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Yes, but it is nothing to worry about because an attorney will be present to represent you. Only one hearing is required, approximately 30 to 35 days after filing. This is normally a very short hearing called a "341a Meeting of the Creditors". While many times no creditors appear, it is possible that one or more of your creditors may be present to ask questions.

Chapter 7 or Chapter 13 bankruptcy remains on your credit report for up to 10 years. However, you can immediately begin re-establishing your credit after your case is filed. Due to the fact that you are wiping out your debts and cannot file again for 8 years, credit companies want to be first in line to extend credit to you again. By not filing bankruptcy, your credit report may show negative information for 7 years from the time you become current. By filing, negative reporting stops immediately. This allows you to begin re-establishing credit faster by keeping house, auto, or other payments current.

A Chapter 7 bankruptcy will eliminate most all unsecured debts (credit cards, loans) but not secured debts such as your car or home, child support or alimony, payroll taxes, student loans, recent or unfiled income taxes, etc. To keep your car and home, payments must be kept current. In a Chapter 13 case, you pay all or only a portion of your debts, depending on how much disposable income you have each month and how much nonexempt property you have.

Chapter 7 bankruptcy allows one discharge every 8 years. Chapter 13 bankruptcy lets you file as often as needed if filed in good faith and 70% of unsecured debts were paid in a previously discharged Chapter 13.

You can file a Chapter 7 every 8 years, from filing date to filing date. If you need bankruptcy protection before you can file Chapter 7 again, you may be eligible to file Chapter 13.