Frequently Asked Questions about Bankruptcy

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.

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