Frequently Asked Questions

Here are some of the most frequently asked questions about filing for bankruptcy. They will help you decide if it is right for you.

How is income decided when declaring bankruptcy?

Your income is decided by all of your last year’s earnings, as well as any tax returns that you may have been rewarded. Anything that is off the record is not recorded.

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How much money will I get as living expenses when I file bankruptcy?

The amount of money that you will receive for living expenses when you file bankruptcy varies depending on if you are married, single, and have children, as well as if you are capable of holding a job that supplies you with necessary funds. These are all questions that the lawyer can answer for you.

Will my 401k plan be affected?

Usually, when you file bankruptcy in the most severe version, your 401k will be wiped out as well. However, there are times that you will be able to keep it if you do not file the most severe bankruptcy.

Will child support be covered?

Almost always, when you file bankruptcy, your child support will be covered as part of your living expenses. This also varies from case to case.