List of commonly asked bankruptcy questions in Cincinnati is very large. These questions are crucial not only for basic understanding of the process of bankruptcy, but also the outcomes on your financial life, and to clear off false beliefs of bankruptcy. You should know that the answers to these questions are normal and not applicable to every person because every individual’s financial situation is different.
How frequently you can file for Bankruptcy?
This is one of the most common bankruptcy questions in Cincinnati and answer for this question is little bit complicated. First of all, you have to see each Chapter individually. Most people will only be eligible for chapters 7 and 13. It is not possible to file bankruptcy for chapter 7 until eight years have passed since filing date of your earlier bankruptcy of Chapter 7. You must normally wait six years after filing of the earlier case for Chapter 13.
You should remember that these deadlines are only applicable if you obtained a bankruptcy discharge. So, if your case was removed, you can file it again immediately. There are some situations where you may want to file both Chapters 13 and 7. In such situation even if you got a discharge of Chapter 7, you can file a case of Chapter 3 immediately.
How Long does a Bankruptcy Exist on My Credit Report?
This is another commonly asked bankruptcy question in Cincinnati, a bankruptcy where you got discharge will exist on your credit report for ten years. If you have filed for a case of Chapter 13 and it was taken off, it will stay on the report for seven years. An eliminated Chapter 7 case stays on report for ten years.
Does my partner also have to file for bankruptcy in case if I am married? Honestly, no, it is not necessary that a married partner also have to file for bankruptcy. But, the partner may want to file for it if the partner is also responsible for the debts.
Will all my debts wipe out if I file for bankruptcy?
The answer for this question is both yes and no. The discharge is personal, that means it eliminates your responsibility to pay the debt. So, if someone else is a partner in your debt, creditor can collect from that person. So, the debt still remains even after filing bankruptcy. But, if you are the only person responsible for the debt and you get a discharge, the debt is eliminated. If the creditor is secured they have a right on your property, the discharge will not eliminate the right. Creditor can go for foreclose on the property to collect the debt.
Does Bankruptcy Vary from one State to another?
Laws of bankruptcy are federal laws and the courts of bankruptcy are units of District courts of United States, and they are federal courts. Though the bankruptcy courts in one place may define laws in different ways compared to another place, but they are all same. Resource Box:
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