You will be required to make a payment into your bankruptcy, and this amount is determined by reviewing your personal situation at both the initial appointment, and at various times throughout the bankruptcy. Every person’s situation is unique, and not everyone is required to pay the same amount into a bankruptcy.
Typically, a bankruptcy will last nine months for a first-time bankrupt, and twenty-four months for the second time bankrupt. However, there are exceptions to this, and this will be further discussed in person.
There are certain debts that cannot be discharged (i.e. you still have to pay after the bankruptcy is finished) including, but not limited to, child support, spousal support, and student loans (with exceptions).
When you file a bankruptcy, the creditors begin contacting the Licensed Insolvency Trustee’s office, and you no longer have to deal with the collection calls.