If you’ve never had to think about bankruptcy in New York before, then you likely have many questions. Fortunately, an experienced New York bankruptcy attorney can answer many of those for you via a free initial consultation.
That said, here are 3 common questions about bankruptcy (including answers) that may be helpful to you.
1. How much does it cost to file for bankruptcy?
Yes, as ironic as it seems, you need to have money to file for bankruptcy. However, if you think of it the way you think of using a tax accountant, it makes more sense. You have to pay some money in exchange for a process that enables you to ultimately save a lot of money and reduce your debts significantly. This is why many people conclude it’s worth it to go through the process if they’re struggling with debts.
Costs, for the record, include mandatory pre-bankruptcy credit counseling ($50 to $100), the filing fees from the court ($335) and the cost of an attorney, which will depend on the nature of your case.
2. Do I need a lawyer to file for bankruptcy?
For all intent and purposes, yes, you really do need a lawyer to file for bankruptcy in New York. Technically, you can do it yourself. But the process is sufficiently complicated that you should work with a lawyer. Because if you make any mistakes in your filing, at the very least they can affect your ability to get a discharge. And in a worst case scenario, if you misrepresent yourself or your finances, then you risk criminal charges. You wouldn’t want to face criminal charges without a lawyer, and the same goes for bankruptcy. Even if you’re still dead set against hiring a lawyer, there’s nothing to lose by at least meeting one for a free initial consultation.
3. How long will my bankruptcy remain on my credit report?
Bankruptcy filings remain on your credit report for 10 years. After that, they should be removed. Of course, that doesn’t always mean that they are. So it’s generally a good idea to keep checking your credit report and contact the credit reporting agencies if you see it still listed after 10 years.
For answers to more bankruptcy questions, please feel free to contact experienced New York bankruptcy attorney Bruce Weiner for a free initial consultation.
