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FAQ

bankruptcy syracuse ny

We pride ourselves in offering quality legal services to individuals and small businesses. Our commitment is to provide consumers and businesses who are experiencing financial difficulties with sound legal advice. We would like the opportunity to speak with you to decide how our services could best benefit you.

 

Will I lose my property if I file bankruptcy?

 

The Bankruptcy Code allows you to keep all different kinds of property, which are called exemptions. Most, if not all, of your property will be protected when you file bankruptcy. Some things, like your 401(k) and IRA cannot be taken from you, while your home is protected as long as your equity does not exceed $75,000.00 (or $150,000.00 for husband and wife). Depending on their value, most household furnishings, tax refunds and cars can also be protected by the bankruptcy filing. A detailed review of all property during your free consultation with Mr. Fintel is the best way to determine whether your property is exempt.

 

Will filing bankruptcy have a negative impact on my job?

Many people worry about a possible negative impact on their careers when they file for bankruptcy. Although some employers will pull credit reports when you seek employment most do not and it is usually not a problem. Also, by filing for bankruptcy you may be able to avoid the embarrassment of court-imposed wage garnishments by judgment creditors and debt collection calls at your workplace.

 

Does my spouse always have to file bankruptcy if you do?

The answer to this question depends on your specific financial situation. If you need to file for bankruptcy it does not automatically mean that your spouse has to also file. Besides several other things, you will need to know whether your spouse co-signed or guaranteed any of your debts. Since every bankruptcy filing is different, you should contact Mr. Fintel for a free consultation to review this matter in detail.

 

Will bankruptcy ruin my credit?

Although a bankruptcy filing will negatively affect your credit, it is usually a necessary first step in reestablishing credit. Many future lenders will see you as a better credit risk since you cannot file another Chapter 7 bankruptcy case for 8 years. Some creditors will be willing to offer you credit cards and other lines of credit with modest limits. If you keep up with your payments, you can begin rebuilding your credit, growing your limits higher and getting better rates over time. Making regular mortgage, rent, motor vehicle and utility payments after filing for bankruptcy will also be looked at favorably by future lenders. When your debts are discharged at the completion of your bankruptcy case, they are no longer reported as delinquent or in default on your credit report. By filing for bankruptcy, you will likely free yourself from the burden of debt and start over with a clean slate and a bright financial future.

 

What documents will I need to file for bankruptcy?

For the initial consultation with Mr. Fintel, we ask that you bring the following documents if they are available: current paystubs, last year's tax return, and copies of your bills. During the initial consultation, we will provide you with a list of other documents that you will have to bring to us before filing for bankruptcy.