Frequently Asked Questions About Chapter 7 Bankruptcy
As experienced Long Island bankruptcy attorneys, we often get calls from clients who have questions about what exactly happens during Chapter 7 bankruptcy. We wanted to take a few moments to address some of the common questions, and help you learn more about what our lawyers can do to help you effectively address your debt problems.
Will I have to repay my debts in full if I file?
Under Chapter 7 bankruptcy, your dischargeable debts will be eliminated. This means that you will not have to pay these amounts back to your creditors. What is considered dischargeable will depend upon a few different factors. It is difficult to answer this question in great detail without having a conversation with you about your specific situation. During our meeting, we can help you understand what debts would and would not be eliminated for filing for Chapter 7 bankruptcy.
Can I keep my house or my car?
Under New York law, there are exemptions for certain assets for those who file for bankruptcy. This may include your vehicle, your home or the equity in your home. In most situations, you are going to be able to keep these items if you file for bankruptcy, but, we need to analyze all aspects of your financial picture before we want to say that for sure one way or the other.
There is one promise that we can make to you, though, in regards to this question — you will know before you file for bankruptcy which assets you will be able to keep and which might be subject to potential loss. We will review each of these with you before you decide if bankruptcy is the right option for you.
What is going to happen to my credit?
Bankruptcy will have an effect upon your credit score, but, most people that come in and talk to us are experiencing some sort of financial hardship already that is causing serious credit problems. You may be past due on certain accounts or have collections actions pending against you. Bankruptcy can bring an end to these actions and let you reorganize your finances, allowing you to rebuild your credit for the future.
Do You Have More Questions About Chapter 7 Bankruptcy?
Our attorneys have helped thousands of people in Suffolk County and Nassau County obtain debt relief by filing for bankruptcy. To schedule your free consultation with a member of our team, please call our office at 631-549-7900 or send us an email.
We are a debt relief agency. We help people obtain relief under the Bankruptcy Code.