FAQs Archive - Page 3 of 3 - Square One Legal

Q: How long will my Chapter 13 Bankruptcy case take to finish?

It will take you at least three years (unless you pay your creditors in full) and up to five years (can’t be longer than that) to complete the Chapter 13 plan. Your disposable household income and value of non-exempt (unprotected) assets determine your plan duration and payment.

Q: Can I keep my house if I have foreclosure notices with Chapter 13 Bankruptcy?

Chapter 13 bankruptcy allows you to pay off your late and unpaid payments over the length of your repayment plan (3-5 years) if you are approved. Once you file your Chapter 13 petition, the “automatic stay” will stop foreclosure proceedings. This remains in effect for the duration of your case, except for in a limited set of circumstances that requires court approval. If you aren’t sure, schedule a free consultation with one of our bankruptcy lawyers for more information about your circumstances.

Q: Do I qualify for Chapter 13 Bankruptcy?

To qualify for Chapter 13 bankruptcy, you must: Have no more than $419,275 in unsecured debt Have no more than $1,257,850 in secured debts (including mortgages and car loans) Be up to date on all your tax filings (income, GET, etc.) at the time of filing, or within a couple of months after we file your case Have enough income to pay for your current obligations and living expenses plus sufficient disposable income to make your plan payments It’s important to remember that debt limits are subject to change. There are certain exceptions to the type and amount of secured or unsecured debt factored in the debt limits eligibility requirements. You should not rely on this information and should consult with a bankruptcy attorney to determine your Chapter 13 eligibility.

Q: Does Chapter 7 Bankruptcy ‘liquidation’ mean everything I own gets taken away?

No. By law, you are entitled to certain asset protection. For example, most retirement accounts are protected from creditors up to a specific value. Liquidation usually means using your unprotected assets to repay creditors. While it's important to remember that every situation is different, and your case will be considered individually, asset protection in bankruptcy is perhaps the most important reason to consult with an experienced bankruptcy attorney. Sometimes, protecting your assets will require pre-filing planning; your attorney should inform you about it and develop a plan to save the assets in bankruptcy or suggest an alternative outside bankruptcy such as debt settlement or loan consolidation.

Q: Can creditors still chase me for payments after I file Chapter 7 Bankruptcy?

No. After you file Chapter 7 and forever after you receive a discharge, all your creditors and debt collectors are prohibited from contacting you, harassing you, or demanding action or payment for debt incurred before you file. The only exceptions are secured creditors, such as car loans and mortgage lenders, if you chose to keep your car or house, and non-dischargeable debt such as certain taxes, child support, alimony, student loans, etc.

How long will my Chapter 13 Bankruptcy case take to finish?

S1L2022-01-27T03:21:24+00:00

It will take you at least three years (unless you [...]

How long will my Chapter 13 Bankruptcy case take to finish?S1L2022-01-27T03:21:24+00:00

Can I keep my house if I have foreclosure notices with Chapter 13 Bankruptcy?

S1L2022-01-27T04:13:08+00:00

Chapter 13 bankruptcy allows you to pay off your late [...]

Can I keep my house if I have foreclosure notices with Chapter 13 Bankruptcy?S1L2022-01-27T04:13:08+00:00

How much debt will I have to repay if I file for Chapter 13 Bankruptcy?

S1L2022-01-27T03:19:33+00:00

It depends. Certain debts must be paid in full (Must-Pays), [...]

How much debt will I have to repay if I file for Chapter 13 Bankruptcy?S1L2022-01-27T03:19:33+00:00

If I file for Chapter 13 Bankruptcy, how long will I have to make payments?

S1L2022-01-27T03:17:47+00:00

Depending on your plan, typically 36 to 60 months.

If I file for Chapter 13 Bankruptcy, how long will I have to make payments?S1L2022-01-27T03:17:47+00:00

Do I qualify for Chapter 13 Bankruptcy?

S1L2022-01-27T04:12:18+00:00

To qualify for Chapter 13 bankruptcy, you must: Have no [...]

Do I qualify for Chapter 13 Bankruptcy?S1L2022-01-27T04:12:18+00:00

What is Chapter 13 Bankruptcy?

S1L2022-01-27T04:11:19+00:00

Chapter 13 bankruptcy is typically a three-to-five-year monthly repayment plan [...]

What is Chapter 13 Bankruptcy?S1L2022-01-27T04:11:19+00:00

Does Chapter 7 Bankruptcy ‘liquidation’ mean everything I own gets taken away?

S1L2022-01-27T03:59:25+00:00

No. By law, you are entitled to certain asset protection. [...]

Does Chapter 7 Bankruptcy ‘liquidation’ mean everything I own gets taken away?S1L2022-01-27T03:59:25+00:00

Can creditors still chase me for payments after I file Chapter 7 Bankruptcy?

S1L2022-01-27T03:58:54+00:00

No. After you file Chapter 7 and forever after you [...]

Can creditors still chase me for payments after I file Chapter 7 Bankruptcy?S1L2022-01-27T03:58:54+00:00

Are there any debts Chapter 7 Bankruptcy can’t cover?

S1L2022-01-27T03:58:32+00:00

Yes, some obligations such as child/spousal support payments, restitution payments, [...]

Are there any debts Chapter 7 Bankruptcy can’t cover?S1L2022-01-27T03:58:32+00:00

Square One Legal LLLC

Contact Us