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Question About Bankruptcy

Posted on in Bankruptcy Attorney

There are many questions that an individual may have while considering whether filing bankruptcy is the right option. While discussing your situation with a highly qualified Cook County bankruptcy attorney will give you the best idea of how bankruptcy will affect you, the following questions should be considered as well.

How often can I file for bankruptcy?

This question can be complicated to answer because you need to look at each chapter separately to answer your question.

  • For a Chapter 7 bankruptcy, you are not allowed to file for a bankruptcy until 8 years after the date you originally filed for Chapter 7 bankruptcy.
  • For a Chapter 13 bankruptcy, in general you have to wait 6 years after your last filing for Chapter 13 bankruptcy. However, for Chapter 13 there can be some exceptions. For example, if you paid 70% of the creditor's claims in your previous case and that was your best effort.

How long will my bankruptcy stay on my credit report?

  • If you received a bankruptcy discharge, then the bankruptcy will stay on your credit report for 10 years.
  • In a Chapter 13 bankruptcy, if it was dismissed, it will stay on for 7 years.
  • For a dismissed Chapter 7 bankruptcy, it will stay on your report for 10 years.

Can I file bankruptcy without my spouse?

Technically, a spouse does not need to file for bankruptcy. But if they are responsible for some of the debt, then they might want to file for bankruptcy.

How is bankruptcy different in different states?

Bankruptcy laws and courts are federal, so they do not differ across the country. However, bankruptcy courts in one district may interpret laws differently than another district.

If you or anyone you know is looking to file for bankruptcy, it is important to call a lawyer with any questions that you may have. Contact an experienced Illinois Bankruptcy Attorney today.

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