Frequently Asked Questions about Bankruptcy

Nov 16, 2019

What is Bankruptcy?

Bankruptcy is a legal process that allows individuals or businesses to get relief from their overwhelming debts. It provides a fresh start by eliminating or reorganizing debts, giving the debtor a chance to regain financial stability.

When should I consider filing for Bankruptcy?

Filing for bankruptcy should be considered when other debt relief options, such as negotiation or debt consolidation, have been exhausted. You may consider bankruptcy if:

  • You are unable to pay your debts on time
  • You are facing foreclosure on your home
  • Your wages are being garnished
  • Your business is struggling with debt
  • You have significant medical bills that you cannot afford

What are the different types of Bankruptcy?

There are several types of bankruptcy, but the most common ones are:

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, also known as liquidation bankruptcy, is designed for individuals or businesses with limited income and few assets. It allows eligible debtors to discharge most of their debts.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a reorganization bankruptcy that allows individuals with regular income to create a repayment plan to pay back their debts over a period of three to five years. This type of bankruptcy is ideal for those who have a steady income but are struggling with overwhelming debt.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is primarily used by businesses to reorganize their debts and continue their operations. It allows the business to develop a plan to repay its creditors while staying in business.

Will I lose all my assets if I file for Bankruptcy?

Not necessarily. The bankruptcy laws provide exemptions that allow debtors to keep certain assets. The specific exemptions vary by state, but they typically include exemptions for basic necessities, such as clothing, furniture, and a primary residence. It is important to consult with a bankruptcy attorney to understand how the exemptions apply to your situation.

Can Bankruptcy stop collection calls and harassment?

Yes. Filing for bankruptcy triggers an automatic stay, which prevents creditors from continuing their collection efforts. This means that once you file for bankruptcy, creditors must stop contacting you, including making phone calls, sending letters, or pursuing legal action.

How long does Bankruptcy stay on my credit report?

The impact of bankruptcy on your credit report varies depending on the type of bankruptcy filed. Typically, a Chapter 7 bankruptcy stays on your credit report for up to ten years, while a Chapter 13 bankruptcy stays for up to seven years. However, the negative impact on your credit score lessens over time, and you can begin rebuilding your credit soon after filing for bankruptcy.

Do I need an attorney to file for Bankruptcy?

While it is possible to file for bankruptcy without an attorney, it is highly recommended to seek the guidance of an experienced bankruptcy attorney. Bankruptcy laws are complex, and any mistakes made during the filing process can have serious consequences. An attorney can provide valuable legal advice, ensure all paperwork is filed correctly, and represent you throughout the entire bankruptcy process.

Contact Jacques H Geisenberger, Jr PC for Bankruptcy Assistance

If you are considering bankruptcy or have further questions about the bankruptcy process, contact Jacques H Geisenberger, Jr PC, a trusted consulting firm specializing in business and consumer services in the field of bankruptcy. Our experienced team will provide you with the guidance and support you need to make informed decisions regarding your financial future.

