Karra L. Kingston Esq.

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.

Fair Debt Collection Practices Act Lawyer

Stop the Enforcement of a Judgment Through Bankruptcy

Many individuals who are behind on their credit card bills are served lawsuits by debt collectors. Many times people fail to answer these lawsuits in hopes that the creditor will go away. Unfortunately, creditors will not just go away. When you don’t answer these lawsuits creditors can get a default judgment against you. These judgments can last up to twenty years.

When this happens a wage garnishment can be initiated. A wage garnishment tells your employer that they must withold a certain amount of money from an employee’s check. This money will then be sent to the creditor to satisyfy the judgment.

Filing Bankruptcy in Staten Island, New York

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.

How Do I File a Chapter 7 Bankruptcy with No Money?

When clients come to my office and are looking to file a Chapter 7 bankruptcy, they are normally struggling with money. Many individuals ask me how they can pay lawyers fees and filing fees to file a bankruptcy, if they can’t pay their credit card debt. I always tell my clients that if they want to file bankruptcy, we can work out a bankruptcy payment plan to help them.

Credit Card Debt Basics and Bankruptcy

In an economy where the coronavirus is dominating headlines, people are out of work and unable to pay their high interest cred cards, debt still remains one of the largest issues that consumers struggling financially face.

Credit card debt, divorce and medical bills are some of the biggest reasons consumers are forced to file bankruptcy. If you are struggling to make your minimum credit card payments, you are not alone. Most people in New York are strugging with large credit card bills every day.

When A credit card account has been delinquent, or unpaid, for more than 180 days, banks will charge off this debt. You may see something on your credit report that says “charge off” with a $0 balance. Many assume this means that the credit card companies are letting that debt go. This is abosultely wrong. When a “charge off” is reported by the credit cureaus it means that the debt has been sold off to a debt collection who will call, harass and even sue you.

How To File Bankruptcy In Staten Island, New York

To determine if you should file bankruptcy in Staten Island, you will need to determine where to start. Karra L. Kingston Esq. can help you and give you an overview of the bankruptcy processs. Our bankruptcy lawyers can walk you through the process and provide you with great resources to help you get out of debt.

Where Do You File Bankruptcy If You Live on Staten Island?

If you are struggling to pay your debt are looking to file bankruptcy you may wonder where you have to go to file a bankruptcy petition. Individuals, who want to file a Staten Island bankruptcy, often come to our office and ask “Where Do you file bankruptcy if you live on Staten Island?” Many individuals filing a Staten Island Chapter 7 or Chapter 13 bankruptcy are surprised to learn that there is no Staten Island Bankruptcy court on Staten Island. To file bankruptcy, people who live in Staten Island must file their bankruptcy case in the Eastern District of New York. The nearest bankruptcy court for people in Staten Island searching to file in the Eastern District is located in Brooklyn. The Bankruptcy Court n Brooklyn is located at 271-C Cadman Plaza East. Individuals who want to file bankruptcy will need to go to Brooklyn to attend their meeting of creditors.

FILING BANKRUPTCY ON UNSECURED DEBT

Many individuals file bankruptcy each year because they are riddled with unsecured debts. Unsecured debt is debt that is not attached to anything. Some of the most common types of unsecured debt are credit cards, medical bills, personal loans. Secured debts, on the other hand, are secured by collateral. For example, a mortgage is attached to property by a lien. If the lien goes unpaid, the mortgage company can foreclose and take the home.

File Bankruptcy Due to Impact from the Corona Virus

With the high rates of unemployment and the economy in danger, people will seek out bankruptcy lawyers to help them get out of debt. Bankruptcy is a legal proceeding involving a business or person that can’t afford to pay their debts.

Does Filing Bankruptcy in New York Stop Wage Garnishments?

Many of our Staten Island bankruptcy clients, Manhattan bankruptcy clients and queens bankruptcy clients call us up when they are facing a wage garnishment. Many people don’t pay there debts or end up not showing up to court and recieve a letter in the mail from court explaining that their wages are going to be taken to pay off their outstanding debt.

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