Legal Question in Bankruptcy in Florida

bankruptcy law

1. If I file for bankruptcy this year then how long will it take for my credit to be cleared?

2. Will filing for bankruptcy require me to close any of my current checking and savings account?

3. What is the difference between filing Chapter 7 and Chapter 11 bankruptcy? Is there an advantage to filing one over the other?

Thank you in advance for your quick, efficient response.


Asked on 2/07/01, 11:44 pm

2 Answers from Attorneys
Anthony Comparetto Comparetto Law Firm

Re: bankruptcy law

Qustion. If I file for bankruptcy this year then how long will it take for my credit to be cleared?

Answer: It stays on your record for 10 years but your credit can be re-built almost immediately depending on how hard you work.

Q: Will filing for bankruptcy require me to close any of my current checking and savings account?

A: Normally no but credit unions are funny about bankruptcy

Q. What is the difference between filing Chapter 7 and Chapter 11 bankruptcy? Is there an advantage to filing one over the other?

A: Chapter 7 is a straigh liquidation of debts. Chapter 11 is normally a business reorganization and Chapter 13 is a personal reorgainization. Normally 75% or cases file chapter 7 since it is quick and efficient.

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Answered on 3/21/01, 11:23 am
Melody Stickel-Martinez Melody Stickel-Martinez, Esq.

Re: bankruptcy law

Refer to my web page at www.attorney-4u.com for more helpful information about Bankruptcy.

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Answered on 3/21/01, 11:47 am


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