Bankruptcy is a legal process that helps individuals and businesses manage or eliminate their debts when they are unable to pay them.

There are several types, but the most common for individuals are Chapter 7 and Chapter 13.

Chapter 7, also known as liquidation bankruptcy, involves the sale of non-exempt assets to pay off debts.

Chapter 13 allows individuals to create a repayment plan to pay off their debts over a period of three to five years.

Yes, filing for bankruptcy initiates an automatic stay, which stops creditors from pursuing collection actions.

No, although it will have a negative impact, you can rebuild your credit over time.

It depends on the type of bankruptcy and the equity you have in these assets.

It’s difficult but not impossible. Student loans are generally not dischargeable unless you can prove undue hardship.

Most unsecured debts can be discharged, but there are exceptions like child support and certain taxes.

You must pass a means test based on your income and expenses.

Yes, but there are waiting periods between filings.

Chapter 7 stays for 10 years, and Chapter 13 for 7 years from the filing date.

They manage your bankruptcy case, review your documents, and distribute assets in Chapter 7 cases.

Yes, medical bills are generally dischargeable.

Retirement accounts are usually protected in bankruptcy.

The cosigner may still be responsible for the debt unless they also file for bankruptcy.

Yes, but it may be harder to obtain and might come with higher interest rates.

You must list all your debts, but you can reaffirm certain debts if you want to keep them.

Some older tax debts can be discharged, but recent ones are usually not dischargeable.

Yes, but it’s recommended to have legal assistance due to the complexity of the process.

Filing fees and attorney fees vary based on the type of bankruptcy and jurisdiction.

Bankruptcy is a public record, but your employer is not typically notified.

Yes, gambling debts can be discharged like other unsecured debts.

You may have to surrender your existing credit cards, but you can apply for new ones after bankruptcy.

No, these obligations are usually not dischargeable.

Most lawsuit judgments can be discharged, but there are exceptions for certain types.

Yes, but the process might be more challenging due to your credit history.

Chapter 7 usually takes a few months, while Chapter 13 can last three to five years.

It depends on the timing and amount of the refund.

Yes, payday loans are generally dischargeable.

Yes, an automatic stay can temporarily halt foreclosure proceedings.

You can either surrender the collateral or reaffirm the debt to keep the collateral.

Yes, these debts are typically dischargeable.

Yes, but it might affect your ability to qualify for Chapter 13.

Dischargeable debts can be wiped out in bankruptcy, while non-dischargeable debts cannot.

Yes, if you are personally liable for those debts.

In most cases, these accounts are protected in bankruptcy.

It might have an impact, but the extent varies depending on the circumstances.

It depends on the timing of the inheritance and the type of bankruptcy.

Yes, an automatic stay will halt wage garnishment temporarily.

Yes, business loans can be discharged if you are personally liable for them.

You can choose to reaffirm the lease or return the vehicle.

Yes, these dues can be included in bankruptcy.

Yes, personal loans can be discharged like other unsecured debts.

While you can’t remove a tax lien itself, you can discharge the underlying debt.

Yes, a timeshare can typically be discharged as unsecured debt.

Yes, these bills are generally dischargeable.

Social Security benefits are usually protected from creditors in bankruptcy.

Certain parts of a divorce settlement may be dischargeable, but not support obligations.

Taking out loans before bankruptcy with the intent to discharge them could be considered fraud.

Most court fines and penalties, including traffic tickets, are non-dischargeable.

Yes, a mortgage deficiency can be discharged if it’s included in the bankruptcy.

Yes, you can include business lease obligations in bankruptcy.

Debts incurred for luxury goods or services shortly before bankruptcy might not be dischargeable.

Life insurance policies are generally protected in bankruptcy.

Yes, an automatic stay can halt repossession temporarily.

Yes, these fees are typically dischargeable.

Bankruptcy can help with some IRS tax debt, depending on certain criteria.

The ability to keep firearms varies depending on state laws and exemptions.

Debts obtained through fraud or misrepresentation may not be dischargeable.

In some cases, a second mortgage can be stripped off in Chapter 13 bankruptcy.

Yes, personal guarantees on business debts can be discharged.

Yes, unpaid rent can be included in bankruptcy.

Certain government benefit overpayments can be discharged.

Yes, but you might still owe the remaining balance after the sale.

Your ability to keep a tax refund depends on various factors.

Yes, business credit card debt can be discharged.

Judgment liens can be removed in certain cases if they impair exemptions.

Yes, medical debt from accidents can usually be discharged.

A personal injury settlement might be partially or fully exempt from bankruptcy.

Yes, both your and your co-signer’s obligations can be discharged.

Loans taken to pay taxes might not be dischargeable, depending on the timing.

Most pension and retirement plans are protected in bankruptcy.

Yes, medical bills from pre-existing conditions can be discharged.

Yes, business debts can generally be discharged in bankruptcy.

Yes, most civil judgment debts can be discharged.

An automatic stay can temporarily halt utility disconnections.

Yes, even if you’ve been sued, you can still discharge the debt in bankruptcy.

Yes, equipment leases can be discharged in bankruptcy.

Yes, credit card debt incurred for business purposes can be discharged.

Debts incurred while intoxicated might not be dischargeable if the creditor proves certain elements.

Most tax-exempt retirement accounts are protected in bankruptcy.

Yes, debts related to failed investment properties can be discharged.

Restitution orders are typically non-dischargeable.

Exemption laws protect certain personal property from being taken in bankruptcy.

An automatic stay can halt most lawsuits temporarily.

You need to make reasonable efforts to find the creditor or their address.

Bankruptcy can sometimes facilitate mortgage modifications.

You still need to list the debt in your bankruptcy filing.

Yes, payday loans can be included in bankruptcy regardless of how many you have.

Property tax debt might be dischargeable depending on certain factors.

Yes, bounced check debts are usually dischargeable.

You need to make reasonable efforts to provide accurate information.

Yes, personal guarantees related to business debts can be discharged.

You should try to gather as much information as possible to list the debt.

You should provide your best estimate of the debt’s value.

Bankruptcy can sometimes discharge tax debts for certain unfiled returns.

Yes, partnership-related debts can be included in bankruptcy.

Yes, debts from failed business ventures can be discharged.

Yes, you can discharge debts owed to foreign creditors in bankruptcy.