' What are the Most Common Bankruptcy Questions to Ask? - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What are the Most Common Bankruptcy Questions to Ask?

bankruptcy questions to askConsidering bankruptcy can be a difficult and emotional decision. What are the bankruptcy questions to ask?

To help you make an informed decision, here are answers to some frequently asked questions about bankruptcy.

What does it mean to declare bankruptcy?

Bankruptcy is a legal process that allows debtors to discharge some or all of their debts. There are several different types of bankruptcies, but the two most common are Chapter 7 and Chapter 13.

Under Chapter 7, also known as liquidation bankruptcy, the debtor’s nonexempt assets are sold off to pay creditors. Most people who file for Chapter 7 bankruptcy have very few assets, so their creditors receive little or nothing. Chapter 13, also known as reorganization bankruptcy, the debtor keeps their property and uses their income to pay off creditors over time.

What are the requirements for filing for bankruptcy?

To be eligible for bankruptcy, you must first obtain credit counseling from an approved agency within 180 days before filing. You will then need to complete a means test to determine whether you qualify for Chapter 7 bankruptcy or if you will need to file for Chapter 13.

The means test compares your income to the median income in your state. If your income is below the median, you will qualify for Chapter 7. If it is above the median, you will need to file for Chapter 13.

How long does bankruptcy stay on my credit report?

Chapter 7 bankruptcies stay on your credit report for 10 years from the date of filing. Chapter 13 bankruptcies stay on your report for seven years from the date of filing. However, even after the bankruptcy is no longer on your report, it may still be difficult to obtain new lines of credit.

What’s the difference between chapter 7 and chapter 13 bankruptcy?

There are two types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves the liquidation of assets to pay off creditors. Chapter 13 bankruptcy involves restructuring debt and repaying creditors over time. Which type of bankruptcy you file for depends on your unique financial situation.

If you have a regular income and some assets, Chapter 13 may be the better option. If you don’t have many assets and your income is irregular, Chapter 7 may be the better option.

What debts aren’t discharged in bankruptcy?

Filing for bankruptcy does not discharge all debts.

For example, most bankruptcy proceedings will not discharge student loans, taxes, alimony, or child support. In addition, any debts that were incurred through fraud or deception are also typically not discharged in bankruptcy. As a result, it’s important to understand the limitations of bankruptcy before filing for bankruptcy protection. Otherwise, you may find yourself still responsible for repaying some of your debts even after your bankruptcy proceeding has been completed.

Filing for bankruptcy can be a difficult decision, but it may offer relief from overwhelming debt. If you are considering bankruptcy, make sure to speak with an experienced attorney and get credit counseling before making a decision. If you’d like more information or you’re ready to schedule a consultation, contact the Law Offices of Robert M. Geller at 813-254-5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can You File Bankruptcy with Equity in Your Home?

For many individuals facing financial hardship, their home represents their most significant asset. However, when struggling with overwhelming debt, the...
Read More

Are Trusts Protected from Bankruptcy?

Trusts are powerful estate planning tools. They allow people to protect and distribute their assets according to their wishes. This...
Read More

The Truth About Bankruptcy and Buying a Car

The Truth About Bankruptcy and Buying a Car Bankruptcy often carries a stigma of financial ruin and a bleak future....
Read More

How Do Bankruptcy Lawyers Get Paid?

Bankruptcy can be a stressful and overwhelming experience, but having the right legal representation can make all the difference in...
Read More

Do You Lose Your Home When You File for Bankruptcy?

Filing for bankruptcy can be a daunting prospect, especially when it comes to concerns about losing one's home. Your home...
Read More

Can You File Bankruptcy During a Divorce?

Divorce and bankruptcy are personally difficult and also complex legal processes that can have significant implications for your financial future....
Read More

Can You File Bankruptcy on Restitution?

Facing financial struggles can be overwhelming, especially when debts include complex legal obligations like restitution. What is restitution and how...
Read More

Can You File Bankruptcy After a Judgment?

Receiving a judgment against you in a lawsuit can be a distressing experience. This is especially true if you're already...
Read More

Can Back Taxes Be Included in Bankruptcy?

Dealing with back taxes can cause a lot of stress and financial burden for anyone facing financial hardship. If you're...
Read More

Can an Estate File for Bankruptcy?

Many people wonder whether or not an estate, such as the one left behind after someone passes away, can file...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions