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Bankruptcy FAQs

Debunking Misconceptions About Bankruptcy

It is not uncommon for individuals to have questions regarding their rights, their future, and their finances when they are weighing debt relief options such as bankruptcy. If you are considering filing for bankruptcy, or if you are interested in learning more about this process, do not hesitate to contact the Law Offices of David Brodman. Our firm has more than a decade of experience providing outstanding representation to our clients throughout the Bronx area, and we may be able to help you as well.

In this section, we invite you to look through some of the most frequently asked questions regarding bankruptcy and the answers we have provided. Of course, if you still have questions specific to your situation, do not hesitate to contact the Law Offices of David Brodman and speak with the Bronx bankruptcy lawyer from our firm!

Am I a Failure for Filing Bankruptcy?

This is one of the most common misconceptions about bankruptcy. Bankruptcy is not a moral failing. Each year, millions of Americans find themselves struggling to repay debts and loans. With the recent downturn of the economy, many people can no longer afford to make minimum payments. Bankruptcy can help, and individuals of all economic levels and statuses have benefited from using this debt relief tool.

Who Is Eligible for Bankruptcy?

Any person or business within the United States is eligible to file for bankruptcy. There are a few exceptions to this rule and limitations based on which chapter you file under, which is determined by a means test and other criteria. Attorney Brodman can help you understand your options and eligibility.

Can I File for Bankruptcy if I Have a Job?

Any individual who is struggling to make ends meet, whether employed or not, can file for bankruptcy. As long as you can show that your disposable income is significantly less than the total amount of your debts, you may be eligible to file.

What Are the Benefits to Filing for Bankruptcy?

There are numerous benefits to filing for bankruptcy, including stopping creditor harassment, becoming debt free and regaining control of your financial freedom. Each person's case is unique, so the benefits you may experience could be different from another person's experience with filing. The attorney from our firm can help you understand what to expect.

Can You Be Denied Bankruptcy?

You can be denied a bankruptcy discharge in certain rare circumstances. Bankruptcy can be denied to debtors who committed serious fraud against their creditors or providing false information during the filing process. Specific otherwise dischargeable debts can also be denied a discharge in rare cases.

What Is Chapter 13?

Chapter 13 bankruptcy allows you to receive all of the benefits of bankruptcy without going through liquidation. Under this Chapter, you will be able to make minimal payments toward your debts and become debt free over a three- to five-year time frame.

What Is Chapter 7?

In Chapter 7 bankruptcy, individuals have all non-secured debts eliminated through liquidation. This bankruptcy will wipe your slate clean and allow you to move forward with your life free from debt. You have to pass the bankruptcy means test to qualify for this option.

Will My Employer / Neighbor / Family / Friends Know I Filed for Bankruptcy?

Long gone are the days when bankruptcy was published in the newspaper. When you file for bankruptcy, it can be as confidential as you make it. The only people who will need to know about your financial situation are you, your attorney, the court, and your creditors.

Will I Ever Regain a Good Credit Score?

Yes! In fact, many of our clients see an increase in their credit scores after filing for bankruptcy. Bankruptcy gives you the chance to become debt free and start fresh with your finances

When you file for bankruptcy, you will actually have the tools to regain control of your financial state, such as creating a debt repayment plan under Chapter 13. Bankruptcy allows you to face the financial and credit world with confidence, and you can begin rebuilding credit as soon as you file.

Will I Ever Be Able to Get a Credit Card Again?

Almost immediately after filing for bankruptcy, you can begin to rebuild your credit with credit cards. While the type of card you may be eligible for may be limited, you can restore your credit and obtain credit cards after bankruptcy. It is crucial to your future financial well-being to use them carefully and make payments on time.

Will I Lose My Home / Car / Property?

A common misconception about bankruptcy is that you will automatically lose your home, car, and property. However, this is not usually the case. In most situations, property such as homesteads and main transportation vehicles stay in the possession of the owner under bankruptcy exemptions. If you are in danger of foreclosure, bankruptcy may allow you to save your home.

While some vacation properties or show cars could potentially be sold to repay debts, personal property is generally kept by the owner.

What Types of Debt Can Be Discharged?

When you file for bankruptcy, all non-secured debts will be discharged. Non-secured debts often include things such as mortgages, consumer credit debt, and loans. Government loans, student loans, and court-ordered restitution will NOT be discharged.

Can I Discharge Medical Bills in Bankruptcy?

