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1. Can creditors still sue or harass me after I file for bankruptcy? Once an individual files for bankruptcy, the automatic stay comes into effect and creditors cannot sue you, garnish your wages or restrain your checking or savings account.
2. Can I lose my home? Under New York Bankruptcy Law, a Chapter 13 bankruptcy filing is often utilized as a strategy to prevent foreclosure. Under New York Bankruptcy Law, the homestead exemption is $50,000 per person ($100,000 for husband and wife/ joint filers). This means that anyone who owns real estate, if it is the filer’s primary residence, can keep up to $50,000 of that home's equity exclusive of the balance due the mortgage bank. Thus, if the filer maintains their mortgage and tax payments, in most instances under New York Bankruptcy Law, one can file for bankruptcy and keep the home.
3. Can a bankruptcy affect my credit standing? A filing will stay on your credit record for up to 10 years. However, it is important to remember that people who handle their finances responsibly after a bankruptcy can usually get credit again in no time at all. Bankruptcy is not the end. It is a chance for many people to get a fresh start. 4. Can I lose my job if I file for bankruptcy? No, it is against the law to fire an employee because of a bankruptcy.
5. How much does it cost to file for bankruptcy? Currently, the court filing fees are $299 for Chapter 7 and $274 for Chapter 13. Attorney’s fees vary depending on the attorney. The Law Offices of N.M. Gehi promises reasonable fees because we understand your situation.
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