Up to ten Years.
The fact that you’ve filed bankruptcy can appear on your credit report for ten years from the date your case was filed. However, this does not mean that you can’t buy a house, rent an apartment, get a car loan or a credit card for ten years. Debts discharged in your bankruptcy should be listed on your credit report as having a zero balance. Because bankruptcy wipes out your old debts, you will likely to be in a better position to pay your current bills and make monthly payments on new debt.
In fact, you may receive credit offers soon after your debts are discharged in bankruptcy. However, it would be wise to carefully consider the terms, need, and affordability of each new credit offer. Wisely using credit can go a long way in helping you avoid future financial problems.
We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy attorney!
Because the longer you wait to file bankruptcy, the more difficult it may be to save your home.
But the bank might modify my mortgage.
Sure, but what if the bank doesn’t modify your mortgage. While you wait for a potential loan modification – your mortgage arrears and the interest are piling up. This could potentially prevent you from putting forth a confirmable chapter 13 plan.
NY bankruptcy law just got better.
You should at least consult with a knowledgeable bankruptcy attorney to find out how filing bankruptcy can save your home (see our earlier posts Filing Bankruptcy to Save Your Home From Foreclosure and How Can I Use My Ch.7 Bankruptcy to Avoid Foreclosure).
We understand that bankruptcy is not for everyone. That is why we also offer foreclosure defense, debt negotiation, etc. We are simply stating that bankruptcy is an option that should be considered. At The Law Firm of Vaughn & Weber, PLLC, we don’t push our clients to file bankruptcy. We give you all of your options and assist you in deciding which course of action is best for you.
This is not legal advice!
The Law Firm of Vaughn & Weber, PLLC routinely represents homeowners facing foreclosure. We examine each homeowner’s specific situation to determine their best course of action.
We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy and foreclosure matters. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy and foreclosure attorney!
Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy
Comparing Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy
When a person files a chapter 7 bankruptcy case, their non-exempt property (if any exists) is liquidated to pay as much money back to his/her creditors as possible. So, in a chapter 7 case the debtor could lose all or most of his/her non-exempt property.
A person filing a chapter 13 bankruptcy case usually retains his or her non-exempt property. However, he/she is required to pay the value of the non-exempt property to his/her creditors. The determined amount is usually paid by the debtor, through the chapter 13 plan, over 3-5 years.
Don’t be alarmed, many people contemplating bankruptcy have very little or no non-exempt property. However, you should consult with a knowledgeable bankruptcy lawyer if you are thinking about filing for bankruptcy.
Long Island Bankruptcy Attorneys
As always, the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620 is here to assist you.
When presented with the prospect of losing your home or filing for Bankruptcy, most people feel overwhelmed. Anxiety takes over and panic sets in. The key to navigating through these tough times is to keep your head about you and remain calm. Do your research and learn what options you have available to you. Get control of your finances and then proceed in the most effective way you can. In order to do this, government sites may be the most helpful source that I can point you to. This is because they are reliable and most people are not scared of scams when dealing with government sites; the way that they are when surfing the internet in general. After you use the government sites to gain as much knowledge as you can, it is a good idea to seek the advice of an attorney. Some helpful sites to get you started may be:
makinghomeaffordable.gov or www.financialstability.gov
As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here for you at (516) 858-2620.