Many people often ask us how filing bankruptcy in New York or New Jersey will impact them after their bankruptcy is completed. Many people often ask us “can I own anything after I file bankruptcy?” The answer to this question is simply, yes. The bankruptcy process was enacted to give people a fresh start. The government wants to help people who have found themselves in an unfortunate circumstance. Many people assume that once they file for bankruptcy they won’t be able to get credit again, or they will never be able to own anything. If this were the case then bankruptcy really wouldn’t be giving you a fresh start, would it?
Exemptions Allow You To Keep Property and File Bankruptcy
When you file bankruptcy, certain exemptions allow you to keep property. The Bankruptcy Courts in New York and New Jersey allow exemptions for homes, cars, cash, retirement accounts etc. To determine how much you can exempt you should speak with an experienced New York or New Jersey bankruptcy lawyer. Any property that the bankruptcy court allowed to be exempt is yours to freely do what you want with it. Even after you file bankruptcy the Bankruptcy Court allows you to own, buy. sell, or transfer anything that is yours. Keep in mind, however, there are a few exceptions. If you become the beneficiary to an inheritance, a property settlement, or life insurance benefits within 180 days after filing for bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt.
After you are granted a bankruptcy discharge, you can start your life over freely. Many of our client’s have gotten new cars, homes, and credit cards after filing bankruptcy. An experienced bankruptcy lawyer can help you determine if bankruptcy is the right option for you. They will also be able to give you guidance on how to start rebuilding credit after the bankruptcy.
Karra L. Kingston Esq. is an experienced Staten Island and New Jersey Bankruptcy lawyer. She has helped many clients get out of debt and start over fresh by using the bankruptcy process.