Medical bills are considered non-secured debts, and in most cases, these debts will be completely discharged in bankruptcy. To determine whether you are eligible to file for bankruptcy and discharge these debts, it is important you work with the Law Offices of David Brodman.

Will My Spouse Have to File for Bankruptcy, Too?

No, if you file, your spouse does not have to file for bankruptcy as well. You can file fully independently of your spouse. However, it may benefit you both to file, depending on your situation. We can look into your financial situation and determine if filing jointly with your spouse may be beneficial.

Can Bankruptcy Stop Creditor Harassment?

Yes! Bankruptcy is one of the best ways to put an end to creditor harassment. When you file, all creditor calls and collection attempts will be forced to cease and any future contact can be directed to your attorney.

What Is an Automatic Stay?

Automatic stays are automatic injunctions that occur when an individual files a bankruptcy petition. These court documents will force all collection attempts or seizures to halt. Creditor calls, foreclosure, and repossession will all be forced to cease.

How Long Will Bankruptcy Stay On My Record?

Depending on the chapter of bankruptcy that you file under, a bankruptcy will stay on your credit report anywhere from 7 to 10 years. Even while it is on your credit report, you can do things to improve your credit score. Each person's case is different, and the attorney at our firm can help you understand your specific situation.

Do I Need an Attorney to File for Bankruptcy?

While you do not necessarily need an attorney to file for bankruptcy, it is always recommended that you work with one. Navigating the federal and state laws regarding bankruptcy can be difficult, but working with a lawyer can provide you with peace of mind that you are completing the process correctly.

Are You Considering Filing for Bankruptcy?

If you are considering filing for bankruptcy, it is important that you contact the Law Offices of David Brodman right away. Our firm of dedicated legal professionals stands ready to provide you with outstanding representation for your case.

We know that this time in your life may be difficult and you may be feeling overwhelmed by what your future may hold. The Law Offices of David Brodman can work diligently to ensure that you receive the best possible resolution to your case. Your financial freedom is important to you, and we will treat you as if you are family.

If you have questions or concerns about your situation, now is the time to act. Complete a free case evaluation form today to get started!

Hear From Our Former Clients

  • I highly recommend David. Don't look elsewhere.

    “David was and is an absolute pleasure to work with. During the whole process, I felt at ease because I knew I was in great hands. He addressed all my concerns and was always available to answer any question which gave me peace of mind. He is extremely knowledgeable combined with humbleness which is very rare these days. Compared to others, his fee is reasonable and fair. I highly recommend David. Don't look elsewhere. Thank you David!!”

  • Commitment to client satisfaction

    “I had the pleasure of working with the Law Office of David Brodman, and I couldn't be more satisfied with the exceptional legal services provided. Mr. Brodman and his team exhibited a profound understanding of the intricacies of the legal system, coupled with a high level of professionalism and dedication. What truly set the Law Office of David Brodman apart was their commitment to client satisfaction. I felt supported and informed at every stage, and they took the time to explain legal concepts in a way that was accessible and easy to understand. I highly recommend the Law Office of David Brodman to anyone seeking top-notch legal representation. Their expertise, professionalism, and genuine commitment to their clients make them an outstanding choice in the legal field.”

  • I’d recommend David a million times over again.

    “Working with David has been an absolute pleasure. He’s always been quick to respond to emails, well before 24 hours from them being sent, and he’s even faster to respond questions via text. His knowledge, professionalism, and care with which he handles cases is second to none. I’d recommend David a million times over again.”

  • He's a very pleasant man always took time to explain things to me.

    “I had the pleasure of working together with my lawyer Mr. David Brodman in a bankruptcy case I recently had. I would like to say that he worked with me step by step! And whenever I needed to call him; he always took the time to return my call. He's a very pleasant man always took time to explain things to me. He's very professional. If you're looking for a good lawyer? Mr. Boardman is your man! I would recommend him to anyone who's in need of a good lawyer. And I give him five stars!”

  • Mr. Brodman is the one that can represent you with certainty.

    “My mom refer me to see Mr. Brodman I was in a difficult stage in my life with my finances. I never filed for bankruptcy I was so nervous about the situation speaking with Mr. Brodman put me at ease. I felt confident that my case was in the best of hands. I am extremely grateful to have a fresh start. I highly recommend anyone looking for a bankruptcy attorney. Mr. Brodman is the one that can represent you with certainty. Thank you!”

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