Chapter 7 Bankruptcy FAQ
What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy is a type of bankruptcy that allows individuals to discharge their debts. This means that the debts are forgiven and the individual is no longer legally obligated to repay them.
Who can file for Chapter 7 bankruptcy?
To be eligible for Chapter 7 bankruptcy, you must meet certain requirements, including:
- You must have a regular income
- Your debts must be primarily consumer debts
- You must not have filed for bankruptcy in the past 8 years
What debts can be discharged in Chapter 7 bankruptcy?
Most types of unsecured debts can be discharged in Chapter 7 bankruptcy, including credit card debt, medical debt, and personal loans. However, some debts cannot be discharged, such as student loans, child support, and alimony.
What is the process for filing for Chapter 7 bankruptcy?
The process for filing for Chapter 7 bankruptcy involves the following steps:
- File a petition with the bankruptcy court
- Meet with a trustee to review your financial situation
- Attend a meeting of creditors
- Receive a discharge of your debts
How long does it take to complete a Chapter 7 bankruptcy?
A Chapter 7 bankruptcy typically takes 4-6 months to complete.
Chapter 13 Bankruptcy FAQ
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy is a type of bankruptcy that allows individuals to repay their debts over a period of time, typically 3-5 years.
Who can file for Chapter 13 bankruptcy?
To be eligible for Chapter 13 bankruptcy, you must meet certain requirements, including:
- You must have a regular income
- Your debts must not exceed certain limits
- You must not have filed for bankruptcy in the past 2 years
What debts can be repaid in Chapter 13 bankruptcy?
Most types of debts can be repaid in Chapter 13 bankruptcy, including credit card debt, medical debt, and personal loans. However, some debts cannot be repaid, such as student loans, child support, and alimony.
What is the process for filing for Chapter 13 bankruptcy?
The process for filing for Chapter 13 bankruptcy involves the following steps:
- File a petition with the bankruptcy court
- Meet with a trustee to review your financial situation
- Develop a repayment plan
- Make monthly payments to the trustee
- Receive a discharge of your debts
How long does it take to complete a Chapter 13 bankruptcy?
A Chapter 13 bankruptcy typically takes 3-5 years to complete.
Chapter 11 Bankruptcy FAQ
What is Chapter 11 bankruptcy?
Chapter 11 bankruptcy is a type of bankruptcy that allows businesses to reorganize their finances.
Who can file for Chapter 11 bankruptcy?
Any business can file for Chapter 11 bankruptcy, regardless of its size or financial situation.
What is the process for filing for Chapter 11 bankruptcy?
The process for filing for Chapter 11 bankruptcy involves the following steps:
- File a petition with the bankruptcy court
- Meet with a trustee to review your financial situation
- Develop a reorganization plan
- Submit the reorganization plan to the court
- Get the reorganization plan approved by the court
How long does it take to complete a Chapter 11 bankruptcy?
A Chapter 11 bankruptcy can take several months or even years to complete.