Chapter 7
Chapter 13
Debt Relief
Frequently Asked Questions about Bankruptcy
At Pinkston & Pinkston, P.A., we put a priority on being available when our clients have questions or want to discuss their case. However, we understand that there may be times when you have more general questions about bankruptcy. To that end, we have provided the answers to some frequently asked questions about Chapter 7 and Chapter 13. We hope you find them helpful.
- What do I need to do to begin the bankruptcy process?
- Will filing for bankruptcy end those calls from creditors and collection agencies?
- How long does a bankruptcy stay on my record?
- How many times can I file for bankruptcy?
- Must I still pay my bills after I file for bankruptcy?
Let Pinkston & Pinkston, P.A. help you open a new financial chapter
A solution to your financial issues may be closer than you think. The seasoned Chapter 7 and Chapter 13 attorneys at Pinkston & Pinkston, P.A. in Jacksonville can help determine if bankruptcy is the right option for you or your business. Call us at 888.789.3161 or contact us online to schedule your free consultation today.
What do I need to do to begin the bankruptcy process?
Your first step is to inventory your past and present debts. You will also need a list of your assets to include in your petition in the bankruptcy filing. Schedules of assets and liabilities, along with a statement of your financial affairs, comprise the petition you will file with the bankruptcy court, accompanied by your filing fee.
Will filing for bankruptcy end those calls from creditors and collection agencies?
During the time you are working out a plan or your trustee is gathering and preparing your assets to sell to satisfy your debt, the Bankruptcy Code dictates that your creditors must stop all collection against you. Once the bankruptcy petition receives the "Relief Ordered" stamp on the filing, you are protected. If a creditor still tries to collect directly from you after that point, you should immediately notify the creditor in writing that you have filed for bankruptcy and provide it with either the case name, number and filing date, or a copy of the filed petition. If the creditor still continues to collect, you may be entitled to take legal action against it.
How long does a bankruptcy stay on my record?
Bankruptcies remain on credit reports between seven and ten 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.
How many times can I file for bankruptcy?
An individual cannot file for Chapter 7 bankruptcy if he/she has filed for Chapter 7 or 11 bankruptcy within the previous eight years. An individual cannot file for Chapter 13 bankruptcy if he/she has been granted Chapter 7, 11 or 12 discharge within the past four years or Chapter 13 discharge within the previous two years.
How can I file for bankruptcy?
We highly recommend you hire an attorney to file the required petitions. You must file a petition with the United States Bankruptcy Court in the district that has jurisdiction over you and/or your company. It must be signed under oath under penalties of perjury, and it must list all assets and the value of each, and the amount of all debts.
Must I still pay my bills after I file for bankruptcy?
Yes. You must continue to pay your monthly bills, including rent, electric and other utility bills, house and car insurance, and other regular bills.
