Bankruptcy FAQs
Common Problems:
- In order to keep your vehicles and residence you MUST continue to make
those monthly payments. However, because of bankruptcy rules, your
creditors can not send monthly statements. You need to keep a copy of the
address and account number, so you can write it on your check with each monthly
payment. If you miss payments you will not get reminders.
- Bankruptcy will stop automatic withdrawals.
- Bankruptcy does not affect the liability of cosigners. You should
let your cosigner know he or she will continue to be liable after your
discharge.
- In Chapter 13 you must continue to make your current mortgage payment or
else the mortgagee will file a motion to lift the Stay at a cost of $750 or
more.
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