' What are the Most Common Bankruptcy Questions to Ask? - Law Offices of Robert M. Geller, P.A.

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.


Video Testimonials

Tampa Bankruptcy Law Blog

Can a Bankruptcy Discharge Be Revoked?

Filing for bankruptcy is a difficult decision that can have a significant impact on your finances and future. Fortunately, bankruptcy...
Read More

How is Marital Debt Divided?

Filing for bankruptcy is a complex process and becomes even more complicated when marital debt is involved. Marital debt refers...
Read More

What is Skip Tracing in Debt Collection?

When you lend money to someone whether it is for personal or business reasons, it’s especially difficult when they don’t...
Read More

What Happens at the End of a Chapter 13 Bankruptcy?

Dealing with bankruptcy is never easy. However, if you find yourself in a situation where you need to file for...
Read More

Can My Wages Be Garnished for My Spouse’s Debt?

Marriage is a partnership that often extends to financial issues, including debt. Unfortunately, not all spouses see eye to eye...
Read More

What Happens When You Get a Court Summons for Debt?

Getting a court summons for debt can be an overwhelming and frightening experience, but it doesn't have to be. Despite...
Read More

Can a Debt Collector Serve You Papers at Work?

Debt can feel overwhelming and stressful, especially if you have creditors calling you at work. Many people wonder whether this...
Read More

What to Do If a Debt Collector Threatens You?

Dealing with debt collectors is stressful and challenging. Even under the best of circumstances, contact from a debt collector is...
Read More

What You Need to Know about Updates to Student Loan Bankruptcy Discharge Laws

Are you struggling to make ends meet because of hefty student loan debt? The good news is that you may...
Read More

What is Considered Harassment from a Debt Collector?

Being in debt is never easy, but it’s especially devastating when you're being harassed by debt collectors. Of course, debt...
Read More


For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More


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


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