Q Will I Lose Anything if I File for Personal Bankruptcy?

Yes. If you file for Chapter 7 bankruptcy, your nonexempt assets will be liquidated to repay your creditors. These include all personal items that are not necessary for your daily life, such as personal electronics and jewelry. Exempt items include your household goods, your home, your vehicle, and any items you need to perform your job.

Q Does my Spouse Have to File Jointly with Me?

No. If most of the debt is in your name only, you can file your bankruptcy case alone. Certain debts, like medical bills and debts made in both spouses’ names, are both parties’ responsibility. In cases like this, it can be beneficial for spouse to file their bankruptcy jointly.

Q Will I Be Able to Rent After I File for Personal Bankruptcy?

Yes. However, it can be difficult to have a lease application accepted if you have bad credit and a bankruptcy case on your credit history. Using bankruptcy to reduce your personal debt can actually help you secure a lease in some cases – by removing your debt, you can appear to be a better credit risk than other applicants.

Q How Do I Know if I Should File for Personal Bankruptcy?

If you are facing a level of personal debt that you cannot realistically repay on your own, bankruptcy might be the right course of action. If you are facing threatening collection calls, wage garnishment, foreclosure on your home, or repossession of your vehicle, filing for bankruptcy can be a way to make these actions stop.

Is Filing for Personal Bankruptcy Immoral? Does it Make me a Bad Person?

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Schmidt Whitten & Whitten, Merrillville, IN bankruptcy attorneys, will show you how bankruptcy will benefit you by allowing you to get out of debt. Contact him today for a free consultation at (219) 756-0555.For more details visit us @

February, 2023



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