New York Bankruptcy Attorneys
Frequently Asked Questions
Q: What types of debts can be discharged through bankruptcy?
A: Through bankruptcy, a person can discharge his or her unsecured debts, which includes:
- Medical Bills
- Unpaid Credit Card Bills
- Unpaid Utility Bills
- Personal Loans
- Most Bank Loans
- Some Tax Debts
- Judgments from creditors
- Commercial and residential leases
- Business related debts
- Collections
- Repossessions
There are certain debts that cannot be discharged through bankruptcy, such as child support, alimony/spousal support, most student loans, tax debt, debt to the government, debt for crimes, court fines, and restitution to victims of personal injuries or accidents.
Q: If I file for bankruptcy does that mean my spouse has to also?
A: No. You can file for bankruptcy individually so the bankruptcy will not appear on your spouse’s credit history.
Q: Will I lose my house or my car?
A: Probably not. These are considered “exempt assets” that are not dischargeable except in very rare circumstances. In all the years we’ve been practicing bankruptcy law, rarely have we seen a client lose his or her home or car.
Q: Can bankruptcy protect me from wage garnishment?
A: Yes, after filing for bankruptcy, any wage garnishment will stop. If your wages continue to be garnished after filing for bankruptcy, and experienced attorney can address the situation and help you resolve the issue immediately.
Q: Can creditors still contact me after I file for bankruptcy?
A: No. Filing for bankruptcy is a way to protect yourself from creditor harassment. After filing for bankruptcy, creditors are prohibited from harassing you or contacting you in any way.
Q: How long will a bankruptcy stay on my credit report?
A: A bankruptcy will usually remain on your credit report for approximately 10 years. However, even with a bankruptcy on your credit report, you will be able to obtain credit again much sooner than 10 years.
If you have questions regarding the bankruptcy process in New York, contact a New York Bankruptcy Lawyer at Jacoby & Jacoby today!