Filing for bankruptcy can be a scary thought in itself. The whole process can be
a bit unnerving and you may have several doubts. There are some common questions
that most people have. Some of them may be considered irrelevant in the face of
bankruptcy. However, the answers to them can set one抯 mind a sort of peace.
Considering that uncertainty is a part of filing for bankruptcy, one of
the most common questions asked is how many times can a person file for
bankruptcy? When it comes to filing under chapter 7, you are eligible to do it
six years from the date of your first attempt. In the case of bankruptcy under
Chapter 13, you can do it at any point. Bankruptcy is all about trying to get
out of being a debtor. To do this however, a certain amount of fees are
required. Chapter 7 works out to around $200 and Chapter 13 around $185. Joint
petitions are not charged any higher.
The next worry for most people is
whether they will lose some of their property or material possessions because of
filing for bankruptcy. This does not happen unless your property was included as
part of debt recovery. The nuances of this vary between Chapters 7 and
13.
Not all debt is erased with filing for bankruptcy. Some of which will
continue are those related to child support and alimony. Student loans too
cannot be waived. It will also include that debt that is not part of the
petition. Loans that have been secured fraudulently are not exempt and neither
are mortgages or valid liens. Going to court is also something that worries
people. You will have to attend the 341 meeting, where all creditors who decide
to come will be there. This can happen a little after a month of filing the
petition. These are short, procedural meetings and you will be given advance
notice from the court about it or any other meetings.
Once you file for
bankruptcy, creditors will automatically stop collection procedures in your
case. This is as soon as they get intimation of the filing. They will stop
calling you as soon as they receive a copy of the petition or the proposed
discharge. Alternately, your lawyer can call them and inform them about it.
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