What Are The Commonly Asked Questions About Bankruptcy?
Are There Any Assets That I'm Allowed To Keep After Filing For Bankruptcy?
The answer is usually yes. Most people are able to hang on to at least some of their property, like furniture or a car, as long as they fall within the state-mandated value limits. Other types of property, like bank accounts and cars, may also be protected up to a certain point. If you are searching for a knowledgeable and experienced “bankruptcy attorney near me” who can give you full information about asset protection in bankruptcy, contact The Law Firm of Joseph Lassen.
Is My Home Protected From Bankruptcy?
In the New York City area, most homes are protected by homestead protection laws. However, these laws vary from state to state. If your home is too valuable, you may not want to file a Chapter 7 bankruptcy because the Court could sell it to pay your bills. Chapter 13 bankruptcy always protects homes if a home is too valuable to be protected in a Chapter 7 bankruptcy.
The best way to find out if your home is protected is to consult first with a New York bankruptcy lawyer. If you are searching for a dependable “Chapter 7 bankruptcy attorney near me” who can advise you on the specific laws in New York, our law firm can help you make informed decisions surrounding filing for bankruptcy.
Can I Keep My Car If I Declare Bankruptcy?
The answer to this question is usually yes, but it depends on your specific circumstances. Many cars are protected under bankruptcy law in New York, so if you have a car loan or lease, you can continue making payments while keeping the car. However, it’s always best to speak with a bankruptcy attorney beforehand to find out for sure whether or not your property will be protected.
What Will Happen To My Bank Account?
Many people worry that they will have to close their bank account if they file for bankruptcy, but this is not the case. You can keep your bank account open after filing for bankruptcy. You may want to take the time to review the terms and conditions of your banking agreement or speak with an experienced bankruptcy attorney to make sure you understand the repercussions of filing for bankruptcy and how it affects all your assets.
Will Filing For Bankruptcy Inhibit My Ability To Obtain A Green Card Or Citizenship?
No, it will not. Your immigration status will remain unchanged if you go through with bankruptcy proceedings. However, it is important to be aware that if you have committed any kind of fraud during the process, you may be subject to various consequences. It is best to speak with a bankruptcy immigration lawyer before filing for bankruptcy in order to ensure all legal requirements are met. It is always important to plan ahead and consult with a bankruptcy attorney before making any decisions.
If I Declare Bankruptcy Under Chapter 7, Will My Wages Still Be Garnished?
No, if you file for Chapter 7 bankruptcy, your wages will not be garnished. Garnishment is a widespread fear amongst those considering filing for bankruptcy, but if you opt for Chapter 7, you will be safe from post-filing garnishment by creditors.
Will My Employer Know If I File For Chapter 7 Bankruptcy?
No, your employer will not be involved in your Chapter 7 bankruptcy case. Bankruptcy is a legal process between you and your creditors, and your employer will not be notified of the filing. In some cases, if your employer files a wage garnishment against you, they may become aware that you have filed for bankruptcy, but this is rare. If your wages are being garnished, it is important to discuss this with a bankruptcy attorney.
What Happens To My Pension and Social Security?
You may be wondering whether your 401(k), pension, or social security will be safe if you declare bankruptcy. The good news is that all of these things are protected under bankruptcy law, no matter how much money you have saved up. So, rest assured knowing that your hard-earned retirement savings are safe.
Get The Fresh Start You Deserve With The Help Of A Trusted New York Bankruptcy Lawyer
If you are searching for dependable “bankruptcy lawyers near me” who can help you understand how the filing for bankruptcy process might work for your unique situation, contact us today! The Law Firm of Joseph Lassen is more than willing to facilitate the process from start to finish and help you decide whether bankruptcy may be the best course of action for you.
Contact us for a free initial consultation so your financial options can be discussed without any obligation on your part.