We have more frequently asked questions and their answers about filing bankruptcy in Brooklyn to provide explanations about filing in order for you to decide if it may be the right step for you and your financial future.
Will bankruptcy wipe out all my debts?
There are some exemptions to what debts filing for bankruptcy will eliminate. Debts related to child support or alimony or student loans will not be wiped out because of bankruptcy.
Other debts that will remain in the filing of bankruptcy include: loans approved under false information, debts resulting from “malicious” acts, mortgages or other loans, and any debts you did not include on the original petition for bankruptcy.
Will I have to go to court?
Most bankruptcy circumstances will not force you to go to court, although you will need to attend a “meeting of creditors.” This meeting is a short introduction to the case, where you will be given the opportunity to answer questions and describe your financial situation.
You may need to attend additional court dates or appear in front of a judge should any questions and complications occur, or if you wish to dispute a debt.
Will bankruptcy affect my credit?
Filing for bankruptcy will appear on your credit report for ten years after the initial filing. But, depending on where your credit score is before filing, bankruptcy could help you get a higher score.
If you are filing for bankruptcy, you are likely behind on payments for bills and loans, meaning your credit score is probably already pretty poor. Bankruptcy will put you in a better situation for future payments, giving you the opportunity to increase your credit.
Can I get a credit card after bankruptcy?
If you already have a credit card, your creditor can give you approval to continue using it after you’ve filed for bankruptcy. You also have the option of using a secured credit card, a debit card, or a bank card.
Are utility services affected?
While public utilities may require you to put down a deposit before gaining access to their service, they cannot refuse or cut off necessary utilities just because you filed for bankruptcy.
Can I be discriminated against for filing bankruptcy?
Under No. 11 U.S.C. sec. 525 you will not be discriminated against for being unable to pay debts and filing for bankruptcy.
For more questions regarding filing for bankruptcy, contact a Brooklyn bankruptcy attorney at Michael F. Kanzer & Associates, P.C. We have helped hundreds of individuals discharge their debts by providing expert protection against Chapter 7, Chapter 11, Chapter 12, and Chapter 13 bankruptcy for more than a decade.