Anthony Kennada
The tone of the article is respectful and non-judgmental, which is important when discussing sensitive topics like bankruptcy.
Nov 10, 2023
Matt Sarah
Understanding bankruptcy is essential for anyone facing overwhelming debt. I appreciate the clarity and depth of information provided in this article.
Nov 9, 2023
Elijah Akum
I like how the article emphasizes the importance of being well-informed before making any decisions regarding bankruptcy.
Oct 21, 2023
Jennifer Fitzgerald
Informative and helpful.
Oct 9, 2023
Cary Winters
I didn't realize that bankruptcy could provide a pathway to financial stability. It's an enlightening read!
Sep 11, 2023
Bryan Knudsen
It's reassuring to have clear, concise information about bankruptcy available. It can be a daunting topic, but this article makes it more approachable.
Sep 6, 2023
Glen Painter
An understanding of bankruptcy is essential for anyone experiencing financial difficulties. This article could be very beneficial for them.
Aug 24, 2023
Ff3 Supervisor
This article serves as a valuable resource for anyone seeking clear, factual information on the topic of bankruptcy.
Aug 7, 2023
Jing Teoh
Understanding the details of bankruptcy is crucial, and this article provides a helpful overview.
Jul 23, 2023
Paul Capeloto
I appreciate the rational and thorough approach this article takes in addressing bankruptcy. It's a valuable resource for anyone considering their financial options.
Jul 20, 2023
Payam Mousavi
This article helps to dispel misconceptions about bankruptcy and provides clarity for anyone considering it as an option.
Jul 12, 2023
David Lowry
The article is quite comprehensive and serves as a valuable resource for anyone considering bankruptcy.
Jun 28, 2023
Sue Kesner
Bankruptcy can be a tough decision, but this article sheds light on the potential benefits for those in dire financial straits.
Jun 27, 2023
Tiffany Lohrke
Understanding the implications and process of bankruptcy is crucial, and this article does an excellent job of explaining it.
Jun 18, 2023
Wayne Warren
Bankruptcy can be daunting, but having clear, concise information like this article provides can make a significant difference for someone navigating this process.
Jun 10, 2023
Catherine White
Bankruptcy is a tough topic to navigate, but this article does a good job of breaking it down into understandable points.
May 24, 2023
Ingrid Gomez
Understanding the implications of bankruptcy is crucial, and this article does a good job of explaining it.
May 22, 2023
Gil Graciani
As someone who has considered bankruptcy, this article provides valuable insights and information that can help individuals make well-informed decisions.
May 18, 2023
Roberto Barreras
The article raises important points about the considerations and consequences of filing for bankruptcy.
Apr 24, 2023
Mert Barutcu
I appreciate the balanced approach in this article. It provides information without sensationalism or fear-mongering.
Apr 23, 2023
Marie Labarge
I like how the article highlights that bankruptcy is not always the best solution. It's important to explore other options first.
Apr 19, 2023
Lelian Indac
This article provides a balanced and informative exploration of bankruptcy, which is important for anyone considering it as an option for debt relief.
Apr 19, 2023
Samaneh Taghavi
It's reassuring to see a factual, balanced exploration of bankruptcy. This article provides important insights and information for those considering it as an option for debt relief.
Apr 9, 2023
Denny Marsh
I appreciate the clear and straightforward answers to common questions about bankruptcy in this article.
Apr 7, 2023
Fedot Praslov
It's crucial to have accurate information available for those considering bankruptcy. This article fills that need and provides valuable insights.
Mar 9, 2023
Kevin Larocca
I found this article very informative. Bankruptcy is a complex topic and this article clears up a lot of questions I had.
Mar 7, 2023
Sean Flynn
As someone who has considered bankruptcy, this article provided valuable insights and information that I had previously been unaware of.
Feb 15, 2023
Vangie Moniz
I appreciate the comprehensive overview of bankruptcy provided in this article. It's an essential resource for anyone navigating financial difficulties.
Jan 30, 2023
Ethan Alberti
Thank you for explaining the bankruptcy process in a clear and concise manner. It's a topic that many people find confusing.
Jan 25, 2023
Daniel Floyed
The article provides useful information for those who may be considering bankruptcy as an option for financial relief. It's important to be well-informed.
Jan 2, 2023
Ruud Eeken
This article is beneficial for anyone considering bankruptcy as an option. It provides a comprehensive and balanced view of the process.
Dec 23, 2022
Audrey Williams
Bankruptcy is often misunderstood, so it's helpful to have articles like this that provide accurate information.
