If you are considering bankruptcy, you may have a lot of questions. Here is what you need to know before meeting with an attorney.
Considering Bankruptcy | Dischargeable Debts
In considering bankruptcy, you may have come across the term, “dischargeable debt.” The term simply means that, once a debt is discharged, you’re no longer legally obligated to pay it. Most debts are dischargeable in bankruptcy, and you’ll usually see such debts as credit card balances, medical fees, and vehicle deficiency debt designated as dischargeable debts. The most common examples of non-dischargeable debts include student loans, recent taxes, and child or spousal support.
Download Our Free Bankruptcy Law Guide
Considering Bankruptcy | Do I Need an Attorney for Bankruptcy?
People sometimes ask me, “Do I need an attorney to file for bankruptcy?” Technically, the answer is no; however; practically speaking, the true answer is yes. Whether you retain my office or that of another attorney, once you decide that you are definitely filing for bankruptcy, please seek the experienced help of legal counsel. If you file on your own and do not fully understand the law, you could be susceptible to many very harsh consequences. You may lose property. You may forfeit your right to obtain a bankruptcy discharge. Failure to provide all of the necessary information correctly could even subject you to prosecution by the US Trustee’s Office and the FBI.
Considering Bankruptcy | How Long Will a Bankruptcy Take to Complete?
A common concern that my clients have is how long the bankruptcy will take. If yours is a Chapter 7 bankruptcy, the whole process – from the date your case is filed – lasts approximately four months. Some additional time is required to get all of your information together and prepare for filing, but that is the average timeline. Because a Chapter 13 bankruptcy involves a payment plan, it can last from three to five years. In either Chapter 7 or Chapter 13 bankruptcy, the court will issue your discharge at the end of your time period and your case will be finalized.
If you have any further questions, please call our Buffalo bankruptcy attorney today.