- What is Chapter 7 Bankruptcy?
- What is Chapter 11 Bankruptcy?
- What is Chapter 13 Bankruptcy?
- Will I be able to keep my car and my home after filing bankruptcy?
- Do I have to continue paying my bills during the bankruptcy?
- When will my creditors know I have filed for bankruptcy?
- How long does it take to complete a bankruptcy?
- Do I need a lawyer to file bankruptcy?
- What should I keep in mind when choosing a Bankruptcy Lawyer?
- How many times can I file for bankruptcy? Is there a certain amount of time I must wait to file again?
- How much does it cost to file for bankruptcy?
- Are my co-signers covered in my bankruptcy?
- Is bankruptcy going to hurt me or will it be good for me?
- Can I get rid of my student loans by filing for bankruptcy?
- Will I be treated differently for filing bankruptcy?
- What does Debt Discharge mean?
- What does reaffirm mean?
- What can I exempt?
- Can an individual file for a Chapter 11 bankruptcy?
- After I’ve filed for bankruptcy, how long do I have to wait for creditors to stop contacting me?
- When can I begin re-building my credit after bankruptcy?
- What kinds of debt will not be erased by bankruptcy?
- Should I file Chapter 7 or Chapter 13 Bankruptcy?
- How do I know if bankruptcy is going to help me?
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is the most commonly filed form of bankruptcy that only individuals may file. Chapter 7 is used when an individual has large amounts of debt as well as not many assets. In most cases, this type of filing will rid all debts owed by the individual. Assets such as cars and houses (depending on State and Federal Laws) may be affected or even lost.
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What is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is used for businesses mainly, but can also be used by individuals. This form of bankruptcy is expensive for individuals to file so they typically will go with something else first. Chapter 11 gives business a chance to restructure their debt by getting out of contracts that are holding them back. When a business is under Chapter 11, they will usually be able to continue operating through strict supervision from the Bankruptcy Court.
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What is a Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is an individual’s promise to follow a payment plan anywhere from 3-5 years to get caught back up on their home or car payments. There is typically a monthly payment that is required, so a regular source of income is required and the court will also need to know how much your disposable income is. Chapter 13 allows you to keep your assets and is easy for some people to file than a Chapter 7 because some people cannot qualify.
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Will I be able to keep my car and my home after filing bankruptcy?
In order to keep your car/home after filing bankruptcy, you will need to keep up with your payments. If your property or vehicle is not exempt, you can protect yourself by filing for a Chapter 13 bankruptcy instead of Chapter 7. Chapter 13 will require you to get permission from the court to pay back what you owe between 3-5 years as well as pay the amount of your non-exempt equity.
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Do I have to continue paying my bills during the bankruptcy?
You do not have to pay bills that are related to your bankruptcy. For example, if you have past medical bills or credit card bills that have accumulated in the past. However, for things that you would like to keep, like your house or you car, you will need to continue making payments.
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When will my creditors know I have filed for bankruptcy?
Your creditors will be informed of your bankruptcy within a few weeks from the day you file. It may be helpful to call your creditors and give them your docket number and the date you filed so they will be aware beforehand.
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How long does it take to complete a bankruptcy?
A Chapter 13 bankruptcy takes about 4 months, and a Chapter 13 takes 3-5 years. This can vary based on your personal circumstances.
Do I need a lawyer to file bankruptcy?
Yes, you can file bankruptcy without a lawyer. Over 90% of bankruptcy cases can be handled without a lawyer. There are many places where you can find free forms.
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What should I keep in mind when choosing a Bankruptcy Lawyer?
When choosing a Personal Bankruptcy Lawyer, you want to be sure to hire someone who knows your state laws and is specifically trained in the area of Bankruptcy. You want someone who is going to be honest with you and can help you through the entire process.
How many times can I file for bankruptcy? Is there a certain amount of time I must wait to file again?
Chapter 7 bankruptcys can be filed every six years; while Chapter 13 can be filed any time.
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How much does it cost to file for bankruptcy?
A Chapter 7 costs $200 and a Chapter 13 costs $185. You pay a filing fee as well as a noticing fee. Keep in mind, this does not include lawyer fees.
Are my co-signers covered in my bankruptcy?
In some cases, a co-signer can be protected. It is best to talk with a bankruptcy lawyer to get the specifics in your state, but in general the following applies: In a Chapter 7, creditors will still be able to go after your co-signer, even if you aren’t required to pay anything. In a Chapter 13, your co-signer is protected if you keep up with your payment agreement, they cannot benefit from the debt, the debt has not been created in ordinary business or the debt is consumer debt.
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Is bankruptcy going to hurt me or will it be good for me?
In order to figure out if Bankruptcy is the right choice for you, you should probably start by talking with a Bankruptcy Lawyer and figuring out what options you have. Filing Bankruptcy should always be a last resort, because you will have to re-build your credit.
Can I get rid of my student loans by filing for bankruptcy?
In most cases, student loans will still be erased due to a bankruptcy. Each case is looked at individually and depend on what the local court’s decision is.
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Will I be treated differently for filing bankruptcy?
It is against federal law to be discriminated against due to bankruptcy.You don’t legally have to pay a discharged debt after the bankruptcy, but can if they wish.
What does Debt Discharge mean?
A debt discharge is the elimination of debt under a Chapter 7 bankruptcy.
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What does reaffirm mean?
Reaffirm means you become responsible for the debt again.
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What can I exempt?
What you can exempt depends on what state you live in. Most states have Federal exemptions but some also offer state exemptions.
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Can an individual file for a Chapter 11 bankruptcy?
Technically an individual may file for a Chapter 11, but it is extremely expensive, causing most people to choose to file Chapter 7 instead.
After I’ve filed for bankruptcy, how long do I have to wait for creditors to stop contacting me?
Creditors must stop calling you once they are informed of your bankruptcy. Not doing so is against the law.
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When can I begin re-building my credit after bankruptcy?
You can begin rebuilding your credit right away. You can even do so while the bankruptcy is still in progress. You can do this easily by getting a loan or a credit card.
What kinds of debt will not be erased by bankruptcy?
Debts that are not listed on your bankruptcy petitions like money you owe for fines, taxes, child support and so on.
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Should I file Chapter 7 or Chapter 13 Bankruptcy?
If you have assets or property that you would like to keep, it is best to file under Chapter 13 bankruptcy. This way, you will be able to work with your creditors and continue making payments to catch up.
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How do I know if bankruptcy is going to help me?
Filing Bankruptcy should be used as a last resort. If your life is overrun by credit card bills, medical bills, and loans and you do not have any important assets that you would like to keep then a Chapter 7 may work for you. If you have assets like a car or a home that you fear losing, Chapter 13 is the way to go. You may want to talk with a Bankruptcy Lawyer to get their opinion before beginning because Bankruptcy should not be taken lightly.
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Disclaimer:
The content on this site is not a substitute for legal professional advice. It should not be used as a substitute for consultation with professional insolvency, tax, legal or other competent advisers. Please consult a legal professional before taking any action suggested on this site.
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