What type of bankruptcy should I file for?

Can I file for bankruptcy more than once?

Can I file for a "partial bankruptcy"?

How can I afford to file bankruptcy if I'm bankrupt?

Is bankruptcy harder to file for now that changes have made to the bankruptcy code?

Do I have to obtain credit counseling?

Will filing bankruptcy discharge all debts?

If I file for bankruptcy, then will I lose all of my property?

How will bankruptcy affect my credit?

Will creditors stop calling me?

How do I start the process of filing for bankruptcy?

What type of bankruptcy should I file for?

Determining which bankruptcy you may file for depends upon many factors. The first factor is your current monthly income. Your current monthly income is then compared to your state's family median income. Depending on where your income falls determines the next your step. At the Law office of Scott A. Ciolek in Toledo, Ohio we can walk you through this process and discuss what options you have.

Can I file for bankruptcy more than once?

This depends. You cannot file for Chapter 7 bankruptcy if you received a discharge of your debts under Chapter 7 within the past 8 years. If the previous debt discharge was under Chapter 13, you may file again as long as it has not been within the previous 6 years.

Can I file for a "partial bankruptcy"?

There is no such thing. Filing a bankruptcy requires that ALL debts and ALL liablities must be listed on the petition. This allows you to have a fresh start and most if not all debts are wiped out.

How can I afford to file bankruptcy if I'm bankrupt?

This is a very common question we receive.  The answer is fairly simple: instead of paying on your debts you use that money to pay for filing your petition. However, before you stop paying your debts you need to schedule a confidential consultation to determine the consequences of not paying.  It's extremely important to time the filing of the petition correctly otherwise you risk losing the discharge.  Please contact our office today to schedule an appointment.

Is bankruptcy harder to file for now that changes have made to the bankruptcy code?

Generally, no. There is more paperwork to do. However, the majority of people still meet the requirements.

Do I have to obtain credit counseling?

Yes and it is time sensitive. In order to file Chapter 7 bankruptcy, you must obtain credit counseling within 180 days before you file. Here is list of credit counseling agencies that have been approved for the Northern District of Ohio by the U.S. Trustee's Office. Fees for credit counseling range from $25-$50.

Will Bankruptcy discharge all debts?

There certain types of debt that are generally nondischargeable these include: back child support, alimony, government fines, student loans, and debts from a marital settlement.

If I file for bankruptcy, will I lose all of my property?

Generally, in Chapter 7 bankruptcy you will be able to keep most items. In Chapter 7 bankruptcy, there are exemptions that are created by the state legislature. These exemptions are key to keeping as much of your property as possible. Please contact Toledo bankruptcy attorney Scott A. Ciolek to learn which exemptions you qualify for.

How will bankruptcy affect my credit?

Usually, it does not take very long after bankruptcy to start receiving credit card offers again. We do not advise clients to run up credit card bills, but you will likely be able to obtain credit, if needed. Also, if you have a credit card with a zero balance at the time you file for bankruptcy, then you may be able to keep that card after the bankruptcy.

Will creditors stop calling me?

As soon as you file the bankruptcy petition it creates what is called an Automatic Stay. This is a court order that tells most creditors that they must stop collections.

How do I start the process of filing of for bankruptcy?

Call us at (419)-740-5935 to schedule a consultation. During the initial meeting Toledo, Ohio bankruptcy attorney Scott A. Ciolek will go over your financial situation and discuss the options you have. For a general overview of our Chapter 7 bankruptcy process please click here.

Still have questions? Please contact a bankruptcy lawyer at The Law Office of Scott A. Ciolek today.

Source: Consumer Bankruptcy Law and Practice NCLC