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Bankruptcy laws protect what you own. These are called "exemptions". Most, if not all, of your assets (including automobiles and certain amounts of equity in your home) are exempt," allowing over 99% of our clients to keep everything and lose nothing. In a typical Chapter 7 bankruptcy, filed through our office, you will lose nothing. In Chapter 13 (debt consolidation), you keep all the assets you choose because your debts are paid off or wiped out.

In either a Chapter 7 or Chapter 13 bankruptcy, you must obtain court permission to sell or refinance your home. After discharge, you may immediately assume a seller's loan or, after two (2) years, possibly qualify for a new home loan using your re-established credit record.

All consumer co-signors are protected under a Chapter 13 case. However, co-signors are still liable, and creditors can attempt to collect against them in a Chapter 7 case or after a Chapter 13 case if less than 100% is paid.

Can be very complicated. As a general rule, in a Chapter 13 bankruptcy, you pay back taxes without interest or further penalties over the course of your payment plan. In Chapter 7 bankruptcy, secured taxes, such as property taxes, cannot be discharged. However, unsecured personal income taxes may be discharged if the taxes are 3 years old, you filed them timely, you have not been assessed the taxes in the prior 240 days, and you have not entered into a written "offer in compromise" to settle the debt.

No, not until you receive your discharge notice. In Chapter 13, Debt Consolidation, you must get court permission to incur debt over $250, except in emergencies.