If you are thinking about filing bankruptcy in Staten Island, you are probably looking for an affordable bankruptcy lawyer. Bankruptcy is a great tool for many individuals and businesses that have debts. Filing a Staten Island bankruptcy can help you eliminate your debt and start over. When individuals file bankruptcy they can start over financially and start rebuilding their credit score. A good bankruptcy lawyer in Staten Island costs money. Bankruptcy laws are complicated and confusing. Our bankruptcy law office gets calls all the time from people who filed their bankruptcy petition on their own and are now facing issues. Although a good Staten Island bankruptcy lawyer may seem expensive, the cost of doing it yourself can end up costing you much more problems.
Why Is a Bankruptcy Lawyer Needed?
Bankruptcy laws can be extremely complicated. There are a lot of laws and loopholes that many individuals filing a Staten Island bankruptcy don’t know about. One of the most concerning areas of law is the New York bankruptcy exemptions. Exemptions allow people to keep their property. However, many people who file bankruptcy without a bankruptcy lawyer end up confusing these exemptions and/or using the wrong ones. Using the wrong bankruptcy exemptions can be disastrous for your bankruptcy case. When a property is not exempt the bankruptcy Trustee assigned to your Staten Island bankruptcy case can take the unexempt property and sell it to pay off your creditors. Many people are surprised to learn that they will take your property and sell it.
Many individuals who have lawsuits from personal injury or earned wages are surprised that by using the wrong bankruptcy exemptions this property can be taken away from them. Unfortunately, there are rules about how much money you can exempt from lawsuits and depending on if you have property, or have used your New York wildcard exemption, you may have nothing to exempt. A bankruptcy lawyer will be able to go through your exemptions to ensure that you are using the right bankruptcy exemptions.
What Can Happen If I Don’t Use a Bankruptcy Lawyer to File my bankruptcy petition
Filing bankruptcy is a serious decision. Bankruptcy law is Federal and if you end up filing your bankruptcy petition without a lawyer you can end up in a mess of problems. One of the biggest issues people run into is not understanding the questions that are asked on the bankruptcy petition. Further, people don’t know that the Trustee can still take proceeds from property and assets that were already sold. Many individuals assume that if they no longer have the property it won’t be a problem. A good bankruptcy lawyer will go through your financial history to determine what issues, if any, may arise.
Another problem that you may run into if you don’t hire a bankruptcy lawyer to help you, can be that you fail to list all of your assets and the proper value of your assets in your bankruptcy petition. Many people assume that the New York bankruptcy court won’t find out about their property. This is false. bankruptcy Trustees can find out about your property. They have their lawyers who do asset checks, run DMV reports, title reports, etc. If you think that you can hide your assets when you file bankruptcy, think again. Hiding assets on a bankruptcy petition is fraud. If you lie or conceal any information when you file your Staten Island bankruptcy, you can end up in jail. Lying on your bankruptcy forms is a Federal crime. A bankruptcy lawyer will be able to go through your schedules to ensure that all of your property is listed properly.
Without a bankruptcy lawyer, creditors and Trustees can start adversary proceedings against you in bankruptcy court. An adversary proceeding is a lawsuit within the bankruptcy court. Creditors can file adversary proceedings if they feel that you should not get a bankruptcy discharge. hiring a bankruptcy lawyer can ensure that if an adversary proceeding is initiated against you, you are able to defend the action.
Why Should I Pay a Staten Island Bankruptcy Lawyer?
A bankruptcy lawyer can ensure that your case goes smoothly. When you file a bankruptcy petition, you have to go to Court for a hearing. Many people are scared to go to Court by themselves. A bankruptcy lawyer can ensure that all of your paperwork is properly submitted to the Court so that when you go to the hearing everything will hopefully good smoothly. Moreover, a bankruptcy lawyer will be able to prepare you for all of the questions that are being asked. If you hire an experienced bankruptcy lawyer, chances are they have appeared in front of your bankruptcy Trustee before and thus, already know the types of questions that the trustee will ask. Moreover, creditors can appear at your bankruptcy hearing to object to your discharge. A bankruptcy lawyer will be by your side if any creditor tries to object to your discharge.
Many individuals who don’t want to pay for a bankruptcy lawyer, are under a misconception that they shouldn’t have to pay for one because they have no money. Although bankruptcy lawyers understand that you don’t have money, an affordable bankruptcy lawyer will work with you to come up with a payment plan.
Hiring a bankruptcy lawyer is an investment. Typical costs for a Staten Island bankruptcy lawyer can range anywhere from $2,000 and up. This may seem expensive. But, if you have $20,000 of debt that can get wiped out by paying $2,000 to a bankruptcy lawyer to ensure your bankruptcy case is handled correctly, is it that expensive?
Karra L. Kingston Esq. is an affordable bankruptcy lawyer that helps people file bankruptcy in Staten and New Jersey. If you are wondering how a bankruptcy lawyer can help you and how much it costs to file bankruptcy, you can contact us today. You can reach us at 973-979-9078 or email us at karra@klkbankruptcylawyer.com.