Attorneys provide several common bankruptcy questions and answers to their clients. Clients should be aware that many questions do not have a cookie cutter answer. Most importantly, the answer they receive will be dependent on their individual cases. This is one of the reasons why bankruptcy clients ask the following questions to an experienced attorney who is familiar with the bankruptcy laws in their jurisdiction.
How Often Can An Individual File For Bankruptcy?
One of the most popular bankruptcy questions and answers clients are interested in is the number of times they can file for bankruptcy. An individual cannot file for Chapter 7 if they have received a bankruptcy discharge within the past 8 years. Similarly, they cannot file bankruptcy if they have filed for Chapter 13 within the past 6 years of when they want to file bankruptcy again.
Individuals cannot file for Chapter 13 if they have received a Chapter 13 discharge within the past 2 years or a Chapter 7 discharge within the past 4 years.
Are There Differences Between Chapter 7 And Chapter 13?
There are not many differences between the two types of bankruptcy. However, the most important difference is debt repayment. With Chapter 7, individuals will not have to repay any debts because the court liquidates their assets to pay creditors. On the other hand, a Chapter 13 discharge will require a pre-approved repayment plan so debts are repaid to creditors.
Both types of bankruptcies help to relieve an individual of some or all of their debts. However, the filing process for Chapter 7 does not last as long as Chapter 13. The debtor can typically complete the filing process for Chapter 7 in 4 months to 6 months. A Chapter 13 filing process can last up to 5 years.
Can An Individual File Bankruptcy Without An Attorney?
Individuals who are filing for bankruptcy can file their petition without hiring an attorney. In this case, the individual will have what is known as “per se” representation. Unfortunately, this is a dangerous option because individuals make mistakes during the filing process. They are not familiar with bankruptcy law, and they can quickly find out the process is overwhelming and complicated.
These are just a few of the bankruptcy questions and answers you may want to inquire about if you are contemplating bankruptcy. Hiring a competent bankruptcy attorney is one of the best ways to improve your chances of receiving a successful discharge.
Our attorneys will look out for your interest during the entire bankruptcy process. Schedule a consultation with us today.