FAQs
Quick Answers to Your Bankruptcy Questions
If you’re like most people who are contemplating bankruptcy, you have a lot of questions on your mind and a busy life. Here are quick answers to your bankruptcy questions. If you need more information or have questions, be sure to consult with a qualified Ohio bankruptcy attorney.
How long does bankruptcy take?
A Chapter 7 bankruptcy typically takes 6 months from filing.
A Chapter 13 bankruptcy typically takes 3 to 5 years from filing.
What’s the difference between a Chapter 7 and a Chapter 13 bankruptcy?
A Chapter 7 bankruptcy is a liquidation.
On the other hand, a Chapter 13 bankruptcy provides for a repayment plan of debts.
How do I get the creditor phone calls to stop?
As soon as your bankruptcy petition is filed and accepted, a stay is issued and all creditor attempts to collect debts will cease.
How long will a bankruptcy stay on my credit report?
A bankruptcy will stay on your credit report for up to 10 years.
Can I keep my house and car if I file bankruptcy?
Ohio has exemptions that may allow you to keep your home and car.
There is a $20,200 house equity exemption per person. So, the exemption is $40,400 for a married couple filing bankruptcy together.
The car exemption is one car with equity of up to $3,225 per person. This means that the exemption is $6,450 for a married couple filing bankruptcy together.
In Chapter 13 bankruptcies, if you can make your mortgage and car loan payment, you can keep your home and car.
Will my student loans be discharged in my Chapter 7 bankruptcy?
No, student loans are not generally discharged in bankruptcy.
Will my taxes be discharged in bankruptcy?
Probably not; it is only in rare cases that taxes are discharged in bankruptcy.
Will I be able to rent an apartment after I file bankruptcy?
You may have difficulty renting. Look for an apartment from an individual as opposed to an apartment complex with strict credit history policies. A co-signer or paying rent in advance would also help.
What is an automatic stay?
An automatic stay is issued by the court when your bankruptcy petition is accepted. The stay stops many lawsuits and garnishments, all creditor attempts to collect debts, and it halts foreclosures and repossessions.
Where do I get help with my bankruptcy questions?
Call or email our qualified bankruptcy attorneys. You can reach us at 513-793-6555 or Thomasjr@geygan.com.