruptcy if they are not responsible (did not sign an agreement or contract) for any of your debt.
 
Will my bankruptcy be made public?
Bankruptcy filings are public records. However, under normal circumstances, no one will know you went bankrupt. How long will my bankruptcy remain on my credit rating?
The Credit Bureaus will record your bankruptcy and it will remain on your credit record for 10 years.
Will I keep my credit cards?
Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card, they will cancel the credit card unless you pay off the debt. Even if you have a zero balance, the credit card company might cancel the card.
 
 
 
Call Valente Law Offices today for legal advice from a highly qualified Bankruptcy attorney working with clients in cities, towns, and suburbs near Indio, California including Coachella, La Quinta, Palm Desert, Rancho Mirage, Cathedral City, Palm Springs, Desert Hot Springs, Yucca Valley, Twentynine Palms, Banning, East Hemet, San Jacinto, Hemet, Beaumont, Yucaipa