Bankruptcy - The Law Center for Civil and Criminal Justice

 

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions,bankruptcy is imposed by a court order, often initiated by the debtor.

 

Chapter 7:

In Chapter 7 bankruptcy, the bankruptcy trustee cancels many (or all) of your debts. At the same time the trustee might also sell (liquidate) some of your property to repay your creditors. Chapter 7 bankruptcy, also called "straight" or "liquidation" bankruptcy, is so named because the law is contained in Chapter 7 of the federal Bankruptcy Code.

 

Chapter 13:

In Chapter 13 bankruptcy, you keep your property, but pay back all or a portion of your debts over a three to five-year period. This is unlike Chapter 7 bankruptcy, where most of your debts are cancelled but you may have to surrender some property to the bankruptcy trustee to pay your creditors. Because you end up paying most of your debts over time in Chapter 13 bankruptcy, it is also called reorganization bankruptcy.

Bankruptcy Information, FAQ's, Chapter 7 & 13 Information.

For answers to these questions "CLICK HERE."

  • What’s bankruptcy?

  • What’s the difference between secured and unsecured debt?

  • Which Bankruptcy type or chapter should I file?

  • Can I change from one chapter of bankruptcy to another?

  • Who can file bankruptcy?

  • How often can you file for bankruptcy?

  • What do I need to begin the bankruptcy process?

  • Do you have to have a certain amount of debt to file?

  • What’s a joint petition?

  • What happens if one spouse files for bankruptcy and not the other?

  • Does my divorce decree protect me from creditors if my ex files for bankruptcy?

  • Can a loan co signor be responsible for a debt if the other person declares bankruptcy?

  • Can all types of debt be discharged?

  • What can I keep, if anything, if I file bankruptcy?

  • Do I have to file bankruptcy on all the accounts I owe, or can I keep some?

  • Will I lose my retirement accounts or payments from social security?

  • Will I lose my home if I file for bankruptcy?

  • How long does a bankruptcy stay on my record?

  • Can I do anything to remove a bankruptcy from my credit report?

  • When can I apply for credit again?

  • Can a “credit repair” company really save me from bankruptcy?

  • Can a creditor continue to contact me after I’ve filed for bankruptcy?

  • Who lets my creditors know I’ve filed for bankruptcy?

  • What does a trustee do?

  • Can creditors object to a bankruptcy filing or plan?

  • What happens at a 341 meeting of creditors?

  • Can I add a debt on my schedule if it was initially forgotten?

  • When should I stop using my credit cards if I’m planning on filing for bankruptcy?

  • What’s a reaffirmation agreement?

  • Can a bankruptcy be reopened?

  • How’s an inheritance treated in a bankruptcy case?

For answers to these questions "CLICK HERE."

  • What is a Chapter 7 Bankruptcy?

  • What is Chapter 13 Bankruptcy?

  • How difficult will it be to file Chapter 7 under the new bankruptcy laws?

  • I know I have to take an approved credit counselingcourse before I can file bankruptcy. How do I find anapproved credit counselor?

  • Will my creditors stop harassing me?

  • Will my spouse be affected?

  • Who will know?

  • What are the most common reasons for a Chapter 7 Bankruptcy?

  • Can I keep my credit cards?

  • When will I be discharged from bankruptcy?

  • If I use a credit counselor won't I get a better credit rating than if I go bankrupt?

  • Will I ever get credit again?

  • Can my boss fire me for filing bankruptcy?

  • How much am I allowed to keep?

  • What don't I keep?

  • I was bankrupt before. When can I file again?

  • What are the key or major events in the bankruptcy processand when will the bankruptcy be over?

  • What is Chapter 13 and when can it be used?

  • What debts are erased by a bankruptcy?

  • What does it cost