Commonly Asked Questions About Bankruptcy
What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy is a personal bankruptcy option that involves the liquidation of assets to pay off debts. It also often involves the discharging of debt. Michael Adler, Attorney at Law, assists individuals in Staten Island, New York, with the Chapter 7 bankruptcy process.
Will I lose my house?
Filing for bankruptcy does not automatically mean you will lose your home. In some instances, it can actually help a person keep their house. What exactly will happen with your home in bankruptcy depends on your individual circumstances.
Will my credit be ruined?
In the long term, probably not. While bankruptcy has short-term negative credit implications, Chapter 7 bankruptcy filers are able to rehabilitate their credit for a more secure financial future after going through the bankruptcy process.
Will I lose my personal property in Chapter 7 bankruptcy?
It depends. Asset liquidations are typical for Chapter 7, but there are property exemptions that allow individuals to protect certain property. Through using exemptions, a person may be able to hang onto much, and perhaps even all, of their personal property. After hearing the specifics of your case, we will be able to provide you with a realistic picture of what will happen during the process.
Can I get rid of my student loans through bankruptcy?
No. As a general rule, a person cannot get their loans discharged in consumer bankruptcy. However, Chapter 7 bankruptcy can still have relief value for those struggling with student loan debt, as it could lead to the discharge of other types of debt. This could make keeping current with student loan payments more attainable.
Will filing for bankruptcy stop my wages from being garnished?
Generally, filing for bankruptcy will put a halt to wage garnishments.
Should I file for Chapter 7 bankruptcy?
Chapter 7 bankruptcy protection can be of great help in many debt situations. This being said, it is not necessarily the best choice for everyone. By sharing your story with us, we will be able to let you know whether you meet the eligibility requirements and whether this type of bankruptcy protection will be the solution you need.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.