Question 1

What types of debts are dischargeable in Chapter 7 bankruptcy?

Accepted Answer

In a Chapter 7 bankruptcy, many types of unsecured debts can be discharged, including credit card debt, medical bills, personal loans, and past-due utility bills. However, certain debts such as child support, alimony, and student loans are generally not dischargeable.

Question 2

When should I consider filing for Chapter 13 bankruptcy?

Accepted Answer

Chapter 13 bankruptcy may be the better option if you have a regular income and want to repay your debts over a 3-5 year period. This can be useful if you're behind on mortgage or car payments and want to catch up on those debts. Chapter 13 also allows you to keep certain assets that you might lose in a Chapter 7 filing.

Question 3

How do I file for Chapter 7 bankruptcy?

Accepted Answer

The first step in filing for Chapter 7 bankruptcy is to gather all your financial information, including income, assets, and debts. You'll then need to complete the necessary bankruptcy forms and submit them to the court. An experienced bankruptcy attorney can guide you through the entire process and ensure that everything is filed correctly.

Question 4

What is the "means test" in bankruptcy?

Accepted Answer

The means test is a calculation used to determine if you qualify for Chapter 7 bankruptcy or if you must file for Chapter 13 instead. It compares your household income to the median income for your state and family size. If your income is below the median, you'll likely qualify for Chapter 7. If your income is above the median, you may still qualify for Chapter 7 if you pass the means test.

Question 5

How will bankruptcy affect my credit and future ability to get loans?

Accepted Answer

Bankruptcy will negatively impact your credit score, but the long-term effects can vary. A Chapter 7 bankruptcy will remain on your credit report for up to 10 years, while a Chapter 13 bankruptcy will stay for up to 7 years. However, many people are able to rebuild their credit and obtain new loans and credit cards within a few years of filing for bankruptcy.

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Marshall D. Schultz

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Frequently Asked Questions about Marshall D. Schultz

What types of debts are dischargeable in Chapter 7 bankruptcy?

When should I consider filing for Chapter 13 bankruptcy?

How do I file for Chapter 7 bankruptcy?

What is the "means test" in bankruptcy?

How will bankruptcy affect my credit and future ability to get loans?

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