{"id":10313,"date":"2019-08-02T19:16:35","date_gmt":"2019-08-02T19:16:35","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=10313"},"modified":"2019-08-02T19:16:44","modified_gmt":"2019-08-02T19:16:44","slug":"the-consequences-of-filing-bankruptcy-in-ny","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/the-consequences-of-filing-bankruptcy-in-ny\/","title":{"rendered":"The Consequences of Filing Bankruptcy in NY"},"content":{"rendered":"<p>Filing bankruptcy in NY is something many New Yorkers have considered and many will continue to consider.<\/p>\n<p>Today our Brooklyn bankruptcy lawyer discusses: &nbsp;What are the consequences of <a href=\"https:\/\/nybankruptcy.net\/main\/bankruptcy-law-information\/\">filing bankruptcy in New York City<\/a>?<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>The Good:<\/strong><\/span><\/p>\n<p style=\"padding-left: 30px;\">1.&nbsp; Filing bankruptcy in NY stops calls from creditors and collection agencies immediately.&nbsp; The &#8220;automatic stay&#8221; goes into effect the moment you file your case (or even better, the moment your bankruptcy attorney files your case for you electronically).&nbsp; And after that point, creditors may only contact you through your attorney for the duration of your case.<\/p>\n<p style=\"padding-left: 30px;\">2.&nbsp; It gives you breathing room to deal with your debts and get your financial life in order.&nbsp; Bankruptcy is like a time-out.&nbsp; During your case, you do not need to make payments to your creditors (unless otherwise specified).&nbsp; And with the help of the bankruptcy process, during that time-out you will likely be able to discharge most, if not all, of your debt.<\/p>\n<p style=\"padding-left: 30px;\">3.&nbsp; You&#8217;ll have the opportunity to get a clean slate and a fresh start.&nbsp; All or most of your debt is likely to be discharged, enabling you to get on with your financial life.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>The Bad:<\/strong><\/span><\/p>\n<p style=\"padding-left: 30px;\">1.&nbsp; A bankruptcy filing does go into your credit history and negatively affect your credit score.&nbsp; However, you can rebuild your credit score after bankruptcy.&nbsp; And eventually the filing gets removed from your credit history.<\/p>\n<p style=\"padding-left: 30px;\">2.&nbsp; If you file for Chapter 7 bankruptcy, you may not do so again for another 8 years.&nbsp; i.e., You get one shot at it.&nbsp; Then you have to wait.&nbsp; Though hopefully if you manage your debts properly, it won&#8217;t become a recurring problem.<\/p>\n<p style=\"padding-left: 30px;\">3. There is a risk of losing major assets, such as your home.&nbsp; Any non-exempt assets may be sold off by the trustee.&nbsp; However, the homestead exemption is now $170,825, greatly increasing the ability for people to keep their homes.&nbsp; And given the range of other available exemptions for necessary assets, there is a good chance you will not lose anything.&nbsp; Especially if you work with a thoughtful and strategic-minded bankruptcy lawyer.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>The Good Again<\/strong><\/span><\/p>\n<p>If you work with an experienced and trustworthy New York bankruptcy attorney, you will be able to maximize the benefits of the bankruptcy process for yourself.&nbsp; And that can make a big difference in your life.<\/p>\n<p>If you have questions about the consequences of filing for bankruptcy in New York, please <a href=\"contact\/\">contact<\/a> a Brooklyn <a href=\"https:\/\/nybankruptcy.net\/main\/\" target=\"_blank\" rel=\"noopener noreferrer\">bankruptcy attorney<\/a> at Rosenberg, Musso &amp; Weiner for a free initial consultation.<\/p>\n<p><center><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Filing bankruptcy in NY is something many New Yorkers have considered and many will continue to consider. Today our Brooklyn bankruptcy lawyer discusses: &nbsp;What are the consequences of filing bankruptcy in New York City? The Good: 1.&nbsp; Filing bankruptcy in NY stops calls from creditors and collection agencies immediately.&nbsp; The &#8220;automatic stay&#8221; goes into effect &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/the-consequences-of-filing-bankruptcy-in-ny\/\"> <span class=\"screen-reader-text\">The Consequences of Filing Bankruptcy in NY<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,22,7],"tags":[2,21,30,32,54,51,52,35],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Consequences of Filing Bankruptcy in NY | Bankruptcy Lawyer<\/title>\n<meta name=\"description\" content=\"Filing bankruptcy in NY is something many New Yorkers have considered and many will continue to consider. Today our Brooklyn bankruptcy lawyer\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nybankruptcy.net\/main\/the-consequences-of-filing-bankruptcy-in-ny\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Consequences of Filing Bankruptcy in NY | Bankruptcy Lawyer\" \/>\n<meta property=\"og:description\" content=\"Filing bankruptcy in NY is something many New Yorkers have considered and many will continue to consider. 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