BANKRUPTCY ATTORNEY

Bankruptcy Attorney FAQ

Q: “WHAT IS CHAPTER 7 BANKRUPTCY”?

Chapter 7 Bankruptcy is a complete liquidation of your assets and debts. With few exceptions, all of your debts and contractual obligations are wiped out in Chapter 7 Bankruptcy.

The following items are exempt from Chapter 7 bankruptcy:

  • Real property, including co-op or mobile home, to $15,000 Disability
  • Illness or unemployment benefits
  • Life insurance payments for person you depended on, needed for support.
  • Life insurance policy with loan value, in accrued dividends or interest, to $8000
  • Unmatured life insurance contract, except credit insurance policy
  • Alimony, child support needed for support
  • ERISA-qualified benefits needed for support
  • Animals, crops, clothing, appliances, books, furnishings, household goods,musical instruments to $400 per item, $8000 total
  • Health aids
  • Jewelry to $1000
  • Lost earnings payments
  • Motor vehicle to $2400
  • Personal injury recoveries to $15,000 (not to include pain & suffering or pecuniary loss) Wrongful death recoveries for person you depended on
  • Crime victims’ compensation
  • Public assistance
  • Social Security
  • Unemployment compensation
  • Veterans’ benefits Implements, books & tools of trade to $150

Q: WHAT DEBTS ARE NOT DISCHARGEABLE?

With some exceptions, the following debts remain even after bankruptcy:

  • Child support & alimony
  • Student loans that became due less than 7 years ago
  • Federal and state income tax obligations less than 3 years old
  • Debts for restitution from criminal convictions and drunk driving
  • Debts the bankruptcy court decides where from intentional acts, fraud or wrongdoing (e.g., lying on your bank loan application).

Q: HOW LONG DOES BANKRUPTCY STAY ON MY CREDIT REPORT?

Information about your bankruptcy can remain on your credit report for up to 10 years.

Q: How long does it take to file bankruptcy (Chapter 7)

  • Most cases can be filed in about 7 days.
  • A final discharge from the bankruptcy court usually takes between 60 to 120 days.

Q: What is the cost of the filing fee

  • $375