| Why should I use a lawyer and not a cheaper paralegal service?
Is this firm experienced in the area of bankruptcy?
Where can I get a copy my credit report?
Do I have to give up everything I own to file bankruptcy?
Can I keep my car?
Can I keep my home?
After the bankruptcy is final, may I have a bank account? What if I inherit a fortune or win the lotto?
Will the bankruptcy stop my creditors from harassing me?
Will the bankruptcy stop a creditor from garnishing my salary or taking money from my bank account?
Will filing for bankruptcy stop a creditor, such as a credit union, from deducting money from my salary or bank account?
Will filing for bankruptcy save my home from foreclosure?
May I continue to pay any of my creditors if I wish?
May I keep a credit card if I do not owe money on it?
Can I pay a family member or friend before I file bankruptcy?
Will my employer know about the bankruptcy?
Will filing for bankruptcy ruin my credit?
How can I rebuild my credit after filing for bankruptcy?
How do I file for bankruptcy?
Can I be turned down for bankruptcy?
If I file a Chapter 7 Bankruptcy, can I stop paying my bills?
The creditors are driving me crazy. What should I do?
How can I afford to pay for you when I can’t pay my bills?
QUESTION: Why should I use a lawyer and not a cheaper paralegal service?
ANSWER: There are many paralegal companies that offer legal services. What looks like a bargain, however, can become a very costly mistake. Paralegals are not lawyers and thus are not legally allowed to provide you with legal advice. They will not go with you to your hearing. If you have a problem, you will be alone. If a bankruptcy petition is completed incorrectly, you risk having your bankruptcy petition denied, losing your property and even criminal prosecution.
Additional information on when you should use a lawyer and not a cheaper paralegal service
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QUESTION: Is this firm experienced in the area of bankruptcy?
ANSWER: Since 1986, we have helped over 5,000 people with Chapter 7 and Chapter 13 Bankruptcies. View comments by our clients.
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QUESTION: Where can I get a copy my credit report?
ANSWER: Once a year, you may obtain a free credit report from the three major credit reporting agencies, Equifax, Experian, and Trans Union. For your free annual credit report you may either call (877) 322-8228 or go to https://www.annualcreditreport.com/cra/index.jsp
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QUESTION: Do I have to give up everything I own to file bankruptcy?
ANSWER: The purpose of the Bankruptcy Law is to give you a fresh start, not to leave you destitute. Among the items you are allowed to keep are $2,500 in cash, $2,500 in personal property, most pensions and IRA accounts and up to $50,000 in equity in a home. If you are married and both you and your spouse are filing, the above figures are doubled.
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QUESTION: Can I keep my car?
ANSWER: You may keep a car with up to $2,400 in equity. For example, if you own a car that is worth $10,000, and you owe $8,000 on a car laon, you may keep the car, because you have only $2,000 of equity. You will enter into a reaffirmation agreement with the lender so that you may keep the car. A reaffirmation agreement is an agreement between you and your lender, which is approved by the Court and states that you may keep the car if you continue making your car payments. If you are married, and you and your spouse are filing jointly, you are each allowed to have a car with $2,400 in equity or one car jointly owed with up to $4,800 in equity. Look up the value of your car.
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QUESTION: Can I keep my home?
ANSWER: You may keep a house, condo, co-op or mobile home if it is your primary residence, it is located in New York, and you have no more than $50,000 of equity in it. If you are married and you and your spouse are filing jointly, the figures are doubled, and you are thus allowed a total of $100,000 in equity. For example, if you own a house with your spouse that is worth $500,000 and you owe $400,000 on the mortgage, you may keep the house, because you have only $100,000 in equity. To determine the value of your home, you will need a recent appraisal. Expect an appraisal to cost approximately $400. If you have too much equity, you may still be able to be benefit from a Chapter 13 Bankruptcy.
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QUESTION: After the bankruptcy is final, may I have a bank account? What if I inherit a fortune or win the lotto?
ANSWER: Six month after your Chapter 7 Bankruptcy is filed or when you receive your discharge, which ever occurs later, you may live your life as if you had never filed for bankruptcy. You may have a bank account, inherit property, and, if you are so fortunate, win the lottery. It will all belong to you.
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QUESTION: Will the bankruptcy stop my creditors from harassing me?
ANSWER: Once you retain us, you may have your creditors contact us. When they learn that we represent you, they will most likely stop harassing you. Once we file your petition with the Bankruptcy Court, creditors are not allowed to take any further action against you without getting permission from the Bankruptcy Court.
