Leo Beno

Frequently Asked Questions From Bankruptcy Attorney in Clearwater

If you are contemplating filing for bankruptcy, you probably have many questions. Bankruptcy can be a very complicated process, so we have compiled a list of frequently asked questions from a bankruptcy attorney in Clearwater.

One of the most frequently asked questions, says a bankruptcy attorney in Clearwater, is how someone qualifies for bankruptcy. There is a means test that you are required to use in order to see which bankruptcy you qualify for. Usually, between Chapter 7 and Chapter 13, you will qualify for one.

This test is based off your income. If you have too high of an income, you will not qualify for Chapter 7 but most likely will for Chapter 13.

Another question a bankruptcy attorney in Clearwater often hears is how long will the process last? Generally, a chapter 7 can be filed and completed in 4 to 6 months. But Chapter 13 is a lot longer. It can take as long as 5 years for this to be completed.

Exemptions are questions that some who are filing want to know about. A bankruptcy attorney in Clearwater can tell you exactly that is exempt in either Chapter 7 or 13 cases. In some cases, you are allowed to keep your home and vehicle as long as you still are making payment on them. Your lawyer will be able to tell you exactly what you can and can not keep when you meet with them.

Another commonly asked question is what a meeting of creditors is. This will occur 30 to 45 days after you have filed. If you do not attend, you will need to provide a reason as to why and it will be rescheduled.

Many individuals are worried about what filing will do to their credit report. While it will drop significantly once you have filed, you will be able to rebuild it over time. It will take some time, but you can get your credit score back to what it used to be. If you are filing for Chapter 7, it will be on your credit report for 10 years from the day you file. Chapter 13 will be on your report for 7 years from the day you have filed.

If you feel that either Chapter 7 or 13 are options for you, you need to contact a bankruptcy attorney in Clearwater to assist you. A lawyer will be able to answer any questions you have, as well as assist you in filing on time with the correct information. The sooner you make the call, the faster your financial life can get back on track.