Our bankruptcy attorney in Brooklyn is skilled in both residential and commercial.
If you have to file bankruptcy, it is probably your last resort. It is important that you know what you are about to do and how it will affect you. If you are unsure, then you should take some time to think to yourself and then revisit the topic. Below, you will find some of our FAQs. We receive a lot of these questions via phone in our NYC office and we thought it would be helpful to create a page for you where you can find the answers you need.
If you need to file bankruptcy, it is not likely that your credit is the best in the first place. Therefore, bankruptcy by thought does ruin your credit score, but most people who file it do not have the best scores anyways. Do remember that a bankruptcy will remain on your credit score for 10 years.
No. You do not even have to fear this. You will NOT lose all of the things you own just because you must apply for SSI. Most people who do qualify for bankruptcy do not lose much, if anything at all.
No. Not all debt is considered to be dischargeable by a bankruptcy. Some of the most common debts that you will still have to accommodate for include child support, taxes, DUI incidents, student loans, alimony, and more.
Creditors are annoying and they may be extremely persistent with you to the point of annoyance. You do have the ability to make them remain quiet, especially once you file bankruptcy. If you do file for bankruptcy, your creditors will NOT be able to contact you. In fact, it is considered illegal if a company tries to collect on the debt.
When you receive a debt discharge under Chapter 7 bankruptcy, it means that all of your debt is eliminated. You will no longer be responsible for making payments to those creditors who harassed you day in and out. While bankruptcy will eliminate your debt, it does not make sense for you to use it as a way to rack up debt and pay it off.
Yes. There is a chapter 7 and chapter 13 that is available to you. Each one is a form of bankruptcy, but they both offer a different setup of how the bankruptcy is handled. Many people prefer chapter 7 and it may be the right choice for you as well.
No. Anyone can file for bankruptcy, but not everyone will be approved. Since the process is so drawn out, most people avoid it as well. Call us if you’re in Brooklyn and have any questions!
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