Dec 21, 2022
Randy
I appreciate the way this article provides a clear, balanced view of bankruptcy and its implications. It's an essential resource for anyone considering their financial options.
Dec 14, 2022
Serafim Pinto
Bankruptcy is often stigmatized, so it's refreshing to see a factual, balanced exploration of the topic.
Dec 9, 2022
Joshua Powell
Could you discuss the difference between Chapter 7 and Chapter 13 bankruptcy in more detail?
Nov 21, 2022
Noreply
The article offers a comprehensive look at bankruptcy and its potential impact, driving home the importance of understanding the process fully.
Nov 18, 2022
Clint Terry
I would love to read a follow-up article that explores the post-bankruptcy rebuilding process and challenges.
Nov 14, 2022
Raman Dhaliwal
Learning about the potential second chance that bankruptcy offers is both inspiring and eye-opening.
Oct 29, 2022
Anne Ashman
Understanding the implications and process of bankruptcy is crucial, and this article does an excellent job of explaining it.
Oct 27, 2022
James Afueh
Learning about the potential consequences of bankruptcy is crucial when considering it as an option for debt relief.
Oct 26, 2022
Azeem Rehman
I appreciate the rational and thorough approach this article takes in addressing bankruptcy. It's a valuable resource for anyone considering their financial options.
Oct 25, 2022
Tammy Sciera
The balanced and respectful approach of this article in explaining bankruptcy is commendable. It provides clarity on a complex and sensitive topic.
Oct 5, 2022
Carol Marino
It's reassuring to see a factual, balanced exploration of bankruptcy. This article provides important insights and information for those considering it as an option for debt relief.
Oct 2, 2022
Raphael Castillo
Are there any alternatives to filing for bankruptcy? It would be great to know more about other options.
Sep 25, 2022
Loxene McPherson
The article offers valuable insights and information on bankruptcy. It's important to have a resource that provides clear and balanced explanations.
Sep 7, 2022
Keyvan Azimi
Bankruptcy can be overwhelming, and having clear, concise information like this article offers can make a significant difference for someone navigating this process.
Jul 14, 2022
Christina Essig
By addressing common questions and misconceptions, this article provides a helpful resource for those seeking clarity on bankruptcy.
Jul 13, 2022
Tina Paulsen
It's reassuring to have factual, well-explained information about bankruptcy available. This article helps to demystify the topic.
Jun 30, 2022
Dino Morra
Understanding the process and implications of bankruptcy is crucial, and this article helps to demystify the topic.
Jun 26, 2022
Michael Deng
Understanding the process and implications of bankruptcy is crucial, and this article helps to demystify the topic.
May 15, 2022
Jon Kunkle
The article provides a comprehensive overview of bankruptcy, which is invaluable for anyone considering it as an option for debt relief.
Apr 16, 2022
Beatrice-Alexandra Torok
Would be great to see some real-life examples or case studies to better understand the practical application of bankruptcy.
Apr 12, 2022
Ethan Carothers
Bankruptcy is often misunderstood, and this article does an excellent job of simplifying the concept.
Apr 6, 2022
Bryce Goodman
Thank you for providing a clear and concise overview of bankruptcy. It's a difficult subject, but the article navigates it with clarity and sensitivity.
Apr 5, 2022
Dave Strobel
Bankruptcy is a challenging topic to discuss, but this article presents the information in a respectful and informative manner.
Mar 31, 2022
Timothy
The tone of the article is respectful and informative, which is crucial when discussing sensitive topics like bankruptcy.
Mar 31, 2022
Mark Las
I'd like to know more about the repercussions of filing for bankruptcy, both in the short and long term.
Mar 26, 2022
Michelle Averso
This article serves as a valuable resource for anyone seeking clear, factual information on the topic of bankruptcy.
Feb 15, 2022
Deb Bene
The article offers a comprehensive exploration of bankruptcy, providing valuable insights for those facing financial difficulties.
Feb 8, 2022
Dad Earwood
I appreciate the clear explanation of what bankruptcy is and when it may be a viable option.
Jan 6, 2022
Kyle Faulkner
Bankruptcy is often misunderstood, and this article provides important clarity on the process and its implications.
Dec 31, 2021
Karen Eng
It's helpful to have accurate information about bankruptcy available, as it's a topic that many people find confusing. This article addresses that need.
Dec 25, 2021
Mohammad Hasan
This article provides essential information for anyone considering bankruptcy. It's clear and comprehensive, which is important for making informed decisions.
Dec 19, 2021
Kimberly Alder
