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Bankruptcy FAQ'S
Should I File Chapter 7You can answer this question with the assistance of an attorney, who can help you decided whether Chapter 7 bankruptcy is the right case for your situation. There may be alternatives to filing Chapter 7 including debt consolidation, and Chapter 13 bankruptcy. If there are no other attractive alternatives chapter 7 can provide you with a fresh start. You should consult with a New York bankruptcy lawyer for a more in depth evaluation of your situation. What is the automatic stay?The automatic stay is a statutory injunction that takes effect when a bankruptcy petition is filed. The stay restrains or "stops" creditors from taking action to collect a debt. It is designed to protect the debtor and "property of the estate" that is the bankruptcy clients property, from reach of the clients creditors under non-bankruptcy laws.
Will my bankruptcy be reported in the newspaper?Very few bankruptcy filings are picked up by the media unless it's a matter of general public interest such as a major corporation filing for bankruptcy. The chances are very good that the only people who will know about your filing are your creditors and the people who you tell. While it's true that your bankruptcy is a matter of public record, the number of filings is so massive, that unless someone is specifically trying to track down information on you, there is almost no likelihood that anyone will even know you filed.
Is it too late to file bankruptcy if I'm being sued or already have a judgment against me?No. It's almost never too late to file bankruptcy. Assuming that it is a dischargeable debt (meaning one that isn't incurred through fraud, or a domestic support obligation, or one of the others Congress has excluded from discharge), you can still get rid of the debt even if a creditor has filed a lawsuit against you and gotten a judgment. You can even get rid of the debt if they have a lien against your property (although the lien will remain against the property unless you are able to remove it during the bankruptcy proceeding--see below).
Will the bankruptcy court take everything that I own?This is a myth that is generated by those who benefit by your not filing for bankruptcy. Usually, the ones who are after your money would like to scare you. Most people keep everything in a Bankruptcy proceeding. First....while laws vary from State to State, every State has exemptions that protect certain kinds of property. Using California as an example.....there are exemptions to protect such things as your house, your car, your truck, household goods and furnishings, IRAs, retirement plans, the cash value in life insurance, wages, and personal injury claims. There is even a "wildcard" exemption of over $18,000.00 that can be applied wherever you want it. In those situations where you have more property than can be protected by an available exemptions...there is Chapter 13. In Chapter 13 you can even keep this property with a percentage repayment plan that you propose to the court under with the legal assistance of your bankruptcy lawyer.
Will bankruptcy ruin my credit?Filing bankruptcy gets rid of debt....and getting rid of debt puts you in a position to handle more credit....and this makes you look more attractive to would-be lenders. Unfortunately....it won't be long before you're getting credit card offers again. At first...the would-be lenders will want more money down and will want to charge you higher interest rates. However....over time....if you are careful, and keep your job, and start saving money, and pay your bills, and do things that will put good marks on your credit report....the quality of your credit will get better and better.
Will filing for bankruptcy cause family problems or lead to divorce?Bankruptcy and Divorce are sometimes interrelated, but usually the opposite is true. Breaking up a family unit into two households creates a lot of additional expenses, divorce lawyers fees, two rents, and two sets of utility bills that make it difficult or impossible for people to pay their debts causing bankruptcy filings by necessity.More often the the burden of being deep in debt, the harassing phone calls, and resulting stress cause people to think their marriage is a failure. Relieving the burden of unneeded debt may in fact help save your family. Can I pick and choose which debts to list on my bankruptcy?I'm sorry but you can't do so. Doing so would be against the law You must list all your assets and all your debts in ANY chapter of bankruptcy. You may voluntarily repay anybody you want after your case is concluded (and you are required to repay any debts that are not discharged), but you are still required to list all your creditors.
Can you be fired or denied employment because of a bankruptcy?Our Elmira Bankruptcy Center is one of the most informed bankruptcy offices in Chemung County New York. In the extensive number of the cases that we have handled no client has ever come back at us and claimed they were being discriminated against in employment or job advancement because of a bankruptcy. One reason may be that many of the people on the next level above you have filed for bankruptcy themselves. In fact though, the Federal Bankruptcy Code has an anti-discrimination provision that is set forth in Section 525 of the Bankruptcy Code which prevents any discriminatory employment practices against those who have filed.
Will I lose my car if I file Chapter 7 bankruptcy?If you have purchased your car on financing, the lien on your car will help you keep it as it takes "equity" out of any non-exempt portion of it's value. Using the California example, this can be especially important for homeowners who cannot avail themselves of the $18,000.00 wildcard exemption in any property as an add on to the standard automobile exemption. Assuming that you don't have an unreasonable amount of non-exempt equity in your vehicle, you will pass through the section 341 meeting of the creditors with no problem and then all you have to do is sit back and wait for the Bankruptcy discharge to wipe out your debt.
Can I avoid liens in bankruptcy?Yes! you can avoid liens of certain types on certain kinds of exempt personal and real property, and the bankruptcy court discharge will void some liens automatically. Moreover, in a Chapter 13 case you have additional lien bifurcation remedies.
What does it cost to consult with our attorneys?Nothing. We offer a free first consultation concerning bankruptcy, personal injury and divorce. However, we request that you be thoroughly prepared for your consultation because a lawyer can only give you the best advice if he knows the correct facts.Does my bankruptcy discharge include everything?
Not always. There are
a few debts which the bankruptcy code has excluded from discharge. A few of these are:
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