Bankruptcy F.A.Q's
Bankruptcy F.A.Q's
1. What are the court Filing Fees?
Currently, the filing fee for a Chapter 13 bankruptcy is $274.00 and for a Chapter 7 Bankruptcy the fee is $299.00.
2. Who can file for Chapter 7 Bankruptcy?
Individuals, Partnerships, or Corporations may file for Chapter 7 bankruptcy.
3. Who can file Chapter 13 Bankruptcy?
Individual's even if self- employed can file for Chapter 13 bankruptcy as long as the individual's unsecured debts are less than $290,525 and secured debts are less than $871,550.
4. What is a discharge in Bankruptcy?
A discharge is a release of the debtor from personal liability for certain types of debts.
5. Will filing Bankruptcy affect my Job?
No. A governmental or private employer may not discriminate against a person because he/she has filed bankruptcy.
6. Will I lose my assets?
Most people who file bankruptcy do not lose any assets.
7. Will I lose my retirement plan (IRA, 401(k), pension and retirement plans)?
No. They are protected by Law.
8. Can Co-Signers be Protected?
In a Chapter 7 bankruptcy NO, they can proceed against your co-signor according to the terms of your debt agreement.
In a Chapter 13 bankruptcy it depends on if it appears that the entire debt is not going to be repaid
Currently, the filing fee for a Chapter 13 bankruptcy is $274.00 and for a Chapter 7 Bankruptcy the fee is $299.00.
2. Who can file for Chapter 7 Bankruptcy?
Individuals, Partnerships, or Corporations may file for Chapter 7 bankruptcy.
3. Who can file Chapter 13 Bankruptcy?
Individual's even if self- employed can file for Chapter 13 bankruptcy as long as the individual's unsecured debts are less than $290,525 and secured debts are less than $871,550.
4. What is a discharge in Bankruptcy?
A discharge is a release of the debtor from personal liability for certain types of debts.
5. Will filing Bankruptcy affect my Job?
No. A governmental or private employer may not discriminate against a person because he/she has filed bankruptcy.
6. Will I lose my assets?
Most people who file bankruptcy do not lose any assets.
7. Will I lose my retirement plan (IRA, 401(k), pension and retirement plans)?
No. They are protected by Law.
8. Can Co-Signers be Protected?
In a Chapter 7 bankruptcy NO, they can proceed against your co-signor according to the terms of your debt agreement.
In a Chapter 13 bankruptcy it depends on if it appears that the entire debt is not going to be repaid