The article provides a comprehensive overview of bankruptcy, which is invaluable for anyone considering it as an option for debt relief.
Dec 5, 2021
Jon Oringer
Thank you for providing a clear and comprehensive overview of bankruptcy. It's a difficult subject, but the article navigates it with clarity and sensitivity.
Dec 2, 2021
Kevin Burns
As someone who has considered bankruptcy, this article provides valuable insights and information that can help individuals make well-informed decisions.
Dec 1, 2021
Pankaj Sharma
The article provides valuable insights and information for anyone considering bankruptcy. It's important to be well-informed before making such a significant decision.
Nov 15, 2021
Gail Pundsack
The explained process answers some common questions, this article could be greatly beneficial to those in debt.
Nov 8, 2021
Lauren Demaria
I appreciate the thorough and balanced approach this article takes in discussing the complexities of bankruptcy.
Oct 20, 2021
Cynthia Zhao
Thank you for providing a comprehensive overview of bankruptcy. It's a complex subject, and this article helps simplify it.
Oct 17, 2021
Tessa Bartholomew-Good
I appreciate articles like this that aim to demystify bankruptcy and provide clarity for those considering it as an option.
Oct 13, 2021
Jeff Radcliffe
Bankruptcy can be daunting, but this article offers clear, factual information to help individuals understand the process and its implications.
Sep 16, 2021
Steve Elliott
Thank you for addressing the common misconceptions about bankruptcy. It's important to separate fact from fiction.
Sep 16, 2021
Jenny Oxborough
Bankruptcy is a complex and often stigmatized topic, so it's important to have articles like this that provide factual, balanced information.
Aug 5, 2021
Nick Coelho
Bankruptcy isn't a decision to take lightly, and this article drives home that point. It's important to be well-informed.
Jul 19, 2021
Jeff Dedering
This article offers a balanced perspective on a challenging subject. It's both thorough and respectful.
Jul 4, 2021
Mike Fisher
Filing for bankruptcy is a significant decision, and this article effectively delves into the considerations involved.
Jun 13, 2021
Jasper Rijckevorsel
The detailed information in this article could be valuable to anyone grappling with the decision to file for bankruptcy.
Jun 2, 2021
Zachary Pollack
I never knew bankruptcy had different options like Chapter 7 and Chapter 13. Thanks for educating me.
May 17, 2021
Scott Zimmerman
The article addresses common questions and misconceptions about bankruptcy, offering valuable information for those in financial distress.
Apr 10, 2021
Amir Yacaman
I appreciate the clear, respectful way this article provides information about bankruptcy. It's an important resource for anyone considering their financial options.
Apr 8, 2021
Lucinda Brown
The process of eliminating or reorganizing debts through bankruptcy seems like a second chance for many struggling individuals and businesses.
Apr 4, 2021
Stephanie Gamble
The article offers a comprehensive exploration of bankruptcy, providing valuable insights for those facing financial difficulties.
Mar 20, 2021
Intercom Lead
I appreciate the straightforward explanation of bankruptcy in this article. It's important to have clear, factual information.
Mar 16, 2021
Jeff Jones
I appreciate the comprehensive overview of bankruptcy provided in this article. It's an essential resource for anyone navigating financial difficulties.
Mar 7, 2021
Yukiyo Uehori
Bankruptcy can be daunting, but this article offers clear, factual information to help individuals understand the process and its implications.
Mar 6, 2021
Manisha Marberry
Articulating the nuances of bankruptcy in a digestible format is no easy feat, but this article does it admirably.
Mar 5, 2021
Craig
It's crucial to have accurate information available for those considering bankruptcy. This article fills that need and provides valuable insights.
Mar 4, 2021
Roy Robinson
The section on when to consider filing for bankruptcy offers practical advice that is easy to digest.
Feb 16, 2021
Shai Lavie
Bankruptcy can be a daunting topic, but the article breaks it down into manageable and informative pieces.
Feb 12, 2021
Bryce Anderson
I appreciate the clear, respectful way this article provides information about bankruptcy. It's an important resource for anyone considering their financial options.
Feb 8, 2021
Steve Gray
The insights shared here provide a clearer understanding of the factors to consider when contemplating bankruptcy.
Feb 5, 2021
Thomas Kaaber
Thank you for providing a comprehensive and balanced overview of bankruptcy. It's an important resource for anyone facing financial difficulties.
Jan 24, 2021
Trent Wortham
The article addresses the information in a straightforward manner, providing clarity on a complex topic.
Jan 1, 2021
Aguilar Moises
