Why Is Bankruptcy A Good Choice To Eliminate Your Debts?
If a person can’t afford their debts as they become due, bankruptcy may be the best option for them. The debt is discharged after the case, which means it’s eliminated, the debtor no longer has to pay those debts and when the bankruptcy case is over they are given a fresh financial start in life.
I Have Seen TV Commercials Saying Bankruptcy Is Difficult & Time Consuming. Is This True?
There are several steps that a person needs to do in order to file and receive a discharge in their bankruptcy case. I guide my clients step by step in this process. They’ll just have to deal with my office in preparing the paperwork and some other things but I guide my clients one step at a time so this process is as easy as possible.
I’m Afraid Of Losing My Vehicle If I File For Bankruptcy. Is This The Right Choice For Me?
There are certain exemptions that prevent the loss of personal property when filing for bankruptcy. There’s a special exemption for a vehicle and there are other add on exemptions that the vehicle can be applied to as well. It is very rare that a person will lose their vehicle in a bankruptcy filing.
I’m Worried If I File Bankruptcy, My Employer Will Find Out And I Will Lose My Job. Can It Happen?
There is no way that an employer would find out about a bankruptcy filing unless they specifically looked it up for some reason. That being said, the employer cannot fire you based on a bankruptcy filing.
I Have Multiple Creditors. Do I Have To File Bankruptcy On All The Creditors That I Owe?
Yes, all creditors must be listed in the bankruptcy.
Will I Lose My Personal Retirement Accounts Or Payments From Social Security?
Generally, retirement accounts and Social Security are exempt from the bankruptcy estate. They are also exempt from the collection of a judgment in New York, if somebody had a pending case which resulted in a judgment against you, these exemptions are all provided for in the applicable law.
I Have Filed For Bankruptcy Previously. Am I A Good Candidate To File Again If Have A Lot Of Debt?
If you have accumulated a lot of debt after an initial bankruptcy discharge you can file a second bankruptcy or third bankruptcy case for that matter. The debtor has to wait seven years from the previous discharge to be able to file again, so it’s not something that somebody can do repeatedly over and over again. There is a statutory waiting period for a second filing.
For more information on Bankruptcy As An Option To Eliminate Debt, a free initial consultation is your best next step. Get the information and legal answers you’re seeking by calling (914) 686-3171 today.
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