Of course, anyone who is overwhelmed by debt and considering bankruptcy as an option has questions. At the Long Island office of Ronald D. Weiss, you can find an experienced bankruptcy attorney who will answer your questions and guide you through the process.
The following are some of the most frequently asked questions regarding bankruptcy may be:
Do I need an attorney to file bankruptcy?
While the law permits people to file for bankruptcy pro se (without an attorney), it is not always the best idea. In fact, the United States government officially advises people against filing without an attorney. Bankruptcy law can be extremely complicated, and an experienced lawyer can help you avoid many common mistakes that can have serious consequences, including criminal prosecution in some cases.
Can I keep my home or and other valuable property in a bankruptcy?
The answer to this question depends on a number of factors that are unique to your situation, but in many cases the answer is “yes.” The bankruptcy has various exemptions that allow a debtor who files for a Chapter 7 bankruptcy to keep certain categories of property depending on how much they are worth or how much equity a debtor has in them. In many cases, a debtor who files Chapter 13 bankruptcy does so specifically to keep their property, as this type of bankruptcy reorganizes debts and puts debtors on a court-approved payment plan.
How soon will I benefit from bankruptcy?
Immediately. The moment a person files for bankruptcy the come under the protection of the “automatic stay,” which is an injunction that keeps creditors from engaging in any collection activities, including filing or continuing any civil lawsuits. In addition, they are prohibited from calling you, sending you letters, foreclosing on your home, or repossessing any property.
Will bankruptcy keep me from being able to obtain credit in the future?
While a bankruptcy will stay on your credit report for 7 to 10 years, many people actually have better credit scores shortly after filing for bankruptcy. While it may be difficult to obtain financing immediately after a bankruptcy, people who have a bankruptcy on their credit reports routinely purchase homes, cars, and are approved for credit cards.
Contact a Long Island bankruptcy lawyer today to schedule a free consultation
Anyone who is considering bankruptcy should discuss their options with an experienced lawyer as soon as possible. To schedule a free consultation with bankruptcy attorney Ronald D. Weiss, call our office today at (631) 296-0309.