Karra L. Kingston Esq.

The Best Bankruptcy Lawyer in Staten Island

If you are looking to file bankruptcy because you are in debt, you are not alone. Many people in Staten Island file bankruptcy everyday because they have fallen behind on their bills. Having debt looming over your head can cause physical and emotional stress. Finding the best bankruptcy lawyer in Staten Island is a good way to get out of debt and start over. A good Staten Island bankruptcy lawyer will be able to review your financial situation and determine if filing bankruptcy in Staten Island is the right option for you.

Does Bankruptcy Eliminate Medical Debt If I Get Sick From the Coronavirus (COVID-19)

If you have medical debt and are thinking about filing bankruptcy, you should not ignore these bills. Many individuals will start by receiving late payment notices. Ignoring these can eventually lead to a medical provider suing you and getting a money judgment against you. A money judgment can lead to a wage garnishment, bank levy, or the placement of a lien on any property that you own. These can have huge impacts on your credit score and financial situaion. When a creditor gets a judgment against you, they can garnish up to 10% of your gross wages. This can be a large lump sum for people who are already struggling to make ends meet.

Filing bankruptcy to get rid of medical debt, can be a great way to get back on your feet. Individuals looking to file bankruptcy, have two options. They can file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.

Fair Debt Collection Practices Act Lawyer

I Lost My Income Due to the Coronavirus (Covid-19). Should I File Bankruptcy

As the impact of the coronavirus continues impacting the livelihood of many individuals, people are contemplating whether or not they should be filing bankruptcy. With so much uncertainty many individuals have lost their income and feel that they have nowhere to turn. The Coronavirus outbreak is leaving many individuals confused about their finances. Below we will look at whether filing bankruptcy because of the coronavirus is the right choice for you.

What Happens When You File Bankruptcy in Staten Island

Many people contemplate filing bankruptcy as a last resort. People who are suffering financially can file bankruptcy in Staten Island to help them get out of debt. Bankruptcy can be a great tool to get individuals back on their feet and start over. If you are thinking about filing a Staten Island Bankruptcy, you are probably wondering what happens when you file bankruptcy in Staten Island. Below well will discuss what will happen to your credit score when you file bankruptcy in Staten Island.

Life After Filing Bankruptcy

Many people who are struggling to pay their credit card debt, personal loans or medical bills often try to find local bankruptcy lawyers to speak with them. Many times individuals who are looking for a bankruptcy lawyers in New Jersey or bankruptcy lawyers in Staten Island, always want to speak with a local lawyer to be reassured that if they decide go forward with filing bankruptcy, their life won’t be ruined forever. As a New Jersey bankruptcy lawyer and Staten Island bankruptcy lawyer, that files many bankruptcy cases, I can tell you first hand, that life after bankruptcy for most is a lot better than what it was before they filed.

Will I Be Able to Get Credit Again If I File Bankruptcy?
One of the most asked questions we get is “Will I be able to get credit again if I file bankruptcy?” Fortunately, the asnwer is yes. Many individuals read information from debt settlement companies online that say that if you file bankruptcy, you won’t ever be able to get credit again. This is completely false. Most of our bankruptcy clients extend credit as soon as our client receives a bankruptcy discharge. Filing bankruptcy will not ruin your life forever. Mortgage lenders, motorvehicle lenders, and credit card companies will not automatically not lend credit because you filed bankruptcy. Bankruptcy laws were enacted to help individuals who needed a fresh financial start. The very purpose of bankruptcy is to allow people to get back ontheir feet. Thus, filing bankruptcy can be a great step in the right direction.

When individuals file bankruptcy often times their credit score goes up. This is because credit bureaus take into consideration debt to income ratio. After a bankruptcy is filed an individual has no debt. Thus, credit scores in some scenerios actually increase after filing bankruptcy.

Don’t Ignore a Debt Collection Lawsuit

If you have received a summons or complaint regarding a debt collection lawsuit for a credit card or other debt, you can’t ignore it. A lawsuit from a creditor will not go away if you ignore it. Further, ignoring a lawsuit can ruin your credit and put you into a much worse financial position. Ignoring a debt collection lawsuit can do a lot of damage to your credit score. Moreover, creditors can enforce a judgment for up to 20 years in New York and New Jersey. This means that once a creditor gets a judgment against you, they will be able to garnish your wages, freeze your bank account or put liens on your property.

