Filing for bankruptcy is a major financial decision and one that should not be taken lightly.

Before making the decision to file for bankruptcy, it is important to understand the process and determine if this is the best option.

There are many questions people ask before filing for bankruptcy, such as what type of debts can be discharged in bankruptcy?

What assets will I have after filing?

How long until my credit score recovers?

Will I have to go to court?

Answering these types of questions can help you make an informed decision about whether filing for bankruptcy is right for you.

Knowing the answers to these questions can help ensure a successful bankruptcy filing.

To get you started, we’ve provided answers to ten of the most common questions people ask before filing for bankruptcy.

Let’s get started…

1)) What Types Of Bankruptcy Are Available?

There are several types of bankruptcy available for debt relief, including Chapter 7, Chapter 11, and Chapter 13.

Chapter 7 is a liquidation bankruptcy that allows you to eliminate most of your unsecured debt while keeping certain exempt property.

Chapter 11 is a reorganization type of bankruptcy that allows businesses or individuals with large amounts of debt to reorganize their debts and create a repayment plan to pay some or all the debts.

Chapter 13 is a repayment plan that enables individuals with regular income to create a payment plan to pay creditors over three to five years.

It is important to understand the differences between these types of bankruptcies and consult with a knowledgeable bankruptcy attorney before making any decisions.

Each type of bankruptcy has different eligibility requirements, pros, and cons, and can have serious impacts on your credit rating.

Therefore, it is important to think carefully and make an informed decision when considering filing for bankruptcy.

To learn more about the different types of bankruptcies available, contact a qualified lawyer or financial advisor.

They will be able to provide professional advice on which type of bankruptcy best suits your needs.

It's also a good idea to research all the available options thoroughly so you can make an informed decision that works best for your situation.

With the right plan in place, you can get back on track financially and start rebuilding your credit.

2)) Will Filing Bankruptcy Stop Creditors From Contacting Me?

Filing for bankruptcy will stop most debt collectors and creditors from contacting you directly.

Generally, after your bankruptcy case is filed, creditors are not allowed to contact you by phone or in person.

Furthermore, they must also stop all collection activity against you such as sending letters or filing a lawsuit.

However, there are some exceptions and if the creditor does not abide by the rules of your bankruptcy case, then it can be held accountable to do so.

Thus, filing for bankruptcy provides some legal protection from creditor harassment.

It is important to note that filing for bankruptcy does not necessarily eliminate your debts.

Depending on the type of bankruptcy you file and the assets you have, you may still be responsible for some of your debts.

Therefore, it is essential that you understand the terms of your bankruptcy case and any obligations associated with it in order to protect yourself from further financial issues down the line.

If you are considering filing for bankruptcy, make sure to speak with a qualified attorney who can help guide you through the process.

A professional will be able to provide legal advice specific to your situation and ensure all your rights are protected throughout the proceedings.

They will also help ensure that creditors abide by all regulations set out under bankruptcy law and will take action if any violations occur.

3)) What Assets Can I Keep After Filing For Bankruptcy?

When filing for bankruptcy, you can typically keep certain assets such as your home, vehicle, and other personal property.

You may also be able to keep any retirement accounts, life insurance policies, and educational savings accounts.

Other non-exempt assets such as valuable jewelry or collectibles could be sold to pay off debtors.

It is important to speak with an experienced bankruptcy attorney to review your options and determine which assets you may be able to keep.

4)) Are There Any Debts That Cannot Be Discharged Through Bankruptcy?

Yes, there are certain debts that cannot be discharged through bankruptcy.

These include most student loans, child support and alimony obligations, government-related fines or penalties, and taxes less than three years overdue.

Additionally, any debt obtained by fraud or willful and malicious injury to the property of another is also not dischargeable in bankruptcy.

It is important to note that the court has the final say in whether or not a debt can be discharged, and your bankruptcy attorney will be able to better advise you on this matter.

5)) How Do I Know If Declaring Bankruptcy Is The Right Choice For Me?

The decision to declare bankruptcy should not be taken lightly.

Consider consulting with a qualified financial expert to help you assess all your options.

They will likely review your income, expenses, and debt obligations to help determine whether bankruptcy is the best choice for you and which type of bankruptcy would be most beneficial.

Before filing for bankruptcy, also consider other alternatives such as credit counseling or debt consolidation that may offer more favorable outcomes in the long run.

It's important to weigh all factors carefully before making an informed decision regarding declaring bankruptcy.

6)) Should I Hire An Attorney To File My Application?

It depends on your situation and the complexity of your case.

If you feel confident that you understand the process, have all the necessary documents and are comfortable filing an application yourself then it may be fine to do so.

However, if there is any uncertainty regarding any aspect of filing for bankruptcy, then it is best to seek the advice of an experienced attorney who can help guide you through the process to ensure that everything goes smoothly.

7)) Is Filing A Joint Bankruptcy Better Than Filing Individually?

It depends on your individual financial situation. Filing jointly can allow you to receive more protection because both incomes are considered when deciding how much of the debt should be repaid.

Joint filings typically require only one set of court costs and attorney fees which can help save money in the long run.

On the other hand, if there is a high amount of debt involved and you have assets that could be seized, individuals may want to consider filing separately to protect those assets from creditors’ claims.

It’s important to speak with an experienced bankruptcy attorney who can review your financial situation and determine what option is best for you.

8)) How Much Does It Cost To File For Bankruptcy?

The cost of filing for bankruptcy depends on the type of bankruptcy you are filing, as well as other factors such as your location.

Generally, it can range from $0 to several thousand dollars. For Chapter 7 Bankruptcy, which is a liquidation of assets to pay creditors, there will usually be an upfront court fee of around $335 (the exact amount varies by state).

You may need to hire a lawyer or credit counseling service that will add legal fees and court costs to the total.

For Chapter 13 Bankruptcy, which is a reorganization debt payment plan, the cost tends to be higher due to attorney's fees and other associated costs.

You should talk with your lawyer about all possible options before deciding on how much it will cost you in total to file for bankruptcy.

9)) Will My Credit Score Be Affected By Filing For Bankruptcy?

Yes, filing for bankruptcy will have a negative impact on your credit score.

Bankruptcy stays on your credit report for up to ten years and can significantly lower your credit score.

After filing for bankruptcy, it may be difficult to obtain a loan or any form of new credit because lenders will view you as high-risk.

However, rebuilding your credit is possible if you take the necessary steps such as making payments on time and managing your other debts responsibly.

It is important to remember that while bankruptcy can hurt your credit score, it may be the best option if you are struggling with unmanageable debt.

Bankruptcy could help you obtain relief and improve your financial situation in the long run.

10)) Can I Still Get Credit After Filing For Bankruptcy?

Yes, it is possible to get credit after filing for bankruptcy.

However, your credit score will likely take a hit and you may be faced with higher interest rates or other restrictions on new loans.

To help rebuild your credit score, consider taking out a secured loan from a bank or credit union to help establish a positive payment history and demonstrate that you are managing money responsibly.

You can also focus on building up your savings and taking steps to live within or even below your means in order to get back into good financial standing over time.


Filing for bankruptcy is a difficult decision to make and can have long-term financial implications.

It’s important that you understand the process before proceeding.

Asking yourself questions such as “What are my other options?”, “How will this affect my credit score?”, and “Do I qualify for any special exemptions or protections?” can help guide your decision-making process.

Ultimately, it is up to you whether filing for bankruptcy makes sense in your individual situation — but be sure to speak with an experienced attorney if possible who may be able to provide more personalized advice about how best to handle your finances going forward.