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The most frequent question asked by people who file for personal bankruptcy is whether the creditors will stop calling. The answer to this question is yes and it is important to know the various procedures involved in the filing of bankruptcy for debtors to be shielded from creditors. The courts, after accepting a person's bankrupt status, contact all the concerned creditors and intimate them that they are legally bound to stop calling the bankrupt person directly. Some people wishing to file for bankruptcy want to know whether they can keep their jobs after filing for bankruptcy. Bankruptcy rules in the US do allow a bankrupt person to continue working and prevent employers from discriminating on the basis of bankruptcy. The next most frequent question is whether a bankrupt person can keep his/her personal property and assets. All the property belonging to the debtor at the time of the filing (and any property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. However, this law has some exceptions under which the bankrupt person can retain the assets. These exceptions differ from state to state and are also dependent on the person?s income and situation. Other bankruptcy related queries include those about homes and personal properties. Bankrupt persons can get an exemption amounting to $100,000 when it comes to selling of their house or property but the law differs from state to state. Some states such as California allow a bankrupt person to retain personal belongings such as jewelry, tools of trade, household furnishings and automobiles. Another issue that many people planning to file for bankruptcy have is about the ownership of their car and credit cards. If there is a security placed on the car, then they are legally bound to fully pay the amount owed or the vehicle could be impounded. Regarding credit cards, bankrupt people can keep their credit card depending upon their bank balance at the time of bankruptcy, the credit card company and also their ability to pay the present and future credit card debt. A bankrupt person who is divorced is discharged of all the dischargeable community debts in the eyes of the court. Bankruptcy can wreck havoc in a person?s life but filing for bankruptcy can save a person from financial suffering and future financial disasters.

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