Can I Own Anything After Bankruptcy?

Yes of course. There are several exemptions that prevent bankruptcy from affecting most personal property. There are exemptions for clothing, household furnishings, automobiles, deposit of cash, a primary residence, equipment that is used in your profession, tools, etc.

I Am Getting Divorced. What Should I Do About My Bankruptcy?

This is one of the main reasons people file for bankruptcy. Sometimes people get divorced and they are stuck with a lot of debt that originally wasn’t theirs and they need to file bankruptcy to discharge that debt. A divorce won’t in itself affect a bankruptcy filing but issues regarding maintenance and child support will not be dischargeable in the bankruptcy case

Can I Apply For A New Credit Card Once I Have Filed?

I generally advise clients to wait until the bankruptcy case is over until they apply for a new credit card. People are generally surprised how quickly new credit card offers come to them in the mail after their bankruptcy is completed

Do I Have To Go To Court If I File For Bankruptcy?

You do have to appear for what’s called a 341 creditors meeting. This is more of an office setting than a court setting, but unless there’s a motion or hearing in your case you don’t otherwise have to appear in court other than this 341 creditors meeting which occurs in every case.

How Can Filing Bankruptcy Help With Creditors?

Most of the time when a client comes to me for a bankruptcy case they are behind on their bills to the credit cards and the credit card companies are calling them every day several times a day. If someone has 10 credit cards and each credit card is calling them three or four times a day, that’s a tremendous amount of calls to deal with. Once I get retained for bankruptcy and certainly after the bankruptcy is filed the creditors can no longer contact the client and try to collect on the debts that are owed.

Do I Have To List All My Property When I File For Bankruptcy?

Yes, you have to list all your property when you file for bankruptcy. This is generally a primary residence, an automobile, clothing, household furnishings, any interest in any corporation or business. There are exemptions for most of these items and they can be just listed as a group not individually.

If I Am Married, Does My Spouse Have To File For Bankruptcy Too?

Your spouse does not have to file for bankruptcy. The fact that you’re married and living with somebody who contributes to the household income does become a factor in the bankruptcy case but there’s no requirement that both parties file for bankruptcy.

Who Will Know About My Bankruptcy?

A bankruptcy filing just like any other court filing. It is a matter of public record, so anybody that cares to go to the courthouse or searches for you online or on the court websites can find a bankruptcy filing. But generally, it’s not advertised or published in any kind of newspaper when a person files for bankruptcy.

Why Do People Prefer Filing A Chapter 7 Bankruptcy Over A Chapter 13?

A Chapter 7 bankruptcy is generally called a no asset case. When somebody decides to file a Chapter 13 bankruptcy it generally means that a Chapter 7 bankruptcy is not available to them for one reason or another. Those reasons could include assets such as property that are not a primary residence or a salary or income that exceeds the median income which may prevent filing for relief in chapter 7

Is Credit Counseling As Damaging As Bankruptcy?

Unless there is some impediment to filing bankruptcy I generally feel that bankruptcy is more advantageous than trying to complete a credit counseling or credit consolidation program. In my opinion, it’s faster, easier and cheaper than settling your debt over a long period of time

What Is The Best Way To Start Rebuilding Your Credit After A Bankruptcy?

The best way to reestablish your credit after a bankruptcy case is obtaining a low credit limit credit card and using that card and paying the bill on time. This will help rebuild your credit quickly and generally, a person who gets discharged in the bankruptcy case can obtain a credit card within six months to a year after the case is over.

If I File Bankruptcy Will I Ever Be Able To Buy A House Or A Car?

Yes of course. I generally see people being able to finance or lease a car within a year and a half to 2 1/2 years from the date they received a bankruptcy discharge. A person might be able to obtain a mortgage to buy a home within 3 to 4 years after a bankruptcy discharge.

How Will Filing Bankruptcy Affect My Credit Score?

Depending on where your credit starts, when you file bankruptcy your credit rating will obviously decrease somewhat. After the bankruptcy case is over and you have obtained a new credit card and you use that card and pay it on time, your credit rating will begin to rise and it will improve over time.

For more information on Owning Things After Bankruptcy, a free case evaluation is your best next step. Get the information and legal answers you’re seeking by calling (914) 230-0040 today.

Glen A. Kurtis, P.C.

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