[et_pb_section fb_built=”1″ _builder_version=”4.23″ use_background_color_gradient=”on” background_color_gradient_stops=”rgba(0,0,0,0.5) 0%|rgba(0,0,0,0.5) 100%” background_color_gradient_overlays_image=”on” background_color_gradient_start=”rgba(0,0,0,0.5)” background_color_gradient_end=”rgba(0,0,0,0.5)” background_image=”https:\/\/localmarketingsuites.com\/demo\/attorney\/bankruptcy\/wp-content\/uploads\/2019\/08\/bankruptcy-bg-08.jpg” custom_padding=”130px||130px||true|” animation_style=”fade” collapsed=”on” global_colors_info=”{}” locked=”off” theme_builder_area=”post_content”][et_pb_row _builder_version=”4.23″ width=”90%” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.16″ global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.23″ header_font=”|||on|||||” header_text_align=”center” header_text_color=”#ffffff” header_font_size=”50px” header_2_font=”Poppins|700||on|||||” header_2_text_align=”center” header_2_text_color=”#ffffff” header_2_font_size=”50px” custom_margin=”||1px|||” hover_enabled=”0″ header_font_size_tablet=”40px” header_font_size_phone=”40px” header_font_size_last_edited=”on|tablet” header_2_font_size_tablet=”40px” header_2_font_size_phone=”40px” header_2_font_size_last_edited=”on|desktop” global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]<\/p>\n
[\/et_pb_text][et_pb_text _builder_version=”4.23″ text_font=”Montserrat||||||||” text_text_color=”#ffffff” text_font_size=”18px” text_line_height=”1.6em” text_orientation=”center” max_width=”1000px” module_alignment=”center” hover_enabled=”0″ text_text_align=”center” global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]Whether you’re considering Chapter 7 or Chapter 13 bankruptcy, or seeking insights into the legal processes involved, we’ve compiled a wealth of information to guide you. These FAQs are crafted to provide clarity, dispel myths, and empower you with the knowledge needed to make informed decisions about your financial future.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ make_equal=”on” use_custom_gutter=”on” gutter_width=”2″ specialty=”on” custom_padding_last_edited=”on|phone” custom_css_main_2=”padding-top: 0px;” _builder_version=”4.17.4″ _module_preset=”default” inner_width=”90%” custom_padding=”70px||70px|||” custom_padding_tablet=”40px||40px||false|false” custom_padding_phone=”40px||||false|false” animation_style=”fade” locked=”off” global_colors_info=”{}”][et_pb_column type=”2_3″ specialty_columns=”2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner use_custom_gutter=”on” gutter_width=”2″ make_equal=”on” _builder_version=”4.17.4″ _module_preset=”default” custom_padding=”0px||0px||true|” global_colors_info=”{}”][et_pb_column_inner saved_specialty_column_type=”2_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_accordion open_toggle_background_color=”#f0f0f0″ closed_toggle_background_color=”#f0f0f0″ _builder_version=”4.23″ toggle_line_height=”1.2em” animation_style=”slide” animation_direction=”left” animation_intensity_slide=”5%” hover_enabled=”0″ border_radii=”on|5px|5px|5px|5px” border_width_all=”0px” global_colors_info=”{}” locked=”off” sticky_enabled=”0″][et_pb_accordion_item title=”What is Chapter 7 bankruptcy?” open=”on” _builder_version=”4.16″ global_colors_info=”{}”]<\/p>\n
Chapter 7 Bankruptcy is known as straight bankruptcy as well as liquidation (converting assets into money) and it is the most common form of bankruptcy. Most, if not all debts are discharged within months of your attorney filing a bankruptcy petition.\u00a0<\/p>\n
[\/et_pb_accordion_item][et_pb_accordion_item title=”What is Chapter 13 bankruptcy?” _builder_version=”4.23″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]Chapter 13 of the bankruptcy code gives debtors the opportunity to repay some or all of the debts that are in their name, in better terms, lower or no interest. Debtors have the ability to use income they have in the future to pay off creditors.[\/et_pb_accordion_item][et_pb_accordion_item title=”Can I own anything after bankruptcy?” _builder_version=”4.23″ global_colors_info=”{}” open=”off”]Yes, you can still own certain assets after bankruptcy. Bankruptcy laws typically allow exemptions for essential items such as your primary residence, a car, and personal belongings. The specific rules may vary depending on the type of bankruptcy you file, so it’s important to consult with an attorney to understand what assets you can retain.[\/et_pb_accordion_item][et_pb_accordion_item title=”Can I file for bankruptcy twice?” _builder_version=”4.23″ global_colors_info=”{}” open=”off”]Yes, it is possible to file for bankruptcy more than once, but there are restrictions on how often you can do so. The timing depends on the type of bankruptcy previously filed and the one you intend to file now. Generally, for Chapter 7 to Chapter 7, it’s typically eight years, while for Chapter 13 to Chapter 13, it’s often two years. Consult with an attorney to understand your eligibility.[\/et_pb_accordion_item][et_pb_accordion_item title=”How long does bankruptcy process take?” _builder_version=”4.23″ global_colors_info=”{}” open=”off”]The duration of the bankruptcy process can vary depending on the complexity of your case and the type of bankruptcy filed. Chapter 7 bankruptcies typically conclude within 3 to 6 months, while Chapter 13 cases may last 3 to 5 years, as they involve a repayment plan. Your attorney can provide a more accurate timeline based on your specific situation.[\/et_pb_accordion_item][et_pb_accordion_item title=”How do I pay for bankruptcy attorney?” _builder_version=”4.23″ global_colors_info=”{}” open=”off”]You have several options for paying your bankruptcy attorney. Many attorneys offer flexible payment plans. Additionally, some fees may be included in your bankruptcy filing. It’s essential to discuss payment arrangements with your attorney during your initial consultation.[\/et_pb_accordion_item][et_pb_accordion_item title=”What can filing bankruptcy do?” _builder_version=”4.23″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]Filing bankruptcy can provide relief from overwhelming debt, stop creditor harassment, and protect certain assets from liquidation. It allows you to reorganize your finances (Chapter 13) or obtain a fresh start (Chapter 7) by discharging unsecured debts, providing a path to financial recovery.[\/et_pb_accordion_item][et_pb_accordion_item title=”What is bankruptcy discharge?” _builder_version=”4.23″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]A bankruptcy discharge is a court order that releases you from personal liability for specific debts. Once discharged, you are no longer legally obligated to repay those debts. However, not all debts are dischargeable, and it\u2019s crucial to consult with your attorney to understand which debts can be discharged in your case.
\n[\/et_pb_accordion_item][et_pb_accordion_item title=”Can I keep my bank account after bankruptcy?” _builder_version=”4.23″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]In most cases, you can keep your bank account after bankruptcy. However, if you owe money to the bank where you have an account, the bank may use the funds in your account to offset the debt. It\u2019s essential to discuss your specific situation with your attorney to ensure your bank account is protected.
\n[\/et_pb_accordion_item][et_pb_accordion_item title=”Do I have another choice?” _builder_version=”4.23″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]Depending on your financial situation, there may be alternative options to bankruptcy, such as debt consolidation, negotiation with creditors, or credit counseling. It\u2019s advisable to consult with a bankruptcy attorney to explore these alternatives and determine the best course of action for your specific circumstances.[\/et_pb_accordion_item][\/et_pb_accordion][et_pb_code _builder_version=”4.16″ _module_preset=”default” locked=”off” global_colors_info=”{}”]<\/p>\n