Q. What is bankruptcy, and do I need a lawyer to file?
A. Bankruptcy is a legal way for people overwhelmed by debt to “start over” by eliminating what debt they owe to creditors. By law, you can file bankruptcy yourself without a lawyer, but being one of the most critical financial decisions you may ever make, the help and advice of an expert may be in your best interests.
Q. What are my options when filing bankruptcy?
A. There are two forms of filing bankruptcy for individuals. Chapter 7, or “straight bankruptcy” is most common for people who have large credit card debts or medical bills. In most cases all of the filer's debt can be eliminated. Chapter 13 bankruptcy would be filed to prevent foreclosure on a home or repossession of a vehicle by agreeing to a 3-5 year repayment plan with creditors.
Q. Does my spouse have to file as well if I am married?
A. By law, the spouse does not have to file. Your bankruptcy lawyer would be able to help you choose the best course of action for your individual case.
Q. How long should I expect my bankruptcy case to last?
A. Cases filing Chapter 7 are usually resolved in about 6 months. Filing Chapter 13 cases will be longer, based how long the period of the repayment plan is.
Q. Can I file bankruptcy more than once?
A. Yes, there is no limit to how many times you can file bankruptcy, but it must be at least eight years since you last filed.