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Top Reasons For Bankruptcy - Part 2
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How devastating is filing for bankruptcy?
Depending on the state you live in, bankruptcy can remain on your credit report from 7 to 10 years. This may make it more it difficult to receive loans or other forms of credit dependent contracts (car insurance for instance). Also, bankruptcy filings are publicly available information. Thus, anyone with the desire to research and dig for the information contained in your filing will be able to come up with that information.
On the positive side, filing for bankruptcy typically is not as devastating as many people believe. This is so because there are many lenders (credit cards and car loans lenders) that are willing to lend to individuals who have recently filed for bankruptcy. These lenders pay for lists compiled with only people that have been discharged in bankruptcy. To the lenders, newly discharged consumers have incomes unencumbered by debt. Thus, in many ways, recent discharged consumers are a lower risk than consumers that have existing debt.
Can I discharge all my debts through bankruptcy?
No. Most of your debts are dischargeable through bankruptcy but not all of them. For instance, as stated previously, child or spousal support cannot be discharged or eliminated in bankruptcy. Additionally most taxes are not dischargeable. Also, penalties and fines owed to governmental entities are not dischargeable. You can also not discharge debts that are incurred from your willful or negligent actions where injury or property damage occurred. Finally, you may not discharge debt that was fraudulently incurred.
Do I need a lawyer to file for bankruptcy?
Yes. Most of the publications available to help consumers file bankruptcy on their own do not go into enough legal detail for a lay person to avoid making a mistake and increasing their chances of not reaping the benefits of filing in the first place. For instance, most publications fail to discuss the difference between secured and unsecured debt. This makes a difference when these debts are listed in the schedules that must accompany the bankruptcy petition. And the difference can spark unnecessary litigation that costs money and potentially upends a rather easy bankruptcy case.
Do you need an aggressive Bankruptcy Attorney
who is going to fight for your interest?
To speak with a Bankruptcy Attorney, Harry C Kaufman
Contact Info
237 Mamaroneck Ave, Suite 402
White Plains, NY 10605
(914) 864-3314
(917) 991-8773
Additional Locations:
800 Westchester Ave
Rye Brook, NY 10573
118 N Bedford Rd Ste 100
Mount Kisco, NY 10549-2555
500 Mamaroneck Ave
Harrison, NY 10528
2 Overhill Rd.
Scarsdale, NY 10583
100 Mill Plain Rd.
Danbury, CT 06811
