FAQs: Bankruptcy

1. How much is the initial bankruptcy consultation?
It’s free.
2. What is the difference between a Chapter 7 and a Chapter 13?
Chapter 7 Bankruptcy is a “straight” bankruptcy in which a debtor needs all of his or her money to pay regular monthly expenses. A Chapter 13 Bankruptcy is like a repayment or consolidation plan where a portion of the debtor’s income is used to repay some or all of the debt over a determined period of time.
3. What is the “means test”?
The “means test” is a form you must fill out in your bankruptcy case, helping to determine whether Chapter 7 or Chapter 13 Bankruptcy is appropriate.
4. Can I provide any information online for my bankruptcy?
Yes, after you retain Tracy O. Strom, P.A. to do your individual bankruptcy, you can receive information, and a secured sign-in to enter and provide certain bankruptcy information online.
5. Can I keep my home and car?
Yes, in most circumstances, you will be able to keep your home and car. However, you will have to continue to pay for them.
6. How long will my bankruptcy take?
Once bankruptcy is filed with the court, the process usually takes 3 to 4 months for a Chapter 7.
7. Will I have to go to court and see a judge?
Usually the only court proceeding you will need to attend is before the trustee in charge of your case.