12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!

Frequently Asked Questions about Personal Bankruptcy in Zip Code 32162

Frequently Asked Questions about Personal Bankruptcy in Zip Code 32162

Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
- Tim Johnson

Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.

What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.

    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.

    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

    Personalize & Print a Free FL Last Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
    Personalize & Print a Free FL Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Zip Code 32162
    The Carlyle Appellate Law Firm
    1950 Laurel Manor Dr Ste 130
    The Villages, FL 32162
    (352) 259-8852
    Bogin, Munns & Munns, P.A.
    8630 E County Road 466
    The Villages, FL 32162
    (352) 350-5979
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    Ayres Cluster Curry McCall & Collins PA
    11714 NE 62nd Ter Ste 500
    The Villages, FL 32162
    (352) 751-5674
    Accident & Property Damage Attorneys,  Attorneys,  Social Security & Disability Law Attorneys,  Civi
    Hudson Brian D
    1028 Lake Sumter Lndg
    The Villages, FL 32162
    (352) 259-5020
    Mc Lin & Burnsed
    1950 Laurel Manor Dr
    The Villages, FL 32162
    (352) 259-5011
    Attorneys, Legal Service Plans
    Steven M Roy Mc Lin & Burnsed
    1028 Lake Sumter Lndg
    The Villages, FL 32162
    (352) 259-5006
    Real Estate Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate P
    Glover Law Firm
    561 Fieldcrest Drive
    The Villages, FL 32162
    (352) 205-4495
    Accident & Property Damage Attorneys,  Automobile Accident Attorneys,  Malpractice Law Attorneys,  P
    Arenas Frank B
    1511 Taylor Ln
    The Villages, FL 32162
    (352) 748-3678
    Attorneys, Legal Service Plans
    Miller Brent C
    8564 E County Road 466
    The Villages, FL 32162
    (352) 753-2833
    Attorneys,  Consumer Law Attorneys,  Accident & Property Damage Attorneys,  County & Parish Governme
    Udick Arlene C
    270 Campbell Ave
    The Villages, FL 32162
    (352) 391-1888
    General Practice Attorneys, Attorneys
    Ramsey Smathers Law Offices
    1950 Laurel Manor Dr # 120
    The Villages, FL 32162
    (352) 391-1545
    Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
    Dean & Dean LLP
    11714 NE 62nd Ter Ste 400
    The Villages, FL 32162
    (352) 430-1326
    Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US