Q: How long does the bankruptcy process take?
A: Chapter 7 cases take between three to four months whereas a Chapter 13 case can take up to five years to conclude.
Q: How much does it cost?
A: Each case is different and requires an attorney's independent judgment. I can give you a reasonable quote during our initial consultation.
Q: How much are the filing fees?
A: Filing fees for a Chapter 7 total $335 while filing fees for a Chapter 13 total $310.
Q: If I file for bankruptcy, do I have to lose all of my property?
A: No. Each jurisdiction, including The Bankruptcy Code, contains provisions to protect some of debtor's property from creditors.
Q: I have an outstanding tax bill can I obtain a discharge by virtue of my bankruptcy petition?
A: Depends. If the return for the income tax is due after filing or due within three years prior to the date on which the petition will be filed, the tax cannot be discharged. For additional details, see 11 U.S.C. Sec. 523(a)(1)(A).
Q: Can my creditors continue to call or contact me once I file?
A: No. The filing of a bankruptcy petition under any chapter of the Bankruptcy Code operates as an automatic stay of actions of any given creditor towards the debtor for the duration of bankruptcy court proceedings. For additional details, see 11 U.S.C. Sec. 362.
Q: How long does a bankruptcy remain on my credit?
A: Under the Fair Credit Reporting Act, bankruptcy records expire from your credit reports after 10 years.
Q: Will I have to go to court?
A: Yes. Approximately 30 to 40 days after filing for bankruptcy, each debtor must attend a meeting of creditors. Although creditors rarely attend, this meeting allows the court appointed trustee (including any creditors) to ask questions under oath regarding their property and finances.
Q: Do I have to include debts secured by property that I actually want to keep? (car, home, etc.)
A: Yes. Disclosure is of great importance when filing for bankruptcy protection. Failure to provide accurate and complete information could result in a denial of discharge of any or all debts.
Q: My wages are being garnished. Will filing bankruptcy put an end to this?
A: Yes. Assuming the debt is not a priority debt, garnishment from pre-petition debts should end after filing for bankruptcy.
Q: I am married and am considering filing for bankruptcy. Do we both have
A: No. You have the right to file individually or jointly.
Q: Do you have to have a certain amount of debt in order to file?
A: No. Assuming a debtor’s filing is not considered an abuse, there is no minimum debt threshold required to file.