Q. Can I file bankruptcy and still keep my house and my car?
To date, none of our clients have lost a house or a car as a result of filing for bankruptcy. Part of our consultation process is to do an equity analysis on your assets to see how they fit within the bankruptcy process. Federal and New York law provide substantial exemptions in both real and personal property that keep most assets including home and car out of liquidation.

How will bankruptcy affect my credit?
If you're considering filing bankruptcy, the chances are you have financial problems that aren't going to go away and that can't be dealt with without professional help. Bankruptcy attorneys can't make the fact that you once had these debt problems disappear, but they can cure the underlying problem of too much debt. Bankruptcy generally improves the credit of someone who is overwhelmed by debt by clearing the slate and making room for more credit

Q. How do I decide which chapter to file
There are a variety of legal and equitable factors that should be considered in choosing a chapter. Personal choice may also play a role in deciding what chapter to file. An experienced bankruptcy lawyer can take a look at your situation and explain how the chapters apply to the specifics of your situation.

Q. What are your fee's for chapter 7?
The price of professional services is generally what attorneys in the same community customarily charge to handle a case of the same kind. As an attorneys office with senior standing and skill in Chapter 7 we still only charge people a fee that is consistent with that charged by general practitioners in out area which is Chemung, Steuben and Schuyler counties of New York State. We have a free no obligation consultation in which we can take a look at your case and give you a case specific fee estimate. We also take payments in Chapter 7 and require no upfront fee to file a chapter 13

Q. Will bankruptcy stop a lawsuit?
Bankruptcy is Federal Law. Federal law supersedes state law. Even though the lawsuit against you has most probably been instituted in a court in and for the State of New York, the filing of bankruptcy stays the state court lawsuit or judgment from enforcement. When you receive a bankruptcy discharge, the underlying debt is extinguished.

Q. How do I decide when to file for bankruptcy?
Early warning signs of financial problems include, late payments, in house creditor harassment, one or more accounts in collection and others. With professional assistance someone can take a look at your situation and see whether there is any realistic way for you to get back on track with your creditors. This is a question that you should consider early because the path to bankruptcy may be inevitable. Waiting to file what is inevitable or the best solution can result in wasting ten's of thousands of dollars on interest and late fee's and can cause years of delay in your financial rehabilitation.

Q. Can I choose which creditors to file in my bankruptcy?
You may not do so. Bankruptcy Law requires that you treat all creditors evenly and in accordance with certain rules and priorities. You do however have the option to pay any debt you choose after the bankruptcy, and you may even wish to enter into a formal written agreement with the creditor and the bankruptcy court to reaffirm some debts and legal bind you to pay. Reaffirmation is common practice with home and car loans.

Q. Is there a right or wrong attorney for my bankruptcy?
A good bankruptcy lawyer should have five or more years of experience in the field and be dedicated to helping people with financial problems. Being a bankruptcy lawyer can be as much about understanding debt as it is about understanding bankruptcy law. Be wary of debt relief companies charging unrealistically low fees for chapter 7 cases as you may be receiving bankruptcy petition preparation service only.

Q. Will bankruptcy stop a foreclosure?
Chapter 7 or Chapter 13 will halt a foreclosure. Chapter 13 is the appropriate Chapter for someone who is seeking the help of the bankruptcy court in curing the underlying problem of arrears or lien stripping multiple mortgages. Anyone facing foreclosure is well advised to talk to a bankruptcy attorney now as recent changes in the bankruptcy laws make eave of foreclosure filings problematical.