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QUESTION: HOW OFTEN CAN YOU FILE CHAPTER 7 BANKRUPTCY? ANSWER: IF YOU HAVE FILED A PREVIOUS CHAPTER 7 BANKRUPTCY CASE- YOU MUST WAIT EIGHT (8) YEARS AFTER YOU RECEIVED YOUR DISCHARGE IN THE PRIOR FILING BEFORE YOU WILL BE ELIGIBLE TO FILE FOR A NEW CHAPTER 7 BANKRUPTCY PROCEEDING. QUESTION: WHAT WILL A TYPICAL 'NO ASSET' CHAPTER 7 BANKRUPTCY COST ME UNDER THE NEW BANKRUPTCY ACT (IE. THE BANKRUPTCY REFORM ACT OF 2005)? ANSWER: COURT COSTS (E.G. FILING FEES) ARE $ 299.00 (AS CHARGED BY THE BANKRUPTCY COURT CLERK'S OFFICE). LAWYER FEES ARE AS LOW AS $ 900.00. INASMUCH AS EACH BANKRUPTCY IS UNIQUE (IE. SOME ARE MORE COMPLEX THAN OTHERS) CALL US FOR A FREE QUOTE ON FEES AND COSTS ASSOCIATED WITH YOUR PARTICULAR CASE. QUESTION: WHEN ARE CREDITORS STOPPED IN A CHAPTER 7? ANSWER: IMMEDIATELY. AS SOON AS WE ELECTRONICALLY FILE YOUR CASE - YOUR CREDITORS ARE AUTOMATICALLY PROHIBITED FROM ANY ACTS MEANT TO COLLECT UPON A DEBT. PENDING LAWSUITS ARE STOPPED OR STAYED. QUESTION: WHAT WILL BANKRUPTCY DO TO MY CREDIT? ANSWER: A CHAPTER 7 BANKRUPTCY FILING WILL REFLECT ON YOUR CREDIT REPORT UP TO TEN (10) YEARS. ONCE YOUR DISCHARGE IS ENTERED (TYPICALLY IN 4-5 MONTHS), HIGH INTEREST LENDERS MAY OFFER YOU CREDIT. WHAT HAPPENS TO STUDENT LOANS? STUDENT LOANS MAY BE DISCHARGED
(IE. LIQUIDATED) ONLY IF YOU HAVE A SPECIAL HARDSHIP (TYPICALLY A
PHYSICAL AND/OR MENTAL DISABILITY), WHICH MUST BE ESTABLISHED BY A
SEPARATE LAWSUIT CALLED AN ADVERSARY SUIT. ANSWER: NO. FEDERAL LAW PROHIBITS A CREDITOR AND/OR LENDER FROM
DISCRIMINATING AGAINST YOU DUE TO A BANKRUPTCY FILING.
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