Schlyer & Associates, P.C. handles Chapter 7 and 13
Bankruptcies. Each case is different and carries its own
circumstances which must be taken into consideration by competent legal
counsel. By contacting Schlyer & Associates, P.C., you can receive
a FREE personal consultation regarding your specific situation.
FREQUENTLY ASKED QUESTIONS ABOUT BANKRUPTCY
are located on the left. Simply click on the specific question
and you will be directed to the corresponding answer. Each answer is stated in a general nature and are not intended to apply
to every Bankruptcy situation.
Our experienced bankruptcy lawyers can answer more specific questions
during your consultation.
What is the difference between Chapter 7 and Chapter 13?
Chapter 7
bankruptcy is the
liquidation variety -- non-exempt property is sold (liquidated) to pay
off as much of your debt as possible, while leaving you with enough
property to make a fresh start.
Chapter 13
is the most common
type of "reorganization" bankruptcy for consumers -- you pay your debts
over three to five years. We can assist you in deciding which is
the best form of relief for you.
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Who can file for Bankruptcy?
Any person may file Bankruptcy so long as the person meets minimum
requirements set forth by the Bankruptcy Code. The minimum
requirements are based on your income and the size of your family.
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Does my Spouse have to file too?
No. A married person may either file jointly
with his or her spouse or individually. If your spouse does not
file, your spouse's credit will generally not be affected.
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Which debts can I get rid of and which debts must be
paid?
Most debts can be eliminated including credit
cards, medical bills, personal loans, repossession debt and most
judgments. The types of debts that cannot be eliminated include
student loans, child support, fraud, certain taxes and certain debts
arising from personal injury to others.
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Will filing Bankruptcy affect my credit
rating?
Yes.
However, most individuals are able to rebuild their credit within a few
years. If you are currently contemplating filing Bankruptcy, then
it is likely that your current credit rating has already been affected.
A discharge of your current debt may provide the opportunity to rebuild
your credit with steady, regular payments on a new account.
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to FAQs
How long will Bankruptcy stay on my credit
report?
The Fair
Credit Report Act is the law that controls credit reporting agencies.
The law states that credit reporting agencies many not report a
bankruptcy case on a person's credit report after 10 years from the date
the bankruptcy case is filed. Other negative credit information is
removed after 7 years. The larger credit reporting agencies belong
to an organization call the Associated Credit Bureaus. The poly of
the this organization is to remove Chapter 13 (repayment plans) cases
from the credit report after 7 years to encourage debtors to file under
Chapter 13.
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When will my creditors stop calling?
Once the petition is filed, an automatic stay goes into effect, which
legally protects you from creditor calls and other collection actions.
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Should I consult an attorney for legal
advice about Bankruptcy?
Creditors are represented by attorneys throughout the collection
process. It is in your best interest to consult a knowledgeable
attorney. A Bankruptcy attorney can help a debtor determine
whether Bankruptcy is the best course of action to take in the face of
seemingly insurmountable debt, and can guide a debtor through the
details of procedures of the Bankruptcy process.
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How will filing Bankruptcy affect any wage
garnishments and collection lawsuits against me?
Filing a Bankruptcy petition results in an automatic stay. This Court
Order prevents any lawsuits from being filed or judgments against you.
It protects you from garnishment, seizure of assets, harassment, phone
calls, threats and collection actions.
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Do I have to use an attorney to file
Bankruptcy?
No. However, a Bankruptcy filing can be complicated, and it is
advisable to seek professional help.
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How often can a person file a Bankruptcy?
The rules are different for each type of Bankruptcy. These rules
are complicated and should be discussed with an attorney.
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