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Bankruptcy FAQs

What is Bankruptcy? How to File for Bankruptcy? What is Chapter 7 Bankruptcy? Can Bankruptcy Save my Home?

If you are considering filing for bankruptcy in New York, you are sure to have many questions. Among them may be: How does bankruptcy work? Can bankruptcy help me? How will my credit be affected? What will happen to my property? What is Chapter 13 Bankruptcy? What is is Chapter 7 Bankruptcy?

At the Law Office of Taran M. Provost, PLLC, our attorneys will give you all the information you need to make an informed decision, and will work to ensure that all of your questions are answered with respect, compassion, and confidentiality.

How Bankruptcy Works

Bankruptcy essentially offers a debtor a fresh start financially by eliminating all eligible debt, such as credit card debt, medical debt, car loans, mortgages, and personal lines of credit. Even tax debt can sometimes be eliminated in bankruptcy. Bankruptcy can even stop foreclosure and help you catch up on missed mortgage payments. The end result will be the discharge of all eligible debt and the preservation of your most valued possessions.

Can Bankruptcy Help me?

Whether bankruptcy is right for you will depend on your particular situation, as well as your long and short term financial goals. Bankruptcy has a number of benefits, including the power to stop foreclosure, put an end to creditor harassment, and to discharge all eligible debt. Our New York bankruptcy lawyers will explain in detail how bankruptcy works and how it can help you.

Will Bankruptcy Affect my Credit?

Filing for bankruptcy will affect your credit score. However, you can bounce back quickly and begin to rebuild your credit almost immediately. Applying for a secured card and taking care in paying bills on time will help you rebuild your credit. In many cases, people who file for bankruptcy become eligible for loans within several months after a filing. A hidden secret of the credit industry is that in most cases you actually become more eligible for credit after bankruptcy than before bankruptcy by the mere reason that once you have gone through the bankruptcy process you no longer have any more debt.

What will happen to my property?

One common bankruptcy myth is that you will lose all of your property. This is simply untrue. Although a chapter 7 bankruptcy involves the possible liquidation of assets, much of your property will be protected. In fact, it is extremely rare for anyone who files for chapter 7 bankruptcy to lose any property. If you file a chapter 13 bankruptcy, none of your property is at risk.

Hudson Valley Bankruptcy Attorneys

For more information, contact a N.Y. bankruptcy attorney at our law firm today. We represent clients throughout the New York Metro Area, Duthcess County and the Hudson Valley.

Law Office of Taran M. Provost, PLLC
Toll Free: 845-675-3243 | 24-Hours, 7 days per week

Dutchess County
3 Cannon Street, Second Floor
Poughkeepsie, NY 12601
Phone: 845-675-3243

Putnam County
227 Willow Drive
Mahopac, NY 10541
Phone: 845-675-3243

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