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Bankruptcy Lawyer in Long Island, NY

Frequently Asked Questions About Bankruptcy

At Scupp & Berman, LLP we recognize how difficult it is to deal with the legal process of bankruptcy. If you are currently dealing with this area of the law, it is in your best interests to ensure that you have experienced representation that you can rely on. It is for people like you that this website was created. Throughout this site, you will find informative pages that detail some of the most pertinent issues of bankruptcy. We encourage you to look through and get a feel for what you will be facing. Below, you will find some of the most commonly asked questions about bankruptcy both asked and answered:

  • How does bankruptcy work?
    • Bankruptcy laws were established many years ago by state and federal laws to allow a person who is overwhelmed by debt to seek protection from creditors. Through a complex and careful review of an individual's financial situation, a bankruptcy lawyer from our firm can help you establish the best course of action to take to either discharge your debt or establish a repayment plan to handle all of your creditors.
  • Do I have to have a certain amount of debt in order to file for bankruptcy?
    • No, but bankruptcy is generally used by those who have no other means of repaying their debt. If the amount of debt is small and a creditor will work with you to repay it, it would be more economical and make more sense to negotiate with them than to file a bankruptcy. Each person's case is different and should be discussed with your bankruptcy lawyer to get a feel for the best solution for you.
  • What is the main difference between Chapter 7 and Chapter 13 bankruptcy
    • Chapter 7 bankruptcy completely erases all of an individual's dischargeable debt. After filing for Chapter 7 bankruptcy, you will no longer be responsible for repaying your creditors for your debt, as that debt will have been discharged by the courts. Chapter 13, on the other hand, consolidates all of an individual's debt and restructures it into a monthly payment plan. Chapter 13 does not eliminate debt as you are still responsible for repaying. The difference is that now your debt has been reorganized in a way that makes it possible for you to repay while still being able to take care of other expenses.
  • What types of debts are dischargeable through Chapter 7 bankruptcy?
    • Only certain types of debts can be discharged or eliminated through Chapter 7 bankruptcy. These types of debts, commonly referred to as either "unsecured debts" or "dischargeable debts," include debt from medical bills, credit cards, repossessions, unpaid rent and certain judgments. The types of debt that cannot be discharged through Chapter 7 include student loans, child support, alimony, court fines or penalty fees, restitution and damages to personal injury victims and debt to the government.
  • How long will bankruptcy appear on my credit report after it has been discharged?
    • A bankruptcy will appear on your credit report for 10 years. However, just because you have a bankruptcy discharge on your credit report does not mean that you can't obtain credit or purchase a large item like a home or car.
  • Can I obtain new credit after filing for bankruptcy?
    • Absolutely! In fact, it will probably be easier for you to obtain credit after you have filed for bankruptcy. Think about it. As of right now you have a number of debts listed on your credit report, but after you file for bankruptcy, almost all of your debts will be completely eliminated from your credit report. In the eyes of the credit company, you have a clean slate with no outstanding debts. This makes you a much more desirable candidate for new credit.
  • Will I lose all of my assets and property?
    • You most likely will not lose your home, car, or other assets and property during the bankruptcy process. Bankruptcy was established to help people who have fallen behind financially or who are struggling with insurmountable debt. In the vast majority of the bankruptcy cases we've handled, our clients were able to keep their homes, cars, and other assets. However, if the bankruptcy court sees that you are living well-beyond your means, and as a result of that have fallen into debt, they may be more likely to seize some of your assets. Again, this is possible, but not likely to happen.
  • I've heard bankruptcy can take years. Is this true?
    • Certain types of bankruptcies can take as little as a few months to complete. Others can take longer, depending on which chapter is filed for. A Chapter 13 involves a repayment plan to your creditors that is established over time, so the bankruptcy does not become final until the plan is completed. However, you can experience immediate relief from your debts once you retain our office, as all collection actions cease and the process of resolving your debts begins.
  • Why should I hire an attorney? Can't I file for bankruptcy on my own?
    • It is to your great advantage to hire a bankruptcy attorney to help you through the legal process. Bankruptcy can be incredibly complex. By working with an experienced bankruptcy lawyer, you can ensure that you're taking the rights steps, and that all of your questions and concerns will be answered by a skilled and knowledgeable bankruptcy professional. Furthermore, your attorney can represent you at the hearing before the bankruptcy trustee, or before a judge if your case progresses that far. You r lawyer can also help end any creditor harassment that is being committed against you. Above all, a bankruptcy attorney at the Law Offices of Scupp & Berman will be there to look at for your best interest, and help you get your finances back on track.

Is your family going through financial hardship? Are you looking for a way to get your life back on track without losing your assets? It's possible that bankruptcy could be a solution to your needs. Don't wait to learn more about the process and how it could affect you, give the firm a call today!

To discuss your case and the possible solutions, please do not hesitate to contact the Law Offices of Scupp & Berman as soon as possible.