How often can Bankruptcy be filed?
What happens if one spouse files Bankruptcy and the other does not?
Must all debts be included?
What is a reaffirmation agreement?
Will the Court notify my employer?
May I be fired from my job because of a Bankruptcy?
For how long will the Bankruptcy show on my credit report?
Can Bankruptcy stop any judgments and lawsuits?
Unil when can I use my credit cards if I will file for Bankruptcy?
Do I have to close my bank accounts?
How long does the process take?
How often can Bankruptcy be filed?
Chapter 13 Bankruptcy can be filed as many times as needed, while Chapter 7 Bankruptcies can only be filed every 8 years.
What happens if one spouse files Bankruptcy and the other does not?
Bankruptcy will discharge only the debts of the spouse that files. The one that does not file for Bankruptcy, will be responsible for the debts that are in his or her name, or, for the ones that he or she was a co-signor.
Must all debts be included?
All debts must be included. However, you may choose to keep some debts through reaffirmation agreements.
What is a reaffirmation agreement?
Reaffirmation agreements are under special rules and are voluntary. It legally obligates the Debtor to pay all or a portion of a debt that can be discharged. Once you reaffirm a debt, the debt will not be discharged and if you fail to make the payments, the creditor can take action to recover any property on which it has a lien or mortgage.
Will the Court notify my employer?
In a Chapter 7, the employer will only be notified if you owe them money. In a Chapter 13, the Court requires a Wage Deduction Order for the plan payments. In this case they will be notified.
May I be fired from my job because of a Bankruptcy?
No
For how long will the Bankruptcy show on my credit report?
The Bankruptcy will stay on your credit report anywhere from seven to ten years.
Can Bankruptcy stop judgments and lawsuits?
Yes, Bankruptcy can stop judgments and lawsuits immediately after filing. However, there are some exceptions, like for child support enforcement suits.
Until when can I use my credit cards if I will file for Bankruptcy?
As soon as you know you will file for Bankruptcy, you must stop using the credit cards. Cash advances and questionable purchases may be reviewed for fraud and thus may be excluded from the Bankruptcy.
Do I have to close my bank account?
You may have to close the account if it is an unsecured creditor and you owe them money. If you don’t owe them any money, you can keep your account.
How long does the process take?
Chapter 7 Bankruptcy takes bout 4 months, although the debts that are dischargeable will be gone the day the case is filed. Chapter 13 Bankruptcy takes 3 to 5 years to repay the debts.