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Bankruptcy Frequency Asked Questions

Would going to a credit counselor be a good alternative to filing bankruptcy?

Maybe, but credit counseling agencies are very limited in what they can do on behalf of debtors. They do not actually "negotiate" on behalf of debtors but have a preestablished set of standards from the creditors on what will be accepted. For example, the debt management plans offered by credit counseling agencies rarely provide a reduction in minimum monthly payments on credit cards and may even result in a higher payment. The plans usually only reduce the number of years which a debtor has to repay a loan by reducing the interest rate and eliminating late fees. But if you're having difficulty making even the minimum payments, the debt management plans are unlikely to be of much help. For these reasons and others, it's estimated that only 4% of debt management plans survive the first year of what is usually a 3-5 year period.

Isn't it immoral or sinful to file bankruptcy?

No, absolutely not. My religious faith is a key part of my life so the issue of bankruptcy and morality is an important one to me. Obviously, people should repay their debts if they can. But there is clear evidence in the Bible that filing bankruptcy by people who can't find another way out of financial trouble is not only permitted but specifically approved. In Deuteronomy 15: 1-2 creditors were instructed by God to grant release from debt to anyone who had borrowed money. There was no concern for whether the lender was legitimately owed the money or whether the borrower had made mistakes. The debt was to be forgiven. Period.

This mandatory debt forgiveness had a two-fold purpose. It showed compassion and mercy to the poor, which is required to honor God, and it led to more economic stability for families and the community. Being weighed down by debt is not a productive way for any family to live and filing bankruptcy to get out from under this burden is neither sinful nor immoral. This is specially true when the cause of bankruptcy is almost always something beyond the control of the debtor, such as medical problems or loss of a job. And when creditors now often charge upwards of 30% interest on debt (a rate most people would consider usury) no one should feel guilty for seeking lawful relief from their debts.

What information will I need to provide?

Thompson Law Office uses a detailed questionnaire to get information about income, assets, expenses, and creditors. In addition, you'll need to provide us copies of pay stubs or other income statements for the 7 months prior to filing, tax returns for the most recent three tax years, property tax assessments on any real estate, and credit reports. We'll give you a complete list of the required documents.

Does it matter what my income is for filing bankruptcy?

Debtors with primarily consumer debts may not qualify for a Chapter 7 if they earn more than the state median income. Income is based on the gross average income for the past six months but does not include social security or unemployment benefits. Debtors that earn more than the state median income and have significant disposable income after deducting their living expenses might have to file a Chapter 13 bankruptcy. We can discuss this "means test" procedure more at our first meeting.

Can I keep my house and car?

Often, you will be able to keep both your house and car. Generally, to do this you should continue to make your regular mortgage or loan payments. If a lender insists that a debtor sign a reaffirmation agreement on a vehicle the debtor may be required to attend a hearing before the judge. We'll discuss this in greater detail during our visit.

How long does the process take?

From the time of filing to the receipt of a discharge in a Chapter 7 or confirmation of a Chapter 12 or 13 Plan, the process generally takes about six months. Most of that time nothing much is happening except waiting for time periods to pass. Most debtors are finished actually having to do anything within a month after filing.

I've already filed bankruptcy once. Can I file again?

It depends on how long ago you filed and what type of bankruptcy it was. In general, you cannot file Chapter 7 if you obtained a Chapter 7 discharge more recently than eight years ago. There are different rules if you're filing a Chapter 13. You won't be able to receive a discharge in a Chapter 13 bankruptcy if you received a Chapter 7 discharge within four years or a Chapter 13 discharge within two years. We can discuss this in greater detail during our visit but many people have filed bankruptcy more than once.

What debt cannot be discharged in the bankruptcy?

In general, debts for student loans, alimony and child support, some back tax obligations, criminal restitution, and debts for death or personal injury caused by operating a vehicle while intoxicated are not dischargeable. There are exceptions though so if you have these types of debts be sure to discuss them with us when we meet.

What does it cost to file for bankruptcy?

For an uncontested personal Chapter 7 bankruptcy Thompson Law Office charges a flat fee of $1,200. This fee covers all costs incurred with filing the bankruptcy, including the $299 filing fee and the required credit counseling and financial education course fees. If it is a business Chapter 7 or the bankruptcy involves substantial business as well as personl debts, the fee may be higher. While creditor disputes are rare, if any disputes do occur after the bankruptcy is filed clients are billed hourly for those services. There may also be additional costs for filing amendments to the bankruptcy , filing a redemption, and seeking reimbursement of garnished wages. For a Chapter 12 or 13 bankruptcy I charge an hourly rate of $200/hour. A payment of $1,200 is needed to file a Chapter 13 bankruptcy, which includes the $274 filing fee and the counseling fees. Additional costs incurred in a Chapter 13 are paid through the plan. A payment of $5000 is needed for a Chapter 12, which includes the $239 filing fee. I am happy to take payments after an initial deposit of $200 but all the fees must be paid in full before the bankruptcy can be filed.

What impact does bankruptcy have on my credit?

It's impossible to say for certain. The only "rule" is that the bankruptcy can remain on your credit report for up to ten years. Beyond that, every creditor will have its own policy about loaning to someone with a previous bankruptcy. Your future ability to obtain credit will depend on the amount of your income, whether you've had any late payments or other credit problems since the bankruptcy, and how long it's been since the bankruptcy was filed. Paying your bills on time and not overextending yourself with too many debt obligations is often the best way to reestablish a good credit record.

Will bankruptcy stop the foreclosure of my home?

Filling for bankruptcy will stop the process of foreclosure on your home. In most cases, once you file your case, an "automatic stay" immediately goes into effect. The automatic stay means that a bankruptcy filing automatically stops most lawsuits, including foreclosures. However, you will still need to do specific things to be able to keep your home, including perhaps choosing to file a Chapter 13 instead of a Chapter 7. We’ll discuss this in detail during our meeting.

Will I have to appear before a judge?

Most of the time, a Chapter 7 or 13 bankruptcy does not involve a hearing before the bankruptcy judge. Debtors are only required to attend a meeting of creditors” where the trustee and any creditors present are allowed to ask the debtors questions about their liabilities and assets. Hearings before the judge only occur when there are disputes with creditors or the trustee and even then debtors are rarely required to attend, only their attorney. Debtors may be required to attend a hearing with the judge if they are seeking to reaffirm a debt on personal property.

Will my name appear in the newspaper?

It might, depending on where you live. The Des Moines Register publishes the names of bankruptcy filers living in Polk, Dallas, and Warren counties. Other newspapers may or may not publish this information. It's not something we can control. But remember, thousands of other names will be listed also.

! DISCLAIMER !

While the information presented below is accurate as of the date of publication, it should not be cited or relied upon as legal authority. It is highly recommended that legal advice be obtained from a bankruptcy attorney or legal association. For filing requirements, please refer to the United States Bankruptcy Code (Title 11, United States Code), the Federal Rules of Bankruptcy Procedure (Bankruptcy Rules), and the Local Rules of the U.S. Bankruptcy Court for the Middle District of Florida.

DISCLAIMER: The links on this webpage contain information created and maintained by other public and private organizations. These links are provided for the user's convenience. The United States Bankruptcy Court for the Middle District of Florida does not control or guarantee the accuracy, relevance, timeliness, or completeness of this outside information nor does it control or guarantee the on-going availability, maintenance, or security of these Internet sites. Further, the inclusion of links is not intended to reflect their importance or to endorse any views expressed, or products or services offered, on these outside sites, or the organizations sponsoring the sites.

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