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!
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.
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.
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 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 so that you can begin rebuilding credit as soon as you file.
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. 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.
Will my spouse have to file for bankruptcy, too?
No, if you file, your spouse does not have to file for bankruptcy as well; however, it may benefit you both to file, depending on your situation. The attorney from our firm can evaluate your financial situation and determine the best course of legal action for your case.
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. 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.
If you are considering filing for bankruptcy, it is important that you contact the Law Offices of David Brodman. Our firm has many years of experience handling complex cases, and we have been able to retain successful outcomes for numerous individuals and their families. It is important that you take action and gain control of your financial future.