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CHAPTER 7 and 13 Frequently Asked Questions

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Law Office of Andrew G. Greenberg

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What are the common types of debts that a person can wipe out in a bankruptcy?

The most common types of debts people wipe out in a bankruptcy are credit cards, unsecured loans, medical bills, repossessions and other general unsecured debts.

What types of debts cannot be wiped out in a bankruptcy?

Income taxes and student loans cannot be wiped out unless you meet the specific rules in place to eliminate these types of debts.  Divorce obligations cannot be wiped out in a Chapter 7 bankruptcy if the obligation is created by an Agreement or Court order.  To the extent the obligation is not considered in the nature of support, it may be eliminated in part or completely in a Chapter 13 bankruptcy.

Can I keep my home if I file for bankruptcy?

In a Chapter 7 bankruptcy, if you stay current on your mortgage payments and the equity in your home is within the exemption allowed, you can keep your home.  If you are behind on the mortgage or the equity exceeds the exemption, you can file a Chapter 13 bankruptcy and pay the amounts that are required to keep your home into a Chapter 13 plan such as the mortgage arrears. If you decide to surrender your home you can eliminate the debt in the bankruptcy but the lender will be allowed to foreclose on the property if you do not make the mortgage payments.

​Can I keep my car if I file for bankruptcy?

In a Chapter 7 bankruptcy, if you stay current on the car payments you can keep your car but you will also have to sign a Reaffirmation Agreement which states that you are not using the bankruptcy to eliminate the debt.  If you are behind on the payments you can use a Chapter 13 bankruptcy to pay the arrears.  If you want to surrender the car you can let the lender repossess it and you can eliminate the debt in the bankruptcy.

When will my creditors stop bothering me?

​We can stop harassing telephone calls you may be receiving from your creditors after you pay a deposit, but we cannot file the bankruptcy and stop creditors from taking legal action against you until you have paid the whole fee and the bankruptcy is filed with the Bankruptcy Court.

Will my employer or anyone else find out that I filed for bankruptcy?

​Not unless you tell them or they check with the Bankruptcy Court. Your employer may find out if your wages are being garnished and they are notified that the garnishment must stop due to a bankruptcy.

How long does a Chapter 7 bankruptcy take to complete?

About 1 month after the Chapter 7 bankruptcy is filed you must attend a hearing known as a Meeting of Creditors.  About 4 months after the Chapter 7 bankruptcy is filed you will receive a Discharge in the mail from the Court and the case will be closed.

How long does a Chapter 13 bankruptcy take to complete?

About 1 month after the Chapter 13 bankruptcy is filed you must attend a hearing known as a Meeting of Creditors.  2-3 months after the Chapter 13 bankruptcy is filed the Court will hold a Confirmation Hearing where the Court decides whether your Chapter 13 plan can be confirmed.  If the plan is confirmed it will run for 36-60 months and if you complete the plan the Court will issue the Discharge at the end of the plan and close the case.

What happens at the Meeting of Creditors?

Although the hearing is called a Meeting of Creditors, it is rare for a creditor to appear.  The Trustee assigned to your case will ask you several simple questions to understand your financial situation.  The Trustee will also review certain documents such as your paychecks, tax return and documents with respect to any real estate you own. We will discuss your case with you before the hearing to make certain you are prepared for it.

How long will a bankruptcy stay on my credit report?

A Chapter 7 will stay on your credit report for 10 years and a Chapter 13 for 7 years.

What types of documents will I have to supply to my attorney to prepare a bankruptcy petition?

We will ask you to supply up to 6 months of paychecks, your last filed income tax return, a recent mortgage statement stating the balance owed, a market analysis from a real estate agent stating the value of your real estate, a statement with respect to your car loan/lease, the Deed if you own a home and your last 3 months of bank statements.

What if I do not know who all of my creditors are?

We will be able to run your credit report.

If I file for bankruptcy by myself will the bankruptcy affect my spouse?

No.