Q&A
Where to file bankruptcy?
File bankruptcy at the U.S. Bankruptcy Court serving your district or region.
Where can I get bankruptcy forms?
Get official bankruptcy forms from the U.S. Courts website or your local bankruptcy court.
Where to find bankruptcy records?
Bankruptcy records are available online via PACER, at the bankruptcy court clerk’s office, or from court-approved online record providers.
Where does bankruptcy show up?
Bankruptcy appears in public court records and on credit reports.
Where can I get bankruptcy advice?
Obtain advice from a licensed bankruptcy attorney, legal aid organizations, or a certified credit counseling agency.
Where does bankruptcy go on credit report?
It is listed in the public records section of your credit report and remains for 7–10 years.
Where do I declare bankruptcy?
Declare bankruptcy by filing a petition with the federal bankruptcy court with jurisdiction over your home or business.
Where to get bankruptcy certificates?
Receive required credit counseling and debtor education certificates from court-approved agencies before and after filing.
Why file for bankruptcy?
Bankruptcy is filed to seek relief from overwhelming debt, stop creditor actions, and gain a financial fresh start when other options are exhausted. Chapter 13 lets debtors keep assets, stop foreclosure or repossession, and repay debts in a manageable plan instead of liquidating property.
Why do businesses file bankruptcy?
Businesses file bankruptcy mainly due to cash flow problems, overwhelming debt, legal liabilities, or economic downturns, aiming to restructure or eliminate debt and protect operations.
Why bankruptcy is important?
Bankruptcy provides a legal path to a financial fresh start, protects jobs and businesses, and ensures fair treatment of creditors and debtors.
Why use a bankruptcy attorney?
A bankruptcy attorney helps select the best approach, navigates complex laws, protects rights, maximizes relief, prevents costly errors, and relieves procedural stress.
Why does bankruptcy exist?
Bankruptcy laws exist to offer a fresh start for honest but unfortunate debtors and ensure fair distribution to creditors, supporting both individual and economic stability.
Which bankruptcy is best?
The best bankruptcy depends on financial goals—Chapter 7 is quickest for unsecured debt relief, but should only be used as a last resort since it can only be filed every 8 years. Chapter 13 helps protect assets and catch up on missed payments.
Which bankruptcy affects credit less?
Chapter 13 usually has a milder credit impact and stays on the credit report for seven years, while Chapter 7 remains for ten years.
Which bankruptcy is right for me?
Chapter 13 is best for protecting property and regular income filers.
Which bankruptcy keeps my house?
Chapter 13 is designed to let filers keep their house by making up missed mortgage payments over time.
Which bankruptcy protects assets?
Chapter 13 offers better protection for assets, enabling filers to keep property while repaying debts via a court-approved plan
When should you file bankruptcy?
File bankruptcy when debt is unmanageable, you can’t make minimum payments, face lawsuits, or risk foreclosure, and all alternatives have been exhausted.
When is bankruptcy a good idea?
It’s a good idea when there’s no realistic way to pay off debt within a reasonable time, or to avoid asset seizure and stop creditor actions.
When does bankruptcy fall off credit?
Chapter 7 drops off credit after 10 years; Chapter 13 falls off after 7 years from the filing date.
When does bankruptcy go to court?
Bankruptcy officially begins when a petition is filed with the court; most personal bankruptcies involve at least one court hearing, including a meeting of creditors.
When to consult a bankruptcy attorney?
Consult an attorney if debts are overwhelming, legal action is threatened, or if you’re unsure about next steps or the bankruptcy process.
When does bankruptcy get discharged?
Discharge occurs at the end of the process: about 3-6 months after filing Chapter 7, or after completing Chapter 13’s repayment plan (3-5 years).
When does bankruptcy show on credit report?
It appears on the credit report soon after the court filing, generally within a month.
When do creditors stop calling after bankruptcy?
Creditor calls usually stop immediately after filing, as the automatic stay legally bars collection efforts.
Are bankruptcy records public?
Yes, bankruptcy filings and most documents are public records, though some sensitive details are protected.
Are bankruptcy attorneys worth it?
Yes, hiring an attorney greatly increases the success rate, ensures correct filing, and saves time and errors.
Are bankruptcy proceedings court cases?
Yes, bankruptcies are handled as federal court cases with legal filings and hearings.
Are bankruptcy payments taxable?
No, payments you make through bankruptcy are generally not taxable income, but canceled debt may have tax implications.
Are bankruptcies confidential?
No, bankruptcies are not confidential; records are public but some personal information is redacted.
Are bankruptcy proceedings civil?
Yes, all bankruptcy cases are civil proceedings under federal law.
Are bankruptcy trustees government employees?
