Frequently asked Bankruptcy questions
Chapter 7 bankruptcy is a personal bankruptcy that involves the liquidation of assets to pay off debts. With Chapter 7 Bankruptcies most debts are discharged, while a Chapter 13 bankruptcy is a type of bankruptcy that involves reorganization. In a Chapter 13 Bankruptcy you pay back your debts over a 3-5 year plan. In order to determine which chapter you qualify for, it is important to sit with an experienced attorney to go over your individual situation. Karra Kingston and William Bonomo are experienced Bankruptcy lawyers, who practice in both New York and New Jersey. Karra L. Kingston Esq. can assist you in figuring out which Chapter of Bankruptcy you qualify.
In order to determine the fees for bankruptcy we must assess your individual situation. You can call us, and we can give you a FREE consultation over the phone. We are open every day 9am-9pm, including WEEKENDS.
Yes, In order to go over your case with an attorney, you must schedule a consultation.
Many people are under a misconception that filing for bankruptcy means that you will lose your house. Filing for bankruptcy does not automatically mean you will lose your home. There are some instances, where it can actually help a person keep their house. In order to determine what will happen with your home, it is important to speak to an experienced Bankruptcy Lawyer. Karra Kingston and William Bonomo are experienced Bankruptcy lawyers who practice in both New York and New Jersey. Karra L. Kingston Esq. can assist you in determining what will happen to your property if you decide to file Bankruptcy.
Yes. Although lenders look at different factors in deciding whether or not you qualify for a loan, bankruptcy does not permanently stop you from being approved for a mortgage. After two years of your discharge you can qualify for a mortgage. Although, interest rates will be high. However, the longer you wait, the lower the interest rates will be. It is also important to understand that even if you do not decide to go through with filing bankruptcy, the amount of outstanding debt and credit score will still affect your possibility for being approved for a loan.
Generally, filing for bankruptcy will put a halt to wage garnishments.
Bankruptcy discharges most debts. However, there are some debts that are not dischargeable. Some of the debts that may not be dischargeable may include: student loans, recent taxes, alimony and child support, debts acquired through fraud, government penalties, restitution or fines, debt from luxury services or goods, and certain cash advances taken within 60 days of a bankruptcy filing. Bonomo & Bonomo Attorneys At Law will go over your situation and determine which debts may not be eliminated.
Debt Settlement is for individuals that have the means to make payments. Some creditors want a lump sum payment, while others will accept payments over time. It is important to speak with an attorney who can help determine whether this is a good option for you.
Bankruptcy is a Federal process which means that Bankruptcy cases are heard in Federal Court. There are different Federal Courts in each State where we practice.
In New Jersey, we practice in the three Bankruptcy Courts which are located in Newark, Trenton, and Camden. Each County in New Jersey is assigned to one of these three courts. In order to determine which court you will attend it depends on which county you you live in.
In New York we Practice in the Eastern and Southern Districts which are located in Brooklyn, Manhattan, White Plains, and Poughkeepsie. The location of the court you will have to go to, depends on which County in New York you live in.
This depends on what chapter you are filing for. If you are filing for a Chapter 7 Bankruptcy, it can take as little as 4 months. In a Chapter 13 Bankruptcy, the process takes anywhere from 3-5 years.
Bankruptcy stays on your credit report for up to 10 years. It is important to note that although, it stays on your credit report for up to 10 years this does not mean that you can’t rebuild your credit and have almost perfect credit within two years of filing.
Although, each individual situation is different some of the most common documents that need to be provided are:
- Two years tax returns
- 6 months of pay stubs
- Deed to any property
- Monthly Mortgage Statement
- Zillow Valuation / Appraisal
- Any IRA, Pension, 401(k) Statements
- Bank Account Statements for both Checking and Savings Accounts
- Title for any owned or Financed Vehicle
- Monthly lease or finance Statement
- A list of your monthly expenses
- Copy of your social Security Card
- Copy of your Identification
- Social Security Award letter Copies of any Medical Debt
- Copies of any lawsuits against you
- Copies of any lawsuits you are bringing against anyone else
Please be advised that this list is not a complete list and there may and probably will be more documents that may be requested in order to prepare your bankruptcy petition.
No. Many people believe that if they file bankruptcy they will never be able to own anything or have credit again. This is simply not true. A person filing bankruptcy can rebuild their credit within two years of filing. Moreover, immediately after the bankruptcy creditors will begin sending you credit cards in the mail. The interest rates may be higher however, it is a good way to begin rebuilding your credit score again. It is also important to note that in may cases people’s credit scores have gone up after filing for bankruptcy because they no longer have any debt.
Sometimes. It is important to note that it is very hard to discharge a student loan. However, in certain circumstances, it can be done. In order to get a student loan discharged there must be an undue hardship. In order to determine if you qualify for an undue hardship, an experienced attorney from Bonomo & Bonomo Attorneys at Law can go over your individual situation.
However, even if you cannot get your student loans discharged, a bankruptcy attorney can still help you pay your loans by reducing the amount of other debts your may have.
Most individuals who are contemplating Bankruptcy often wonder how they will pay the Bankruptcy costs. At Karra L. Kingston Esq. we offer payment plans to help make the process a little easier. We will work with you to come up with an individualized payment plan so that you can get out of debt.
Yes. We understand that you are hard working individuals who don’t have the ability to come to our office Monday through Friday 9am-5pm Thus, we offer later times to meet and we will even come to you! Karra Kingston and William Bonomo will speak with you to determine a time and place that would be convenient to meet.
We have two main locations in Staten Island, New York and Union City, New Jersey. However we have many other offices in and around New York and New Jersey to meet clients that may be close to you. Call us and we can schedule an appointment near you.
If you are filing Bankruptcy, you will have to go to Court. There are some circumstances where a hearing can be done telephonically. However, this is up to the United States Trustees office. All debtors are required to attend a 341 Hearing. Karra Kingston and William Bonomo will ensure that you are prepared for the hearings ,and be with you every step of the way! Please note there may be additional hearings you may be required to attend.