I'm glad the article addresses when it's appropriate to consider filing for bankruptcy. It's a decision that should be well-informed.
Dec 23, 2020
Ian Little
The article outlines the purpose and potential advantages of bankruptcy quite effectively.
Dec 6, 2020
Talkdesk
I admire the straightforward and informative approach to discussing the complex subject of bankruptcy.
Oct 7, 2020
Pam Robinson
The article offers valuable insights and information on bankruptcy. It's important to have a resource that provides clear and balanced explanations.
Oct 5, 2020
Jason Hicks
I appreciate how this article provides clarity on a challenging topic. It's respectful and informative, addressing important aspects of bankruptcy.
Sep 22, 2020
Place Holder
I never realized there were so many factors to consider when thinking about bankruptcy. This article opened my eyes to that.
Sep 20, 2020
Rob Mauceri
The article provides a balanced perspective on bankruptcy, which is important for anyone considering it as an option for debt relief.
Sep 17, 2020
Gregg Vidaris
The article provides a well-rounded and balanced perspective on bankruptcy, which is valuable for anyone considering it as an option for debt relief.
Sep 5, 2020
Helen Morris
I appreciate how the article breaks down the complexities of bankruptcy in an understandable way. It's a helpful resource for anyone navigating financial difficulties.
Jul 6, 2020
Mary Bourne-Marth
I appreciate how this article provides clarity on a challenging topic. It's respectful and informative, addressing important aspects of bankruptcy.
Jun 27, 2020
Janet Lee
This article provides a balanced and informative exploration of bankruptcy, which is important for anyone considering it as an option for debt relief.
Jun 8, 2020
Sandra O'Neil
It's always tough to navigate financial difficulties, but this article sheds light on an area many people may feel in the dark about.
May 29, 2020
Callie Clark
The article provides a rational, balanced view of bankruptcy and its potential impacts. It's a valuable resource for anyone in financial distress.
May 27, 2020
Margaret Benelli
Thank you for providing a comprehensive and balanced overview of bankruptcy. It's an important resource for anyone facing financial difficulties.
May 17, 2020
Delvis Echeverria
Bankruptcy is often stigmatized and misunderstood, so it's helpful to have a resource like this that provides a balanced, factual understanding of the topic.
May 10, 2020
Felicia Hagreis
Bankruptcy can be a difficult decision, but it's important to understand all the options available. Thanks for shedding light on this topic.
Apr 5, 2020
Richard Jaynes
I would love to see a series of articles that go deeper into the various aspects of bankruptcy.
Mar 29, 2020
Steven Willekens
Bankruptcy is a complex and often stigmatized topic, so it's important to have articles like this that provide factual, balanced information.
Mar 11, 2020
David Coleridge
The idea of a fresh start through bankruptcy is promising, but it's good to understand the process fully before making that decision.
Mar 4, 2020
Rob Castelle
Bankruptcy is a complex topic, and it's helpful to see an article that aims to break it down into easily understandable points.
Feb 26, 2020
Chuck Dixon
The FAQs in this article cover a wide range of important questions about bankruptcy. It's a valuable resource.
Feb 16, 2020
Ry Layfield
The balanced and respectful approach of this article in explaining bankruptcy is commendable. It provides clarity on a complex and sensitive topic.
Feb 4, 2020
Jose Barreiro
The FAQs are helpful and cover a wide range of important questions. It's a great starting point for those seeking information about bankruptcy.
Jan 26, 2020
Jean Landry
The article offers a comprehensive look at the bankruptcy process and its potential impact. It's a valuable resource for those in financial distress.
Jan 11, 2020
Libby Strachan
The article addresses common questions and misconceptions about bankruptcy, providing valuable information for those in financial distress.
Jan 8, 2020
Kary Franklin
This article provides helpful insights into the often misunderstood concept of bankruptcy.
Jan 3, 2020
Tamia Turnbull
The tone of the article is respectful and informative, which is crucial when discussing sensitive topics like bankruptcy.
Dec 13, 2019
Kyle Dye
It's great to see a resource that addresses such a complex topic in a clear and approachable manner. Well done!
Dec 13, 2019
Jonathan Rodriguez
I appreciate the thorough and balanced approach this article takes in discussing the complexities of bankruptcy.
Dec 5, 2019
Mark Johnson
The article's concise breakdown of the bankruptcy process is informative and insightful.
Nov 25, 2019
Man Kim
Bankruptcy is often stigmatized and misunderstood, so it's helpful to have a resource like this that provides a balanced, factual understanding of the topic.
Nov 22, 2019
More posts