If you are drowning in debt and don’t know where to turn, you may be looking for Staten Island bankruptcy legal services. Karra L. Kingston Esq. has helped people who are strugging with debt, get out of debt and start over financially. Harassing debt collectors can be mentally and physically exhausting! With the help of our Staten Island bankruptcy lawyers you can get out of debt in no time!
What Is Bankruptcy?
Bankruptcy is a legal process that allows you to eliminate your debt and start over. There are two types of bankruptcy that individuals can use to get out of debt. Chapter 7 bankruptcy and Chapter 13 bankruptcy. Both of these chapters provide ways for individuals to get back on their feet. In a Chapter 7 bankruptcy, the debt is eliminated. This means that you no longer have to pay any of the debt back. In a Chapter 13 bankruptcy, you repay a portion of your debt over a 3-5 year plan.
How Can Filing Bankruptcy in Staten Island Help Me?
Filing bankruptcy in Staten Island can help you to start your life over and regain control of your financial situation. When you file bankruptcy, creditors are prohibited from going after you. This means that creditors can no longer sue you for past debts, start wage garnishments, bank levies, or even call you. This can put a lot of pressure of someone who is constantly getting harassed by debt collectors.
Will Filing Bankruptcy Ruin My Credit Forever?
No! I can’t stress this enough. Many debt settlement firms will try to scare people out of bankruptcy by telling people they will lose everything if they file bankruptcy. This is completely false, and if any company tells you this run the other way! Bankruptcy laws were enacted to help people get out of debt and start their lives over. If your credit would be ruined forever that would defeat the entire purpose of filing a Staten Island bankruptcy.
In many cases when people file bankruptcy their credit goes up. This is because their debt to income ratio is less. Moreover, individuals can begin rebuilding their credit immediately after the bankruptcy. Many of our clients who have filed bankruptcy in the past have gotten new credit cards right after their bankruptcy discharge. Further, many of our bankruptcy clients have had perfect credit scores within two years of filing bankruptcy.
Many people also like to know if they will be able to get a mortgage in the future if they file bnakruptcy. Yes, you can. Different loan servicers have different waiting times for when you will be approved a mortgage. Keep in mind, that walking around with bad credit and judgments against you will also prohibit you from being able to get a mortgage.
Will I have to Give Up My Home If I File Bankruptcy?
Not necessarily. The New York bankruptcy exemptions allow you to keep your property and assets safe from creditors. When you speak with a bankruptcy lawyer they can go over what exemptions are available to you to ensure that your property is kept safe. Bankruptcy Courts understand that you have to keep some property in order to live. Thus, they allow you to keep your property as long as it falls into an exemption.
Should I File Bankruptcy?
If you are thinking about filing bankruptcy, the best advice would be to sit down and speak with a Staten Island bankruptcy lawyer. A bankruptcy lawyer can review your financial situation and determine if filing bankruptcy is right for you. Our bankruptcy lawyers give free 30 minute phone consultations to advise individuals on whether or not they should file for bankruptcy. If you want to learn more about our bankruptcy legal services or about the bankruptcy process give us a call at 973 -979-9078 or email us at karra@klkbankruptcylawyer.com. Our Staten Island bankruptcy lawyers practice in New York and all five boroughs including New Jersey.