Common Post-Bankruptcy Questions And Answers

How Long Does A Bankruptcy Stay On My Record?

Chapter 7 bankruptcies remain on credit reports for 10 years and Chapter 13 bankruptcies for seven years. Deciding to declare bankruptcy is a serious decision. That is why it is important to consult an experienced bankruptcy attorney so you fully understand the bankruptcy options and their consequences.

Will Filing For Bankruptcy End Creditor And Collection Agency Calls?

Yes. Once your bankruptcy is filed, all collection activity must stop.

If a creditor still tries to collect directly from you after that point, you should immediately notify your attorney. You may be entitled to take legal action.

What Happens To My Corporation If I File Personal Bankruptcy?

Personal bankruptcy does not directly affect the corporation or its separate creditors, since the corporation is a legal entity separate and distinct from its shareholders. However, if the corporation has a liquidation value (i.e. what some buyer would pay for it) in excess of the $5,000 wildcard exemption, the trustee in a Chapter 7 may try to sell it.

How Many Times Can I File For Bankruptcy?

An individual cannot be granted a discharge in a Chapter 7 bankruptcy if he or she has filed for Chapter 7 or 11 bankruptcy within the previous eight years. An individual cannot be granted a discharge for Chapter 13 bankruptcy if he or she has been granted a Chapter 7, 11, or 12 discharge in a case filed within the past four years or Chapter 13 discharge filed within the previous two years.

Sometimes a debtor needs relief available in a bankruptcy other than a discharge. For example, a debtor may obtain a discharge in a Chapter 7, and fall behind on mortgage payments two years later. That debtor may file a Chapter 13, and use its provisions to cure mortgage arrears to save their home from foreclosure.

Must I Still Pay My Bills After I File For Bankruptcy?

Yes. Bankruptcy discharges debts, not ongoing living expenses. You must continue to pay your monthly expenses, including rent, electric and utility bills, house and car insurance, and other regular bills.

Contact Us To Learn More

Do you have questions we didn't answer on this or our other FAQ page regarding pre-bankruptcy petitions? We encourage you to reach out to our attorneys to schedule an initial consultation where you can get answers specific to your situation.

To make an appointment at our office in Raleigh, North Carolina, call Janvier Law Firm, PLLC, at 919-301-0628 or contact us online. We will put more than 30 years of combined experience and a team of attorneys on your side as you work toward your goal of living debt- free.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.