Life After Bankruptcy

We Can Walk You Through the Bankruptcy Process

Filing for bankruptcy can be a complicated and delicate process. It is important for your petition and all relevant information to be filed properly to ensure approval. Misrepresented or omitted financial information can result in the denial of your petition and the ineligibility to file again for an extended period of time. In extreme cases, this may even result in criminal bankruptcy fraud charges.

Why File for Bankruptcy?

Many people seek bankruptcy protection because they are overwhelmed with debt and are dealing with harassment by creditors, are facing foreclosure, or are trying to survive under the burden of wage garnishment or repossession. Filing for bankruptcy will place an "automatic stay" on all debt collection efforts and legal action against you. A debtor will finally be able to breathe easier in knowing that these matters are no longer a concern.

What Is Required to File for Bankruptcy?

Each bankruptcy situation is unique and will differ depending on the amount an individual owes their creditors. When filing for bankruptcy in Westchester County, the first step to take is to complete credit counseling, which enables you to file your petition for bankruptcy with the U.S. bankruptcy court. After the small filing fee has been paid and your bankruptcy petition has officially been filed, all of your creditors will be immediately notified. At this point, your creditors must cease all efforts of collection against you, and an automatic stay on foreclosure and debt collection lawsuits will be enacted.

If you are filing a Chapter 13 petition, you will also need to file a proposed repayment schedule to pay off a portion or all of your debt (based upon your disposable income).

Within 15 days of filing your petition, be sure to file all of your information with the court, including all your assets, income, debt, expenses, and a repayment plan if applicable. After this is complete, a statement of intent will be filed to notify the court if you would like to keep certain assets such as your car or any other debts. Within 45 days, you will meet with your creditors to testify the accuracy of your bankruptcy petition. The final step is to discharge all of your eligible debt.

Can I Restore My Credit After Bankruptcy?

Credit restoration is possible after bankruptcy. It is a common myth that a debtor will be unable to get credit after filing for bankruptcy or may be unable to restore their credit for at least 10 years. Although bankruptcy will remain on your credit report for up to 10 years, you have options in rebuilding your credit almost immediately after your discharge. All it takes is an understanding of what to do and a full commitment to carrying out the necessary steps.

Taking a proactive stance and restoring your credit is important after bankruptcy. You may be interested in buying a home or leasing a car in the future, and if you do nothing your chances of accomplishing this are slender. Although bankruptcy can remain on your credit report for up to 10 years, you can make large purchases such as these in a far shorter time.

You can get started restoring your credit by keeping up with all of your current bills. Getting a secured credit card is also a good idea, as long as you limit purchases on this and pay it off as quickly as possible. Try to eliminate unnecessary expenses so you have more money to set aside, and whatever you do, try to avoid spending money that you simply do not have. Keep a close eye on your credit rating and monitor your progress.

Get Advice from Our Knowledgeable Attorneys

Working with you to file your bankruptcy petition is one of the first parts of the legal counsel that we at the Bronson Law Offices, P.C. will provide. We will also help you make the right decision about filing your petition in the first place and can assist in determining eligibility for Chapter 7 or deciding whether Chapter 13 might be the better option for you.

In addition to ensuring that you can properly file for bankruptcy, we will also actively work to protect your interests and legal rights throughout the entire process. Our main concern is to help you experience the full force of all the benefits that this form of debt relief offers.

To find out more about how we can help you file bankruptcy, please call (914) 827-5238 to speak to our Westchester County bankruptcy lawyer about your debt situation.