Our Brooklyn bankruptcy attorneys are some of the most capable around.
Most people don’t spend much time thinking about bankruptcy until they suddenly find themselves in the position of having no other choice but to think about it. Below, you can find answers to some of the most common questions people have about bankruptcy. If you don’t find the answer you’re looking for, or if you’re ready to talk with someone and start the process, call us today for a FREE consultation at 718-687-4325.
Most people qualify for either chapter 7 or chapter 13 bankruptcy. Chapter 7, also known as ‘straight bankruptcy’ is the simplest and fastest. Generally speaking, it involves the writing off of unsecured debts such as credit cards or personal loans. Chapter 13 bankruptcy involves a period of 3 or 5 years in which an individual repays secured debts like a mortgage or car payment but also is largely freed from repaying unsecured debt, as in chapter 7. There are 2-3 more types of bankruptcy that pertain to very specific circumstances. If you would like to talk with a member of our team about any of these options, contact us today for a free consultation.
About 30-40 days after filing for bankruptcy, you will have a ‘meeting of creditors’ that you and your attorney must attend. A creditor meeting is a thorough procedure to determine your assets and debts and whether or not the information on file is correct and complete. Generally creditors do not personally attend, but send a trustee instead. You will be asked to verify your name, address and social security number with a photo ID and your SS card. You will be asked whether you personally read and signed all the paperwork accumulated for the filing. You will be asked if all your assets and creditors are listed and whether or not you’ve ever filed for bankruptcy before. You will be asked if you have any domestic support obligations (ie: child support). There are further questions to verify ownership or sales of any real estate, life insurance, etc.
The first step you will want to take is scheduling a free consultation with one of our Brooklyn bankruptcy attorneys who will walk you through the process. You are required by law to receive budget and credit counseling within 180 days prior to your filing. This will help determine whether bankruptcy is an option for you. Upon completion, you will receive a certificate from the credit counseling company verifying that you have completed it and you may then work with a lawyer to start the filing process.
Absolutely not! It is against the law for both private companies and government entities to discriminate against you for a bankruptcy filing. You do not need to worry about damaging your employability by filing for bankruptcy.
In general terms, homes and cars are usually exempt in a bankruptcy. You will have to choose whether to file under the exemptions available under New York law or whether you will be better served by filing using federal guidelines as there are different allowances and amounts under each. Our attorneys will help you determine the best route. If you used your home as collateral on a (non-mortgage) loan, that creditor may have the right to the home if you do not continue to make payments on that debt. There are many specifics to asset forfeiture laws that our team will be happy to help clarify for you as you decide what is your best path forward. Call 718-687-4325 today to schedule a free consultation.
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