Staten Island is a special place to live, it is the only borough that is not connected to the New York City subway system. However, the free ferry allows a fairly easy ride for individuals living in Staten Islanders to commute to New York City. If you are overwhelmed with debt and live in Staten Island, you are not alone. Many individuals with debt file a Staten Island file Chapter 7 bankruptcy to help them get out of a financial rut. Recently, the contractor who was supposed to complete the Lighthouse point project on Staten Island filed bankruptcy. Bankruptcy is not an easy decision, but it can help you if you are in debt. Filing bankruptcy in Staten Island can get you back on the right financial path. If you have faced divorce, medical issues or job loss filing bankruptcy in Staten Island can make things better.
Congress created bankruptcy laws to help people who fell into unfortunate circumstances, a way out. Chapter 7 bankruptcy and Chapter 13 bankruptcy are the most common chapter that individuals file. Chapter 7 bankruptcy in Staten Island takes 4-6 months to complete while a Chapter 13 bankruptcy takes 3-5 years to complete. Both types of bankruptcies, allow individuals to get back on their feet. The difference in a Chapter 13 bankruptcy vs a Chapter 7 bankruptcy is that your creditors are paid back in a repayment plan. Essentially, you pay a portion of the debt you owe back to your creditors. Individuals file for Chapter 13 bankruptcy when they have assets with a lot of equity. In Chapter 7 bankruptcy, your debts are eliminated. Keep in mind that there are debts that can’t be discharged in bankruptcy. These are referred to as nondischargeable debts. Nondischargeable debts are debtors such as child support, alimony, some types of tax debt and student loans.
Many individuals who successfully filed a Staten Island bankruptcy can start their life over and even put savings away. If you don’t have money to pay for the cost of filing bankruptcy in Staten Island, don’t panic. Our Staten Island bankruptcy lawyers can help you come up with an installment plan to help you pay the bankruptcy costs.
Staten Island Bankruptcy Lawyers
Our Staten Island bankruptcy lawyers will help you pay to file bankruptcy by allowing you to pay in installments. The cost of bankruptcy in Staten Island can vary depending on what kinds of assets you have, how much credit card debt you owe, and how complicated your case is. Our lawyers will give you a free consultation over the phone, electronically or telephonically. Our bankruptcy lawyers in Staten Island can answer all of your bankruptcy questions so that you feel comfortable about the process. We can help you decide if a Chapter 7 Bankruptcy in Staten Island is right for you.
How Do I File Bankruptcy in Staten Island, New York
To file bankruptcy in Staten Island there are a few steps our bankruptcy lawyers will be able to explain and go over with you. Filing bankruptcy in Staten Island can be complicated. Many forms need to be completed beforehand. Moreover, if you are facing a Staten Island foreclosure our bankruptcy lawyers can provide you with different options to help you save your home. An option that individuals have to help save their home while in bankruptcy is filing for loss mitigation. Many people are under a misguided impression that you can only apply for a loan modification outside of the Bankruptcy Court. This is not true. The Eastern District of New York has come up with a way to allow individuals who can qualify to keep their homes safe from foreclosure.
Collect your Documents for your Staten Island Bankruptcy Consultation
Before Calling our Bankruptcy office it may be a good idea to do some light preparation. It is always a good idea to review your financial situation so that we can understand what you are going through. If you own a home in Staten Island, you should gather your deed, mortgage statement and take a quick look at Zillow to see what your home is worth. Get an estimate of how much debt you owe and to whom. If you have any other assets such as a car get the statements showing how much you owe. Doing some of these minor things in advance can make our first Staten Island bankruptcy consultation smoother.
How will I know Which Chapter of Bankruptcy I qualify for in Staten Island?
To determine which chapter of bankruptcy you qualify for, you must pass the New York Means Test. The Means test is a formula that is used using your income and comparing it to the median income of a similar household size. The Means Test will determine if you qualify for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Staten Island. Our bankruptcy lawyers will look at your income and determine which route is best for you.
What are the New York Exemptions?
The New York bankruptcy exemptions allow individuals to file bankruptcy in Staten Island and keep their property. Individuals filing a Staten Island bankruptcy can choose between the New York State exemptions or the Federal bankruptcy exemptions. When filing bankruptcy in Staten Island, choosing the right exemptions are extremely important. Any property that is not exempt can be sold to pay off your creditors. Our bankruptcy lawyers have helped many individuals file bankruptcy in Staten Island and keep their property.
If I file a Staten Island Bankruptcy will my Credit Be Ruined Forever?
No! I can’t stress this enough. Many debt settlement companies and other companies provide false information to vulnerable individuals. Many of these companies (that are not regulated by any governmental agency) will tell you that filing bankruptcy will ruin your credit forever. This is a scare tactic! Even if you do not choose to file bankruptcy, you may want to find another debt settlement company to help you. Filing bankruptcy in Staten Island allows individuals a way to start over. If your credit would be ruined forever, this would defeat the very purpose bankruptcy laws were enacted. Please get the right information from Staten Island bankruptcy lawyers before listening to a salesperson trying to get you to sign up. Understand that when you wipe away your debt, creditors see you have no debt and thus, are more willing to lend you credit.
What Are the Top 5 Misconceptions about Filing a Staten Island Bankruptcy?
If you search the internet, you will find a lot of false information about filing bankruptcy in Staten Island. Some misconceptions about filing bankruptcy are:
- Your credit will be ruined forever.
- You won’t be able to get a mortgage or car again.
- Your property will be taken away.
- Your bank account will not be closed because you have a credit card with that same company.
- The same lender will never extend credit to you again.
Many of these things are completely false. I touched on the first bullet point above, so I will go through numbers 2-5 below:
I Won’t be able to Get a Mortgage or Car After Filing a Staten Island Bankruptcy
This is false. Car lenders and mortgage lenders will not hold bankruptcy over your head forever. If you are looking to get a car most loan lenders will often be willing to let you finance your car after bankruptcy. Keep in mind, interest rates may be higher. However, if you have bad credit and high debt car lenders will not extend credit to you anyway. Mortgage companies have different rules as to when you can get another mortgage. For example, if you filed a Chapter 7 bankruptcy in Staten Island and received a discharge you will have to wait two years from the discharge date before applying for an FHA mortgage. Speak to different lenders some may be willing to extend a loan sooner than you think!
If I File Bankruptcy in Staten Island Will My Property Be Taken Away?
Not Necessarily. Bankruptcy laws provide individuals with exemptions to help them file bankruptcy and keep property. The New York Bankruptcy Courts understand that people need necessities to live. This includes a car to drive back and forth to work and even a home. Our bankruptcy lawyers can go over the New York bankruptcy exemptions with you to ensure your Staten Island bankruptcy case goes smoothly.
If I have a Bank Account and a Credit Card with the Same bank will they Close my Bank Account if I File Bankruptcy?
Not Necessarily. Many people assume that if they have a CitiBank credit card but also a bank account with Citibank their bank account will close if they file bankruptcy. Most banks don’t do this as long as you are in good standing with the bank and don’t owe them money.
Will The Same Credit Card Company Give Me another Credit Card After I File Bankruptcy?
Most likely. Many credit card companies will extend credit to their consumers again. You may have to wait for a little after your bankruptcy is closed but most of the same credit card companies that you included in your Staten Island bankruptcy will be willing to extend credit again.
Finding a good bankruptcy lawyer to help you is important to ensure that your case goes smoothly. Karra L. Kingston Esq. Can help you every step of the way to ensure that you are comfortable with the process. Give us a call 973-979-9078 or email karra@klkbankruptcylawyer.com for a free Staten Island bankruptcy consultation.