Frequently Asked Questions | Semmes Law Firm, P.C.

September 29, 2014
Bankruptcy

Does my spouse have to file bankruptcy with me?

No, you may file without your spouse. Joint debts Generally, marriage alone doesn’t make both spouses personally liable for a debt. Liability on contracts such ...

September 29, 2014
Bankruptcy

Can I discharge my student loans in a bankruptcy?

Student loans are not dischargeable in bankruptcy unless repaying the loan creates an undue hardship on you or your family. Proving hardship requires showing that ...

September 29, 2014
Bankruptcy

Can I give my assets to someone else before filing bankruptcy?

Transferring assets to someone else before filing will not put your assets beyond the reach of creditors and bankruptcy trustees. Such a transfer could lead ...

September 29, 2014
Bankruptcy

Will I lose my retirement savings if I file a bankruptcy?

No, most forms of retirement savings are unaffected by a bankruptcy filing, either because they are not property of the estate or because they may ...

September 29, 2014
Bankruptcy

Is the IRS affected by my bankruptcy filing?

All creditors, including the IRS, must stop collection efforts after the filing of a bankruptcy is filed. Whether an IRS or State tax claim can ...

September 29, 2014
Bankruptcy

Are there tax consequences to filing bankruptcy?

For the average individual debtor, receiving a discharge in bankruptcy has no tax consequences. The Internal Revenue Code §108 excludes the discharge of debt in ...

September 28, 2014
Bankruptcy

Can I go to jail if I don’t pay my debts?

You cannot be put in jail for failing to pay your debts. However, if you have the ability to pay child support or alimony and ...

September 28, 2014
Bankruptcy

Will my bankruptcy show up on my credit report?

Yes. Once you file a bankruptcy it will be included on your credit report for up to 10 years.

September 28, 2014
Bankruptcy

Can my creditors contact me after the bankruptcy to collect a debt?

If a debt is discharged in a bankruptcy, creditors are prohibited from contacting you to try to collect that debt from you. When a creditor ...

September 28, 2014
Bankruptcy

Can my creditors still harass me after I file bankruptcy?

No, creditors may not contact you after you file a bankruptcy in order to try to collect a debt included in the bankruptcy. However, in ...

‘Frequently Asked Questions’