Chapter 7 FAQ
We are currently working on compiling our frequently asked questions. If you have a question you would like answered, feel free to contact us.
Can I keep my house and still file Chapter 7?
Most likely yes. While the real answer to this question depends entirely on your current situation, it is possible to keep your home while filing Chapter 7. In the event you do not qualify under the circumstances, Chapter 13 may be the best way to save your home.
What is credit counseling?
Credit Counseling is now a mandatory part of any bankruptcy filing. It must be completed within 180 days of the filing date for your bankruptcy. Credit Counselors may give you a plan outside of bankruptcy on how to repay your debt. You do not have to agree with the plan, but you must complete the course to be eligible for bankruptcy. Credit Counseling companies take a percentage of any plan they propose. If you have any questions about your credit counseling plan, contact one of our attorneys.
Bankruptcy will certainly give your initial credit rating a shock. A bankruptcy remains on your credit report for ten years, and interest rates on any credit you attempt to get could be high. However, most people who are looking to file bankruptcy are already having credit problems. For these people, bankruptcy can be a fresh start. Following your bankruptcy, you can begin to rehab your credit by paying your bills on time. With smart budgeting, many people will improve their credit rating after just a few years.
Are all of my debts discharged in bankruptcy?
Many will be, but not all debts are eligible to be discharged. Feel free to contact one of our attorneys to determine if your debt is eligible to be discharged.
What are bankruptcy petition preparers?
Bankruptcy petition preparers are non-attorney services that some people choose to use to file bankruptcy. Federal law states they cannot charge you more than $199 for their service. The service they offer is essentially a dictation machine. They will fill out the bankruptcy documents for you in exactly the way you tell them to. They are not authorized or allowed to give you any advice, and if a bankruptcy trustee believes one has given you legal advice, they can throw out your case. These services can be attractive because of their cost, but the service you get is typically not helpful to you.
How long does a Chapter 7 case typically take to complete?
After intial contact, it normally takes a few weeks to get all the documents collected and papers filled out. Once the case is filed with the bankruptcy court, it typically takes between three and six months for the case to come to completion. There are several factors that go into how long a case will take to discharge, and this can be discussed with one of our attorneys.
How long does a Chapter 13 case take?
The intial contact will again take a few weeks to gather all the necessary information. Chapter 13 repayment plans take either three or five years depending on your income level for repayment.
Does your firm offer a free consulation?
Yes. We offer a free phone consulation for up to thirty minutes. You can also feel free to email us any questions as part of a free consulation.