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FAQ

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Bankruptcy is a process provided for by Federal Law whereby individuals can obtain relief from their debts.  It will generally discharge most but not necessarily all of your debts.  For instance certain taxes may not go away.

Yes, there are different Chapters of Bankruptcy, such as Chapter 7, Chapter 11, Chapter 12, Chapter 13.

Chapter 7 is a liquidation bankruptcy whereby an individual or business obtains relief from its secured unsecured debts.  Chapter 13 is a repayment bankruptcy whereby an individual repays its secured arrears in full and some portion of its unsecured indebtedness.

Depending on what types of “property” you own, you may or may not be able to keep your “property” in either form of bankruptcy.  It would depend upon the value of that “property” and the amount of equity in the “property”.

You can always choose which type of bankruptcy to file.  However, the choice of which bankruptcy best fits your individual circumstances is best left up to an experienced bankruptcy attorney to lay out for you and that attorney can explain the reasons why one bankruptcy best fits your situation and why the other choices are not the best to file in your particular situation.

That would depend upon your individual circumstance.  If filing for a bankruptcy benefits you financially or legally then it likely is the best choice.  If you get no benefit from filing bankruptcy then there is no point in filing for bankruptcy.  People file bankruptcies for all different reasons.  Protections from creditors, stop lawsuits, stop foreclosure, stop repossessions, stop wage garnishments, stop IRS levies, etc.

There is no minimum amount however there are upper limits on how much secured and unsecured debts you may have in a Chapter 13 Bankruptcy.  Currently the secured limits on Chapter 13 are $1,257.850 and for unsecured debt it is $419,275.

The Debtor must be over the age of 18 years of age to file into any form of bankruptcy.

It is not mandatory to have a lawyer to file for bankruptcy.  However it is a highly technical filing and rife with pitfalls and should only be undertaken with a full understanding of the laws involved.

The process of filing takes too long to explain in a simple paragraph.

Bankruptcy will eliminate most debts, however there are certain exceptions to discharge in bankruptcy which are set forth in 11 U.S.C. §523.  There are roughly 15 things that bankruptcy does not discharge.

Because a bankruptcy is filed in a public Bankruptcy Court it is not done in secret and it is on file with the Bankruptcy Court and can be looked up in the Bankruptcy Clerk’s records.  However, unless you happen to be a media worth type of individual whose name often appears in the newspaper, who would want to research your bankruptcy?  How often do you appear in newspapers or other public documents?

It depends on the nature and character and value of your business.  What does your business consist of?  Without knowing what your business is worth and what your business accounting shows your business balance sheet to be valued at, I would not be able to answer that question.  I would ask your accountant to give me a current balance sheet on your business if the business was a separate incorporated entity.

Yes, it can stay foreclosures and repossessions.

Yes you can discharge medical bills by filing for bankruptcy protection.

Generally student loan debt is not dischargeable in bankruptcy except with very limited exceptions.

Yes, filing for bankruptcy will stop collection calls and creditor harassment upon the filing of the bankruptcy petition.

The information contained on this website is presented for informational and marketing purposes only and is not to be understood as legal advice. You should consult an attorney for advice respecting your individual needs.  Law Offices of Richard Scott Zirt looks forward to speaking with you about your particular needs. Please note, however, that the mere act of contacting our firm does not create an attorney-client relationship. As a result, you should never send any confidential information to our office until a Representation Agreement has been signed by both you and Law Offices of Richard Scott Zirt.

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