The Law Office of Adam I. Skolnik, P.A. » Bankruptcy

Bankruptcy

What is Bankruptcy?

In a general sense, bankruptcy is the legal process by which either consumers or businesses can seek to eliminate or repay some or all of their debts. This process occurs under the supervision of a federal bankruptcy court.

Who is eligible to file for Bankruptcy?

The general rule is that any individual or legal entity may file for bankruptcy, but only if the individual or legal entity resides, has a domicile, a place of business, or property in the United States.

What type or chapter Bankruptcy should I file?

The type depends on your circumstances and if you have assets available to repay all or part of the your debts. Because bankruptcy laws can be difficult and involved, determining if, when and which type of bankruptcy you need should be made with input of a bankruptcy lawyer at the Law Office of Adam I. Skolnik, P.A.

Consumers typically file Chapter 13 bankruptcy, where repayment is made to creditors, or Chapter 7, where the debts are dismissed. Each chapter of bankruptcy spells out:

  • What bills can be eliminated
  • How long payments can be stretched out
  • What possessions you can keep
  • Additional Information

 

 

How long does a bankruptcy stay on my record?

Bankruptcies remain on credit reports anywhere from 7 up to 10 years.

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