FREQUENTLY ASKED QUESTIONS
FAQS: BANKRUPTCY
- How much is the initial bankruptcy consultation?
It’s free.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.