Can I Not Include a Credit Card in My Bankruptcy

Many individual’s who are in debt, consider filing bankruptcy. One common question that we get is whether they can keep a credit card out of their bankruptcy. Many consumers are under a misguided impression that they are allowed to pick and choose which credit cards they want to include in their bankruptcy. Under the Bankruptcy Code, debtors are required to list all of their debts in their bankruptcy petition. This includes all debts from any sources (ie. tax, student loans, credit card, personal loans, medical bills, etc.)

Is Debt Settlement or Bankruptcy Worse For Your Credit Score

People who are struggling financially often look for different ways to help them get out of debt. Debt settlement and bankruptcy are two of the common tools consumers use to help them get out of debt. Many people wonder which tool is better to help them get debt relief. Financial hardship can cause immense amount of stress. This article will explore which option is best.

What is Bankruptcy
Bankruptcy is a legal way to help people get out of debt. A bankruptcy allows you to eliminat eyour debts. When most people file bankruptcy, they usually want to file Chapter 7 bankruptcy. A Chapter 7 bankruptcy can get rid of medical debt, unsecured loans, credit card debt and even some tax debt. A bankruptcy can stop debt collectors from coming after you. If you are unsure whether you qualify for bankruptcy, it is best to speak with a Staten Island Bankruptcy Lawyer or New Jersey bankruptcy lawyer who can point you in the right direction.

What is Debt Settlement?
Debt settlement is where a company negotiates a debt for a lesser amount than you owe. A debt settlement company will work with your creditors to come up with an agreeable amount. These payments are referred to as settlements. Creditors will allow you to either make lump sum payments or spread the payments out overtime. More often, consumers don’t have enough money to make a single lump sum payment so they will be forced to make payments overtime. When you sign up with a debt settlement company, you will put money into an escrow account to pay your creditors. The objective is that as the escrow continues to build, the debt settlement company will use this to offer settlements. Debt settlement companies will tell consumers that to negotiate settlements with creditors, they will be required to stop making any payments on their cards. Keeps in mind, that as the debt continues to fall into a delinquent status, it will be reported to the credit bureaus. This will cause a major impact on a credit score.

How to Cancel a Debt Settlement Contract

Can I Cancel My Contract With a Debt Settlement Company

Many clients come to use seeking to file bankruptcy whom have entered into a contract with a debt settlement company. Many times, people believe that signing up with a debt settlement company can help them get out of debt and have little impact on their credit score. Many assume that debt settlement won’t hurt a credit score as bad as a bankruptcy would. This is false. Credit card companies won’t even negotiate debts until you have fallen behind atleast 90 days. Debt settlement companies offer to negotiate debts for a lump-sum payment for a fraction of the price. However, they fail to tell consumers that as their accounts continue to go into delinquent status, the impacts on their credit score can be severe. Debt negotiation can take anywhere from 36 to 48 months. This is almost three years of accounts being in delinquent status. During this time interest, fees and penalties continue to accrue. Most consumers can’t keep up with these payments and thus, never make it to the end of any debt settlement plan.

Debt Settlement Companies What They Hide

When you find yourself struggling to pay your credit card bills or falling behind on debt, it can seem overwhelming. It is a good idea to find a bankruptcy lawyer who can give you the proper advice. The worst thing you can do is continue struggling, and not seeking out any help to manage your debt. If you are facing debt, there are a lot of good resources on our website to help you decifer which route to go. Our Staten Island bankruptcy lawyers and New Jersey bankruptcy lawyers can help you, by giving you a free consultation. This article will explain what debt settlement companies do and what you need to know about entering into a debt settlement program.

Debt settlement companies are not the same as credit counseling companies or debt lawyers. A debt settlement company will work with your creditors to negotiate a certain portion of debt you will have to pay back. Debt settlement companies won’t tell you that for your credit card companies to work with them, you will have to fall behind on your bills. This means that even though you may not want to file bankruptcy, because your worried about your credit score, debt settlement will have the same impacts as bankruptcy. As you continue to be late on your monthly payments, late fees, interest and penalties will continue to accrue. When you have fallen far enough behind the debt settlement company will contact your crediors and settle for a percentage of the total debt you owe. Keep in mind, that as your accounts go into delinquent status, you run the risk of having credit card companies suing you and getting judgments against you. Once a judgment is filed against you it can last for up to 20 years. Moreover, to enforce a judgment creditors will garnish wages, freeze bank accounts, and put liens on any real property.

Credit Card