Frequently Asked Questions

When should you file?

Are you borrowing from credit cards to pay bills or other credit cards?

How does filing work?

Meet at the law office of William D. Nelsch to evaluate your financial situation.

Click Here to read about the 12 Myths about Bankruptcy on MSN Money

Click Here to read When you're too poor for Bankruptcy on MSN Money

What are some common misconceptions about bankruptcy?

Myth: The new bankruptcy laws have made it difficult to eliminate your debt.
Truth: Most people who would have qualified for chapter 7 under the old laws will still be eligible to file a chapter 7 bankruptcy and get a fresh start.


Myth: Senior citizens filing bankruptcy risk losing their homes by filing.
Truth: Like everyone else, most seniors are able to keep their home in a bankruptcy.


Myth: You won't get a bank loan or credit card for ten years after filing bankruptcy.
Truth: You can start to rebuild your credit after bankruptcy almost immediately and qualify for credit in a short amount of time. Many lenders actually consider you a better credit risk after you have eliminated all of your debt.


Myth: Bankruptcy cannot help you with student loans or tax debt.
Truth: By filing a Chapter 13 debt reorganization bankruptcy, you can include all secured and unsecured debt, including student loans.


Myth: Only irresponsible people file bankruptcy.
Truth: Bankruptcy laws are in place to allow Americans to start over, not make you feel like a deadbeat. Millions of hard-working people have gotten the fresh start they deserve after a personal setback or inability to keep up with high interest rates, late fees, and unfair penalties.


To learn more about our debt relief services, please visit these pages: 

Chapter 13 bankruptcy to reorganize debt

Chapter 7 bankruptcy to eliminate debt