Frequently Asked Questions

What is bankruptcy?

What can bankruptcy do for me?

What does bankruptcy not do?

What are the different types of bankruptcy available to individuals and/or small businesses?

Who will know about my bankruptcy?

Will my friends and/or relatives know I have filed bankruptcy?

Will my employer know I have filed bankruptcy?

Can I file bankruptcy on some creditors and not on others?

If I file bankruptcy, does my spouse have to file with me?

If I filed bankruptcy before, can I file again?

If I filed bankruptcy before, how long do I have to wait before I am eligible to file another bankruptcy and receive a discharge of my debts?

The length of time you have to wait will vary depending on the type of bankruptcy you previously filed and what you intend to file in the future. To be relieved (discharged) of debt, you must wait:

  • Prior 7, new 7 - 8 years
  • Prior 7, new 13 - 4 years
  • Prior 13, new 13 - 2 years
  • Prior 13, new 7 - 6 years*

The waiting periods run from filing date to filing date.

*unless you paid 100% of the allowed unsecured debt in the prior Chapter 13 or paid 70% of the unsecured debt in good faith and with best efforts.

What happens if I filed bankruptcy before, need to file again and cannot wait until I am eligible to receive a discharge of my debt?

How will bankruptcy affect my co-signer?

Will I have to go to court?

Will bankruptcy wipe out all my debts?

Will I lose all of my property and belongings if I file bankruptcy?

What happens to my home and car if I file bankruptcy?

Will bankruptcy affect my credit?

How long will bankruptcy stay on my credit report?

What else should I know?

Are there alternatives to bankruptcy?

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M. Caroline Cantrell, Attorney at Law