The Commonly Asked Questions (FAQ) Regarding Chapters 7, 13 And 11

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The most commonly asked questions related to bankruptcy include –

1. Can anyone file for bankruptcy? – yes, anyone except a business entity can file for bankruptcy.
2. What are the prerequisites for hiring an attorney – the most important factor is his specialization. The attorney must have expertise in bankruptcy law.
3. What do you mean by credit counseling? – credit counseling course is of utmost importance before filing for bankruptcy. If you do not attend the same, your case may get dismissed in the initial phase only. You can get the list of agencies providing the course from the US trustee office. 
4. Bankruptcy fees for filing under chapters 7, 11, and 13 – Bankruptcy fees are as under –

• Chapter 7 – $335
• Chapter 11 – $1,717
• Chapter 13 – $310

1. Under which chapter of bankruptcy should I file under? – depending on your income and eligibility you are entitled to file for bankruptcy under the required chapters. 
2. Chapter 7 101 – when you file for bankruptcy under chapter 7, you are entitled to get most of the discharge from your debts except a few like domestic support obligations, government taxes, and student loans. However, not all can qualify to file under chapter 7, as you have to pass a means test, wherein your total income must be lesser than the state median. Also, if you do not want to sell off your assets or car, then chapter 7 is not meant for you. 
3. Chapter 11 101 – if an individual becomes ineligible o file for bankruptcy under chapter 13, you can do so under chapter 11. This chapter is mostly for the business entity that wants to reorganize their debts and pay them back over a period of time. This is comparatively a more expensive and complicated chapter to file under.
4. Chapter 13 101 – chapter 13 is best suited for those individuals who either did not qualify under chapter 7 or do not want to dispose off their car or house under foreclosure. When you file for chapter 13, you can formulate a plan wherein you can catch up o your arrears over a period of 3-5 years. It is important to note that the non-dischargeable debts remain the same as in chapter 7.
5. After how much duration can you refile? – you can re-file for bankruptcy at any time, however, you will not get a discharge or automatic stay unless you follow the proper time period between them –

• If previously you filed for chapter 7 and want to refile for chapter 7 – 8 years
• If previously you filed for chapter 13 and want to refile for chapter 7 – 6 years
• If previously you filed for chapter 7 and want to refile for chapter 13 – 4 years
• If previously you filed for chapter 13 and want to refile for chapter 13 – 2 years

1. What type of questions will be asked in a court hearing? – at the court hearing, you are mostly required to verify your social status, along with your identity and the documents submitted by you when filing for bankruptcy.

If you have any other doubts while filing for bankruptcy, it is best to consult an attorney who can guide you based on their prior experience and expertise. If you are still looking for a qualified attorney to handle your case, get in touch with Recovery law firm – call them on – 888-297-6203.