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QUESTION: Will the bankruptcy stop a creditor from garnishing my salary or taking money from my bank account?
ANSWER: The moment we file your petition with the Bankruptcy Court, an automatic stay stops garnishments and the removal of money from your bank accounts. If any money is taken after we file your petition, it must be returned.
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QUESTION: Will filing for bankruptcy stop a creditor, such as a credit union, from deducting money from my salary or bank account?
ANSWER: Yes, all payments to creditors will stop once your petition is filed. If any money is taken after we file, the creditor must return it to you.
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QUESTION: Will filing for bankruptcy save my home from foreclosure?
ANSWER: In most cases, a Chapter 7 Bankruptcy will stop the foreclosure proceeding temporarily, perhaps for a month or two. A Chapter 13 Bankruptcy is usually more appropriate if you wish to stop a foreclosure permanently and catch up on your mortgage payments.
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QUESTION: May I continue to pay any of my creditors if I wish?
ANSWER: You may reaffirm a debt with a creditor. However, unless you have a good reason, such as needing your car or wanting to save your home, it is usually not a good idea to reaffirm a debt.
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QUESTION: May I keep a credit card if I do not owe money on it?
ANSWER: If you do not owe a creditor any money when you file for bankruptcy, you will not list that creditor in your petition, and the creditor will most likely allow you to keep your card. However, if you owe money to the same creditor on another account, the creditor most likely will close the account with a zero balance. Also, sometimes creditors will close your account even if you do not owe any money to them.
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QUESTION: Can I pay a family member or friend before I file bankruptcy?
ANSWER: You cannot pay anyone, especially a family member or a friend, more than $600 within three months of filing a bankruptcy. In fact, if you make a large payment within the year prior to filing of a bankruptcy petition, the bankruptcy trustee may sue the person to whom you made the payment to get back that payment for your creditors.
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QUESTION: Will my employer know about the bankruptcy?
ANSWER: Your employer will not be informed of the bankruptcy, unless we have to stop a wage garnishment.
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QUESTION: Will filing for bankruptcy ruin my credit?
ANSWER: If you have good credit and don’t owe too much money, then filing bankruptcy would ruin your credit. However, if you are considering bankruptcy, you probably have already missed payments and perhaps are having your wages garnished or your bank account has been frozen. In such a situation, your credit is already ruined. In such a case bankruptcy may very well be the first step in rebuilding your credit. Click here for more informormation about rebuilding your credit.More informormation about rebuilding your credit.
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QUESTON: How can I rebuild my credit after filing for bankruptcy?
ANSWER: Although the bankruptcy will remain on your credit report for 10 years, this will not prevent you from reestablishing good credit. Once you have eliminated all or many of your debts by obtaining a discharge in bankruptcy, you are ready to begin rebuilding your credit. It is likely that you will receive credit card offers once you receive your discharge. Accept one or two of these offers. Pay your bills in full every month. Your credit will improve with each payment made on time. If you have sufficient income and have saved sufficient money, after two years you should be able to qualify for a mortgage and buy a house. More information about a mortgage after bankruptcy.
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QUESTION: How do I file for bankruptcy?
ANSWER: Schedule an appointment for a free consultation in our office. If we determine that bankruptcy is right for you and you wish to proceed, you will pay us a deposit and sign a retainer agreement that says we represent you.
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an appointment for a free consultation in our office.
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QUESTION: Can I be turned down for bankruptcy?
ANSWER: No client of our firm, who has completed a petition truthfully and accurately, appeared for each hearing and fully cooperated with the bankruptcy trustee, has ever been refused a bankruptcy discharge.
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an appointment for a free consultation in our office.
QUESTION: If I file a Chapter 7 Bankruptcy, can I stop paying my bills?
ANSWER: Once you retain us for a Chapter 7 Bankruptcy, you may stop paying your creditors. Exceptions to this are your rent or mortgage, your car loan, utilities and other living expenses.
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QUESTION: The creditors are driving me crazy. What should I do?
ANSWER: Once your retain us, you may tell your creditors that they should not call you any more and to call us instead.
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QUESTION: How can I afford to pay for you when I can’t pay my bills?
ANSWER: Instead of getting nowhere paying for your credit cards you will pay us instead. You may pay at your pace. While you are paying us, we are taking the calls from your creditors.
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