Most trustees are not government employees, but are private individuals appointed and overseen by the U.S. Trustee Program, part of the Department of Justice
Can bankruptcy stop foreclosure?
Yes, filing bankruptcy can temporarily stop foreclosure with the automatic stay, and Chapter 13 may help keep your home long term.
Can bankruptcy clear all debt?
No, bankruptcy clears most unsecured debts, but some—like child support, alimony, and certain taxes—generally remain.
Can bankruptcy be denied?
Yes, bankruptcy can be denied if there is fraud, abuse, or failure to meet court requirements.
Can bankruptcy stop wage garnishment?
Yes, filing for bankruptcy triggers an automatic stay that stops most wage garnishments immediately.
Can bankruptcy save my car?
Yes, Chapter 13 can help save your car by allowing missed payments to be repaid, and reaffirming the loan in Chapter 7 may also let you keep it.
Can bankruptcy eliminate student loans?
Student loans are rarely discharged, but since 2022, obtaining a discharge is more possible in hardship cases.
Can bankruptcy remove tax debt?
Some older income tax debts may be discharged; most recent taxes and tax liens are not eliminated.
Can you file bankruptcy twice?
Yes, you can file more than once, but strict time limits between filings apply.
Can you keep your house after bankruptcy?
Yes, if mortgage payments are current and equity is exempt, or through Chapter 13’s repayment plan.
Can bankruptcy affect my job?
Rarely—most jobs are unaffected, but some sensitive professions may inquire about bankruptcies.
Can bankruptcy discharge medical bills?
Yes, medical bills are unsecured debts and usually discharged in bankruptcy.
Can bankruptcy erase credit card debt?
Yes, most credit card debt is discharged in Chapter 7 or at the end of a Chapter 13 plan.
Can bankruptcy affect your credit?
Yes, it severely lowers credit scores and stays on your report for 7–10 year
What is bankruptcy?
Bankruptcy is a legal process that allows people or businesses overwhelmed by debt to eliminate or reorganize what they owe under court protection.
What happens when you file bankruptcy?
Filing triggers an automatic stay that halts most collections, initiates court supervision, and eventually leads to debt discharge or a repayment plan.
What does bankruptcy do?
Bankruptcy relieves qualifying filers of certain debts, may allow repayment over time, and gives a financial fresh start.
What are bankruptcy exemptions?
Exemptions are legal protections letting filers keep certain assets, like basic household goods or a portion of home equity, instead of losing everything to creditors.
What bankruptcy chapter do I qualify for?
Most individuals qualify for Chapter 7 (if income is low and you pass a means test) or Chapter 13 (regular income and debts within legal caps).
What debts are discharged in bankruptcy?
Most unsecured debts (credit cards, medical bills, personal loans) are dischargeable; some debts (like child support and recent taxes) generally are not.
What is Chapter 7 bankruptcy?
A liquidation process for individuals and businesses that wipes out most unsecured debts quickly, often without selling major assets if they’re protected by exemptions.
What is Chapter 13 bankruptcy?
A repayment plan for individuals to catch up on debt over 3–5 years, often allowing filers to keep homes and cars.
What are the consequences of bankruptcy?
It severely impacts credit, may result in asset loss, and is public record, but offers major debt relief and a financial reset.
What is a bankruptcy trustee?
A court-appointed official who reviews the case, oversees asset liquidation or repayments, and distributes funds to creditors.
What bankruptcy does to your credit?
It drops your score significantly and stays on your report for 7–10 years.
What assets can you keep in bankruptcy?
You can keep “exempt” assets, such as clothing, basic household goods, some home equity, and certain retirement accounts, depending on state law.
What should you not do before filing bankruptcy?
Don’t incur new debts, transfer or hide assets, or repay preferred creditors; these can cause problems or even case dismissal.
What is the process for bankruptcy?
Gather documents, complete counseling, file with the court, attend a creditors’ meeting, and receive a discharge after court review.
What are the types of bankruptcy?
Individuals usually file Chapter 7 or 13; other types include Chapter 11 (business reorganization), Chapter 12 (farmers/fishermen), Chapter 9 (municipalities), and Chapter 15 (international cases).
What is bankruptcy protection?
It’s the automatic stay that stops collections, lawsuits, and foreclosures as soon as bankruptcy is filed.
What documents are needed for bankruptcy?
You need income statements, tax returns, lists of assets and liabilities, debts, recent financial transactions, and identification.
For more information about student loan debt in Memphis, TN call lawyer Arthur Ray (901) 475-8200
Sincerely yours,
Arthur Ray
Arthur Ray Law Offices
We are a debt relief agency. Our Bankruptcy Lawyers in Memphis, TN help people file for bankruptcy under the bankruptcy code.
*For those who qualify under federal law.
