Your Top Bankruptcy Questions Answered

Is Chapter 7 bankruptcy right for me?

If you are considering filing for bankruptcy, you likely have many questions.  Electing to file for Chapter 7 or Chapter 13 bankruptcy is a big decision that could considerably impact your life.  It is important that you have all the facts so that you do not fall prey to the host of misconceptions that exist surrounding bankruptcy.  We answer some of your most frequently asked questions about bankruptcy below.  Take a look at our list of bankruptcy myths for more information or contact our Ohio bankruptcy attorneys for an individualized consultation.

Can I keep my home or car if I file for bankruptcy?

You will generally have the ability to keep your home, car, or other property even if you file for bankruptcy.  Filers will need to redeem or reaffirm these debts in order to keep the property in question. A redemption requires that you pay the full value of the property you wish to keep, while a reaffirmation allows you to continue making payments towards the property.

How much does it cost to file for bankruptcy?

Bankruptcy costs vary and will include attorney’s fees, the cost of debt management and counseling classes, and filing fees.  While filing will come at some cost, this expense often pales in comparison with the debts you are likely struggling under.  Consult with a bankruptcy attorney in your area for an accurate estimate as to your potential costs to file for either Chapter 7 or Chapter 13 bankruptcy.

What debts can be discharged in bankruptcy?

In a Chapter 7 bankruptcy, you will be able to discharge or erase most unsecured debts that are listed in your bankruptcy case.  These debts could include unsecured credit card debt, medical bills, personal loans, collection agency accounts, business debts, and more.  Debts not typically subject to discharge include student loan debt, child support or alimony, debts arising from fraud, and secured debts.

How long does the bankruptcy process usually take?

The length of your bankruptcy case will depend on whether you file for Chapter 7 or Chapter 13 bankruptcy, as well as the debts and assets involved.  Typically, a bankruptcy case can conclude within six months or less.