You Have Questions – I Have Answers
Bankruptcy is confusing and the feeling that your financial state is in ruins can stop many people in their tracks. Knowledge really is power. Taking control of your own future can be as simple as knowing the full ramifications of your choices.
More Than 30 Years Of Experience Helping People With Bankruptcy
As an attorney who has spent more than three decades practicing bankruptcy law and only bankruptcy law, I have the answers you need to feel empowered in this situation. At Peter Scribner, Esq., I am dedicated to helping individuals and families get through bankruptcy with their future brighter than it had been.
Below are answers to common questions I hear from clients; call me for more answers at 585-261-6461. Your first telephone consultation is free.
Should I File For Bankruptcy?
The short answer is that you should not file for bankruptcy if you still have other options. If you think you are at this point, call my office. As your lawyer, I can evaluate your financial state and give you my personalized and professional opinion.
What Is The Difference Between Chapter 7 And Chapter 13?
Chapter 7 bankruptcy wipes away most debts and liquidates assets to accomplish this task. Chapter 13 bankruptcy is an option for high-income clients who believe that with a structured financial resettling they can pay back their debt.
Chapter 7 bankruptcy will generally stay on your credit report for 10 years. Chapter 13 bankruptcy stays on your credit report for seven years.
Do I Earn Too Much Money To File For Bankruptcy?
It is very rare that anyone in financial stress in our area makes too much money to file for bankruptcy. In particular, Rochester’s median income is lower than the median income for New York State. For example, as of April 2020 you must make more than $102,834 for a family of four to be ‘above median income’ in New York, and this figure is adjusted twice a year. Even if you are above medium, you may still qualify for Chapter 7, depending on your expenses, and Chapter 13 is usually an option as well.
Will I Lose My Car?
Most likely not, if you are current on your car payments and can continue to afford them. Usually, the bankruptcy trustee has no interest in your car because whatever equity you have in the car is exempt. And car loan companies do not want to repossess a car if the loan is current. They want you to sign an agreement that continues your personal liability on the car loan. This is called a ‘reaffirmation agreement’. If you sign a reaffirmation agreement, the status of your car loan after bankruptcy is the same as it was before the case was filed.
Can I Stay In My House?
Possibly. This entirely depends on the nature of your loans, how your creditors have approached the situation and your own abilities. Find out more about how to halt foreclosure proceedings.
Do I Need To Appear In Court?
Most debtors in Chapter 7 bankruptcies never appear in a court proceeding before the bankruptcy judge. Instead, they have a brief hearing with a bankruptcy trustee, to confirm that their bankruptcy paperwork is accurate and complete. These hearings occur about a month after the case is filed.
How Long Does Bankruptcy Take?
Bankruptcy is going to vary depending on your situation. You will need a full analysis of your finances and will have to account for any fees you need to pay. The actual filing process afterward can go through quickly, generally in only two or three appointments.
What Do I Do Now?
Contact me. There is no reason that you should have to file your bankruptcy without guidance. If your case is straightforward and you do not need legal aid, I will tell you honestly and right away. Send me an email to schedule your free telephone consultation or call 585-261-6461 today.