5 Bankruptcy Questions
If you need to file for bankruptcy, you may be feeling overwhelmed. There may be a lot of worries that you are dealing with. Here are answers to five bankruptcy questions.
Bankruptcy Questions: Can I Keep My Car and House in a Bankruptcy?
Perhaps the most common concern for people considering bankruptcy is whether they will be able to keep their house and their car. For most people, the good news is that you can keep your house and your car. New York State’s laws include exemptions that are very beneficial for bankruptcy filers, and those exemptions allow you to keep these types of property.
Bankruptcy Questions: Do I Need an Attorney for Bankruptcy?
People sometimes ask me, “Do I need an attorney to file for bankruptcy?” Technically, the answer is no; however; practically speaking, the true answer is yes. Whether you retain my office or that of another attorney, once you decide that you are filing for bankruptcy, please seek the experienced help of legal counsel. If you file on your own and do not fully understand the law, you could be susceptible to many very harsh consequences. You may lose property. You may forfeit your right to obtain a bankruptcy discharge. Failure to provide all the necessary information correctly could even subject you to prosecution by the US Trustee’s Office and the FBI.
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Bankruptcy Questions: How Long Will a Bankruptcy Take to Complete?
A common concern that my clients have is how long the bankruptcy will take. If yours is a Chapter 7 bankruptcy, the whole process – from the date your case is filed – lasts approximately four months. Some additional time is required to get all your information together and prepare for filing, but that is the average timeline. Because a Chapter 13 bankruptcy involves a payment plan, it can last from three to five years. In either Chapter 7 or Chapter 13 bankruptcy, the court will issue your discharge at the end of your time and your case will be finalized.
Bankruptcy Questions: Can Bankruptcy Help with Wage Garnishments?
If you’ve been hit with a wage garnishment and the sheriff is taking 10% of your pay, you might be considering bankruptcy. If that describes your situation, it’s important that you contact an attorney immediately. We can stop wage garnishments by filing your bankruptcy, but you need to contact us as soon as possible.
Bankruptcy Questions: Will Bankruptcy Help with My Judgments?
You may be looking into bankruptcy because one or more money judgments have been entered against you and bankruptcy is effective against judgments. While it is true that a judgment is just like any other debt in bankruptcy, the one real exception comes into play if you own real property. For example, if you own a house and a judgment has been entered against you, that judgment has created a lien against your home; however, in most instances, even that lien can be removed in bankruptcy. If you have judgments, you need not be concerned that it can’t be resolved. Bankruptcy can also address judgments.
Do you have any more bankruptcy questions that you need an answer to? If so, contact our Buffalo bankruptcy lawyers for dependable guidance to safeguard you through the legal process.