New Tomorrow Law, APC

Bankruptcy FAQs

Frequently Asked Questions About Bankruptcy

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Do I qualify for bankruptcy?

Whether you qualify for bankruptcy depends on various factors, including your income, expenses, and the type of bankruptcy you’re considering. Chapter 7 bankruptcy has income limits, while Chapter 13 requires a regular income to fund a repayment plan.

How long does a bankruptcy take?

The duration of bankruptcy proceedings varies depending on the type of bankruptcy and individual circumstances. Chapter 7 typically lasts a few months, while Chapter 13 repayment plans typically last three to five years. Factors such as court schedules, the complexity of your case, and creditor challenges can affect the timeline.

Will all my debts be forgiven in a bankruptcy?

While bankruptcy can eliminate many types of unsecured debts like credit card balances and medical bills, certain debts may not be dischargeable. Non-dischargeable debts often include child support, alimony, most tax debts, student loans (in most cases), and debts incurred through fraud or malicious intent.

Will I lose my assets in a bankruptcy?

Whether you’ll lose assets in bankruptcy depends on the type of bankruptcy and exemptions available in your state. Chapter 7 may require liquidation of non-exempt assets to repay creditors, while Chapter 13 allows you to keep your assets while repaying debts through a court-approved plan.

What options are there to get rid of debt other than bankruptcy?

Bankruptcy is not the only solution for debt relief. Alternative options include debt consolidation, debt settlement, negotiating with creditors, or credit counseling. Our firm provides resources and referral connections to explore these alternatives for individuals where bankruptcy might not be the right option, helping you find the best path to financial stability.

Get started on your bankruptcy today.
Call us to learn more by scheduling a 30-minute Discovery Call to see if bankruptcy is right for you.
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