Some frequently asked bankruptcy questions are:
What is bankruptcy?
Bankruptcy is a way for people who are in over their head in debts to creditors to either repay the debt or eliminate it all together.
Which chapter should I file for?
Two common bankruptcy chapters are Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 washes the debt where Chapter 13 works out a plan to pay it back. Deciding which chapter is right for you is best left in the hands of an experienced legal professional.
How do I begin the bankruptcy process?
The best way is to write down and figure out all of your current debts and who they are to. A statement of financial affairs is also necessary to begin the process. Consulting a legal professional can provide answers to questions as well.
How long is bankruptcy kept on my financial record?
Bankruptcy’s are generally kept on financial record for 7 to 10 years.