Bankruptcy Frequently Asked Questions (FAQ)

Chapter 13 Bankruptcy Questions

1. Overview of Chapter 13 bankruptcy
2. How long will I be making payments?
3. What are the benefits of a Chapter 13 filing?
4. Why file a Chapter 13 bankruptcy over a Chapter 7?
5. Who can file a Chapter 13 bankruptcy?
6. Can I file a Chapter 13 even though I am not eligible for a discharge?
7. What is the Chapter 13 process?
8. If I am married, but file without my spouse, will my spouse be affected?
9. What is the Chapter 13 Trustee?
10. How does the Chapter 13 filing protect me from my creditors?
11. What will happen to someone who has co-signed on a debt with me?
12. How much of a payment and how long will I make payments in Chapter 13?
13. What debts can I include in a Chapter 13?

Chapter 13 (or any Chapter of bankruptcy for that matter) only affects debts that you owe on or before you filed the bankruptcy. Therefore, on your mortgages and other secured debts, your Plan payment goes to pay any arrearages that existed on the date you file and you can repay that arrearage over the life of the Plan; but, you must stay current from the filing date forward with any mortgage payments, etc. Secured debts (such as your mortgage) must be paid, but Chapter 13 Bankruptcy enables you to cure the defaults/late payments (reinstate the loans) over 36 months (or up to 60 months with creditor consent and court approval). You also have the ability to eliminate junior liens from your real property (your mortgages) under certain circumstances and restructure mortgage and other payments.

14. What are the advantages to filing a Chapter 13 Bankruptcy?
15. What's the hit on my credit?

Chapter 7 Bankruptcy Questions

1. What is Chapter 7 bankruptcy?
2. What are the requirements to file for Chapter 7 bankruptcy?
3. Can I file in Colorado if I just moved here?
4. Am I required to go to debt counseling classes?
5. What debts am I not able to discharge/cancel?
6. What happens to secured debt/loans?
7. What are common reasons for filing for bankruptcy?
8. Can I stop the debt collectors from contacting me?
9. How long after I file for bankruptcy before the creditors stop calling?
10. I am married. Must my spouse also file bankruptcy?
11. Will I lose my job?
12. Will my employer find out about my bankruptcy?
13. What is the Bankruptcy Trustee?
14. Do I have to go to court?
15. What happens to my personal property?
16. Can I keep my car after bankruptcy?
17. Can I keep my house in a bankruptcy?
18. Can I keep my house in bankruptcy, if I have equity in my home?
19. Can I keep my credit cards after bankruptcy?
20. Will bankruptcy stop a wage garnishment?
21. Will bankruptcy stop a foreclosure?
22. Will bankruptcy stop an eviction, "unlawful detainer" action?
23. Will bankruptcy prevent a creditor from continuing a court proceeding or collecting on a judgment?
24. Will bankruptcy remove a lien filed against my home?
25. Can I discharge federal or state income taxes I owe?
26. I am divorced. Will bankruptcy wipe-out my obligation to pay my ex-spouse’s debts?
27. I am a cosigner for a debt. How does bankruptcy affect my obligation?
28. What happens after I file my bankruptcy? How long does the process take?
29. Who notifies the creditors and collection agencies?
30. Who deals with the creditors and debt collectors during the bankruptcy?
31. What if I forget to list a creditor on my bankruptcy papers?
32. What happens to my credit rating after bankruptcy?
33. Can I get credit after bankruptcy?
34. Is there anything I should not do if I am contemplating bankruptcy?
35. Do I need to be a US citizen to file a bankruptcy?

This information pertains to Chapter 13 and Chapter 7 consumer bankruptcy. Each state has bankruptcy laws which apply only in that state. The information contained in the preceding is provided for general information purposes and is not a substitute for a legal consultation and it is not intended as legal advice. Every individual's debt and financial situation is different and you should seek independent legal advice regarding you specific situation.