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Bankruptcy FAQs New York Attorney
New York Bankruptcy Facts
The decision to file bankruptcy is often accompanied by many questions. At Ehrlich Law Firm, P.C., in Troy, New York, our lawyers can answer your questions about bankruptcy. We can help you make an informed decision as you work toward your goal of obtaining debt relief.
Your personal bankruptcy will receive our personal attention. We offer free initial consultations to individuals who have participated in mandatory credit counseling. Schedule yours today by calling us at 518-272-2110.
Answers to Some Frequently Asked Questions About Bankruptcy
Our attorneys are happy to talk to you about any of the following questions:
- What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy? The quick answer is that Chapter 7 is debt liquidation, and Chapter 13 is debt reorganization. In Chapter 7, your assets are liquidated, and the proceeds are used to pay your creditors. In Chapter 13, your debt is reorganized into a repayment plan.
- Can I file bankruptcy again? Yes, you can, but there are certain waiting periods under bankruptcy law.
- How long do I have to wait for a repeat bankruptcy filing? It depends. If your prior bankruptcy was a Chapter 7 and your new bankruptcy is a Chapter 7, you must wait eight years. If your prior bankruptcy was a Chapter 13 and your new bankruptcy is a Chapter 13, you must wait two years. If your prior bankruptcy was a Chapter 7 and your new bankruptcy is a Chapter 13, you must wait four years. If your prior bankruptcy was a Chapter 13 and your new bankruptcy is a Chapter 7, you must wait six years.
- Will I lose my home, my car and everything I own? It is possible to save your home from foreclosure and avoid car repossession. Additionally, there are exemptions that protect much of your personal property.
- Will I ever be able to get a credit card again? Virtually every person who files bankruptcy will have the opportunity to improve their credit score and obtain credit. Many people who have discharged their debt through bankruptcy are able to buy homes, get credit cards and obtain loans. Much of this depends on your common-sense approach to finances.
- Are there alternatives to filing bankruptcy? There are alternatives to bankruptcy, but we encourage you to do your research and choose a reputable agency.
- What if I ignore my debt? Will it just go away? No, your debt will not just “go away.” While it is possible that smaller creditors will stop attempting to collect a debt after some time, most larger creditors never go away. If you default on a debt, your wages can be garnished, and liens can be placed on your property and income.
- What should I bring to my consultation? We will advise you of anything additional you need to bring to your first consultation. Generally, we ask clients to bring last year’s tax returns, three months of bank statements, pay stubs for six months prior to date of filing, spouse’s pay stubs (even if your spouse is not filing) for six months prior to date of filing, and your bills.
Ehrlich Law Firm, P.C., can answer your bankruptcy questions. Call us today at 518-272-2110 to schedule your free initial consultation. You can also contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.