Frequently Asked Questions about Bankruptcy
What is Chapter 7 Bankruptcy?
Chapter 7, bankruptcy, is also called liquidation. You will be allowed to keep a certain amount of your assets but must sell others to repay your debts. In some cases, creditors will discharge some of your debt based on your circumstances. You must qualify for Chapter 7 to file this type of bankruptcy. An experienced bankruptcy lawyer in White Plains will assist you with the process.
What is Chapter 13 Bankruptcy?
Chapter 13 is a type of bankruptcy that allows you to consolidate your debts. You will be able to repay your debts within a specific period, typically within a few years. Chapter 13 is the most common type of bankruptcy for those who are employed and have a steady income. You will be able to make a monthly payment that is within your budget. A bankruptcy lawyer in White Plains will review your finances to help you know which type of bankruptcy is right for you.
Will Filing Bankruptcy Ruin My Credit?
If you are suffering a financial crisis, your credit is likely already suffering. When you file bankruptcy, you will be able to begin rebuilding your credit. Also, bankruptcy shows potential creditors that you took responsibility for your debts and made an effort to resolve the situation. While rebuilding your credit is a lengthy process, you will be able to achieve a better result after you take care of your current financial situation.
When Should I File Bankruptcy?
Many people wait too long to file bankruptcy. If you are struggling with your bills and getting behind on payments, you will want to consider bankruptcy. Talk to a reputable bankruptcy lawyer in White Plains to guide you through the decision-making process. If you qualify, you might be able to prevent or postpone home foreclosure or other actions. The sooner you take action, the sooner you will begin to feel less financial stress.
Does Filing Bankruptcy Stop Creditors from Calling Me?
As soon as you file bankruptcy, all actions against you must stop. You will no longer receive harassing phone calls or threatening letters from credit card companies, banks, and others to whom you owe money. The bankruptcy process allows the creditors to receive partial or full payment, and therefore they no longer need to try to contact you for money. You will feel a great weight lifted as soon as you file bankruptcy.
What Mistakes Should I Avoid During Bankruptcy?
The bankruptcy process requires you to complete financial information and provide it to the court. If you fail to disclose some of your debt, you could delay or prevent bankruptcy approval. Therefore, make sure that you gather and include all of your debt information promptly. Also, you must attend the scheduled court hearing regarding your case. A bankruptcy lawyer in White Plains will assist you with the process and make sure that you understand your responsibilities.
Contact the Law Office of William W. Waldner for a free bankruptcy consultation: Email: [email protected]/ Office: (212) 244-2882/ https://www.midtownbankruptcy.com/contact-law-offices-william-waldner/.