Hathaway Adair, P.C.

FAQs

Facing debt, contemplating bankruptcy, or planning a new business is a scary thing. Here are some of the questions that we get asked most often.

Can I afford to file?
Filing for bankruptcy or receiving professional counseling is not free.  But this is important to us.  We like to get started, and then figure out the financial end later.

Can being a business protect me from bankruptcy?
Many of our clients are seeking help to start a business or grow their existing business.  We can help you to find the right business plan to move forward towards your goals while protecting your personal wealth.

Will I lose my house or car?
This is a common fear.  We will show you how to protect your assets and shed the debt that is hindering your ability to move forward.

Isn’t everyone going to know that I filed for bankruptcy?
While filing for bankruptcy is a matter of public record, it isn’t published on the internet.  For that matter, newspapers won’t waste the time or money reporting on your situation unless you’re defaulting on billions or are some sort of business tycoon.

Will this permanently ruin my credit?
While your credit score will go down when you file for bankruptcy, it isn’t a permanent thing.  It is, rather, a chance at a fresh start.  It is much more harmful to carry high balances and have a history of late payments or default.

Will my filing for bankruptcy impact my spouse?
If you file, your spouse’s income and expenses will be taken into account, but the bankruptcy is only in the name of the person filing.

Isn’t it much harder now to file?
The laws regarding bankruptcy were amended in 2005, and it’s certainly complicated.  That’s what we’re here for.  We’re here to explain the process and help you find the right pathway.  Thousands file every year.

Filing for bankruptcy makes me a bad person.
No it doesn’t.  People often face bankruptcy through no fault of their own.  Many of our clients have been impacted by medical emergencies, divorce, death of a loved one, and unexpected job losses.  Not taking control of your finances or ignoring your debt is a different story.

What if my issue is tax debt?
While debt is debt and taxes are one of life’s certainties, there are some tax liabilities that can be relieved in a bankruptcy.  This is one of our fields of expertise.

Will I ever be able to buy a house or receive a loan again?
Absolutely.  Most lenders look for a history of consistency and responsibility in debt repayment.  Having a bankruptcy will not stop you from getting a loan, but lingering debt will.

Why can’t I just max out my credit cards for a while?
Your debt isn’t going to go away.  If you’re facing financial uncertainty, going on a charging spree or spending fraudulently is a bad move.

Won’t I lose my job?
It’s against Federal Law to fire someone for filing a bankruptcy.  Some of our clients have military security clearances or deal with high-level financial matters.  Garnishments and harassing phone calls are a bigger concern to employers.

Thinking about bankruptcy makes me feel stupid.
That’s silly.  Stupid mistakes are normal mistakes.  They happen to everyone, everywhere, all the time.

What if my situation is special?
Each situation is special.  While there are certain standard procedures and industry norms, each of our clients can expect a special, personalized plan.

If you need financial advice, please take advantage of a free consultation with one of our attorneys.

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