NO! There is no requirement that both spouses file. It is not unusual for only 1 spouse to have debts.

Chapter 7 bankruptcy sells, or liquidates, the debtor's assets to pay off creditors. Filing Chapter 7 clears most debt, allowing debtor to just walk away.

If you are able to make any meaningful payments (even a relatively small percentage of payments) to your unsecured creditors (in addition to your normal living expenses), you will probably be required to file a chapter 13 bankruptcy instead of a chapter 7 bankruptcy.

You may file a Chapter 7 once every 8 years. However, if you find yourself in financial trouble after you get your Chapter 7 discharge, you may be eligible to file a Chapter 13. Our office can represent you in your Chapter 13 as well. (Refer to Learning Center Link for more info on Chapter 13).

You must wait six years before filing another Chapter 7. However, Chapter 13 bankruptcy may be an option for you.

Most debtors file for a complete discharge under Chapter 7. Chapter 13 is the repayment chapter. Some debtors will file a Chapter 13 in an attempt to save their home, by incorporating past due payments into the 5 year repayment. But beware, most of these plans fail with the debtors converting to a Chapter 7 anyway. Unless you have a good reason or are not eligible, most debtors should file Iowa bankruptcy under Chapter 7.

The decision to have debts forgiven under Chapter 7 or to formulate a plan for repayment under Chapter 13 is made after careful attention is given to the types of debts owed, the property owned, and the income of the Debtor. Almost everyone wants to pay his or her debts, but some people cannot afford to do what they want to do, and a Chapter 7 might serve their interests better. In South Carolina, approximately 50% or more of consumer bankruptcy cases filed are Chapter 13.

Bankruptcy is a procedure brought in federal court. About 6 months after your case is filed, the bankruptcy court in the area where you reside will issue an Order declaring all your unsecured debts discharged. That means your unsecured creditors which you had before you filed bankruptcy will then forever be barred from contacting you ever again to collect on a debt.

NO! Often people file bankruptcy before they are seriously delinquent on their monthly debts. If you can barely make the minimum payments required on your credit cards, or if it appears that you will not be able to make payments as they come due, it may be better for you to file bankruptcy rather than let your situation deteriorate. YES! A federal injunction (automatic stay) goes into effect immediately when a person files bankruptcy, which stops the foreclosure.

A person who is not eligible for a chapter 7 discharge should not file under chapter 7. Also, a person who has substantial debts that are not dischargeable under chapter 7 should not file under chapter 7. In addition, it may not be wise for a person with current income sufficient to repay a substantial portion of his or her debts within a reasonable period to file under chapter 7, because the court may dismiss the case as constituting an abuse of chapter 7.

Although you are not required to state a reason or explainwhy you are filing bankruptcy, the most common reasons for consumer bankrupcy are often beyond the control of the individual debtor:

A chapter 7 bankruptcy is commenced by filing a petition and 30 or more pages of additional paperwork detailing your financial situation. Immediately upon filing, your creditors are prohibited from bothering you or attempting to collect on the debts. A trustee is appointed by the court to review your filing and to recommend to the court that your debts be discharged, that is, wiped out. About 4 to 5 weeks after filing, you have to appear for a trustee meeting which is mostly a formality.

Yes, as long as you continue to have full coverage car insurance and make your monthly car payment on time, and your equity does not exceed the Illinois exemptions.

Almost any individual, partnership, or corporation may file a Chapter 7 bankruptcy petition if he or she resides, has a domicile, a place of business, or property in the United States. If you filed a prior bankruptcy petition and the prior proceeding was dismissed within the last 180 days, you may not be able to file a second petition.

Under certain circumstances a debtor may be able to modify a secured debt such as a vehicle or mobile home. The debtor may have the need for bankruptcy relief for future bills and wants to hold open the possibility for conversion or refilling [e.g. anticipated medical bills].

A chapter 13 bankruptcy is normally for people with too much income to file a chapter 7 or for those who have a lot of non-dischargeable property. Chapter 13 bankruptcy is for consumers or small businesses who want to repay their creditors while protecting their real estate and personal property and avoiding harassing collections efforts.

Chapter 7 is that part (or chapter) of the Bankruptcy Code that deals with liquidation. The Bankruptcy Code is that part of the federal laws that deal with bankruptcy. A person who files under chapter 7 is called a debtor. In a chapter 7 case, the debtor must turn his or her nonexempt property, if any exists, over to a trustee, who then converts the property to cash and pays the debtor's creditors.