FAQ

Will my friends and coworkers know if I file bankruptcy?

Probably not.  Only the people listed in your bankruptcy petition will receive mailed notices from the bankruptcy court.  Although bankruptcy records are public and some newspapers will publish lists of local people who have filed bankruptcy, it is not likely that people will know about your case unless you are famous or a prominent businessperson.

Can I keep my stuff if I file bankruptcy?

Usually.  You can keep all exempt property when you file bankruptcy.

How long will I be in bankruptcy? 

Generally speaking a Chapter 7 bankruptcy lasts 4-6 months; a Chapter 13 bankruptcy lasts 3-5 years.

What happens after I file bankruptcy?

Everything stops.  Immediately upon filing bankruptcy, the automatic stay is in place.  The automatic stay prevents your creditors from collecting their debts and from taking away any of your property, including your wages if you are currently being garnished.

Your bankruptcy will be reported to the credit bureaus.  A Chapter 7 will stay on your credit report for 10 years.  A Chapter 13 bankruptcy will stay on your credit report for 7 years.