Frequently Asked Questions
Q. Why should I file for bankruptcy?
A. Filing for bankruptcy can stop harassing phone calls and enables you to have a "fresh start" by removing unsecured debts.
Q. What types of debts are non-dischargeable?
A. Secured debts such as Student Loans, Child Support and Alimony, Marital Debts, Recent Credit Purchases/Cash Advances, Fines & Citations are non-dischargeable.
Q. What type of possessions am I allowed to keep when filing?
A. Any "major assets" must be listed when filing for bankruptcy. Generally speaking, you are allowed to keep the following:
Q. What is the difference between chapter 7 and chapter 13?
A. Chapter 7 bankruptcy includes discharging a majority (if not all) of your debts. However, in exchange for this, the bankruptcy trustee can take any non-exempt property from collection, which will be sold off and distributed to your creditors.
Chapter 13 bankruptcy requires you to repay a percentage of your debt. The Bankruptcy court requires you to file a payment plan based on how much money you earn, how much property you own, and what types of debts you have.
Q. How soon after filing can I re-apply for a credit card?
A. Almost immediately after filing, you will receive credit card offers in the mail. However, you must be careful, many of these offers have extra circumstances added into the contract such as high activation fees or increased interest.
Q. Is my 401K or Retirement fund in any danger if I file?
A. Your retirement funds cannot be touched by the creditors when you file for bankruptcy.
Q. How long does bankruptcy stay on your credit record?
A. Information regarding your bankruptcy can remain on your record for up to ten years.
Q. Can I be fired from my job for filing for bankruptcy?
A. It is against the law to be fired from your employer for simply filing for bankruptcy.
New York State Coverage
Randall Kehoe's Bankruptcy services are available in the following counties...