CHAPTER 7 BANKRUPTCY FREQUENTLY ASKED QUESTIONS
DISCLAIMER: THE INFORMATION SET FORTH BELOW IS NOT INTENDED TO BE LEGAL ADVICE.
1. CHAPTER 7 BANKRKUPTCY IS KNOWN AS A LIQUIDATION BANKRUPTCY, DOES THAT MEAN THAT I WILL LOSE EVERYTHING THAT I OWN?
While certain property may be lost, all debtors are entitled to exemptions provided by State or Federal Law that may allow the debtor to keep certain property.
2. HOW CAN I TELL WHETHER I AM ELIGIBLE TO FILE A CHAPTER 7 BANKRUPTCY?
In order to qualify for filing a chapter 7 bankruptcy all prospective filers must take a means test that will determine whether the filer earns less than a
3. WHICH OF MY DEBTS WILL NOT BE DISCHARGED IN MY CHAPTER 7 BANKRUPTCY?
a. Any debt incurred as a result of debtor's fraud.
b. Any debt resulting from an intentional injury caused by debtor
c. Any debt for a domestic support obligation, that is, child support, spousal support or alimony.
d. Any debt that is considered to be restitution in a criminal case.
4. CAN I FILE BANKRUPTCY TO DISCHARGE MY CHILD SUPPORT ARREARS?
NO!!! Debts for domestic relations obligations such as child support, spousal support and alimony are non dischargable
5. HOW LONG DOES IT TAKE TO RECEIVE A DISCHARGE AFTER I FILE FOR CHAPTER 7 BANKRUPTCY?
With certain exceptions, a discharge in a chapter 7 bankruptcy should usually be entered within sixty (60) days of the first date of the Section 341 meeting of the creditors
6. HOW MANY TIMES AM I ALLOWED TO OBTAIN A DISCHARGE BY FILING A CHAPTER 7 BANKRUPTCY?
Any debtor who has filed a chapter 7 bankruptcy within 6 years of previously receiving a discharge in a chapter 7 bankruptcy will be denied a discharge in the subsequent bankruptcy.
7. WHAT INFORMATION WILL I NEED TO FILE A CHAPTER 7 BANKRUPTCY?
a. A list of all your creditors, including, the amount of the debt, the creditors' addresses, and the nature of the debts.
b. The source of your income.
c. The amount and frequency of your income.
d. A list of all of your property (real and personal).
e. Your living expenses.
f. The chapter 7 filing fee, $299.00. (Although it can be paid in installments.)
g. Your bankruptcy attorney's fee.
8. WHAT DOES THE TRUSTEE DO?
The Trustee is, among other things, required to investigate the debtor's finances; collect the debtor's property and reduce it to money with which to pay the debtor's creditors.
9. HOW LONG WILL MY BANKRUPTCY STAY ON MY CREDIT REPORT?.
According to the Fair Credit Reporting Act, information regarding a bankruptcy will remain on your credit report for 10 years.
IF YOU HAVE A QUESTION THAT NOT FOUND HERE. FEEL FREE TO ASK US. ADDITIONAL FAQ'S WILL BE ADDED PERIODICALLY.