Andrew M. Doktofsky, P.C.

What effect will filing for #bankruptcy have on my student loans? Unlike most credit card loans, student loans are generally not dis-chargeable and haven’t been since 1998. However, in rare situations where undue hardship can be proven, the court may discharge them. If you have a very low income or if your loans are from a for-profit trade school, you have a better chance at getting them discharged, but hardship for these cases has still been notoriously difficult to prove in court. #studentloans

Will I lose my home if I'm filing for Chapter 7 #bankruptcy? Keeping your home depends on how much equity you have on it. In #NewYork State, debtors have an exemption of up to $150,000 for their principal residence. This exemption amount will vary from county to county. If you are married and the home is owned by both you and your spouse, debtors can protect up to $300,000 of equity. When filing a Chapter 7, be cautious if your home has more equity than the permissible exemption. If that is the case, you may have difficulties keeping your home.

Once you file for bankruptcy under New York law, an automatic stay will prevent creditors from pursuing most types of debt collection actions against you. This means that a debtor cannot pursue you through phone calls, collection letters, lawsuits, wage garnishments/income executions and freezing bank accounts. Upon receiving a discharge, the stay will be replaced by a permanent injunction that will prevent creditors from pursuing any collection of all discharged debts. At Andrew M. Doktofsky, P.C., we understand the extreme financial burden you face and the added stress that creditor harassment can bring. Please contact our firm to review your legal options in dealing with debt and harassment by creditors. #automaticstay #LongIsland #bankruptcy

A common myth that we hear about #bankruptcy, is that one may not be eligible to file if their income is too high. Even though there are income limits for Chapter 7 bankruptcy, a person’s eligibility to file is determined through analysis of income, family size and other factors. If a person still does not qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy may be another option to consider. An experienced attorney can research your specific case and determine which type of bankruptcy you may be eligible to file for in New York State.

Deciding whether you should file for #bankruptcy is a very complex process and you may wonder if bankruptcy is right for you. One common question we get is: Will bankruptcy help me if my home is in foreclosure? If you file a Chapter 7 bankruptcy, it will only temporarily stay a #foreclosure action. Once your case is closed, the action will continue. A bank can also ask for relief from the stay which would allow it to continue the foreclosure action in state court. Therefore..., a Chapter 7 bankruptcy filing will not generally help you if you have a foreclosure action pending. A Chapter 13 filing will allow a debtor to repay the mortgage arrears over a five year period. This may only be a good option if you and your spouse have the income to repay the arrears as well as your current mortgage. In a Chapter 13, you will probably have to repay some or all of your other debts (eg. Credit card debt) It may be helpful to consult with a bankruptcy attorney who can determine which would be best to file under and who can assist in any foreclosure action.

What effect will filing for #bankruptcy have on my student loans? Unlike most credit card loans, student loans are generally not dis-chargeable and haven’t been since 1998. However, in rare situations where undue hardship can be proven, the court may discharge them. If you have a very low income or if your loans are from a for-profit trade school, you have a better chance at getting them discharged, but hardship for these cases has still been notoriously difficult to prove in court. #studentloans

Will I lose my home if I'm filing for Chapter 7 #bankruptcy? Keeping your home depends on how much equity you have on it. In #NewYork State, debtors have an exemption of up to $150,000 for their principal residence. This exemption amount will vary from county to county. If you are married and the home is owned by both you and your spouse, debtors can protect up to $300,000 of equity. When filing a Chapter 7, be cautious if your home has more equity than the permissible exemption. If that is the case, you may have difficulties keeping your home.

How do I know if I should file for #bankruptcy? Many people wait much longer than they should to file for bankruptcy. It is ideal to file for bankruptcy before you lose your home in #foreclosure and before your car is repossessed. Filing early enough may be able to prevent the loss of your home and property. It may also be a good idea to consult with a bankruptcy attorney if creditors are calling you, you are barely able to make minimum payments on bills that you owe, or are about to be sued by creditors

Some common reasons why people go bankrupt: medical expenses, job loss, poor/excess use of credit, divorce/separation and unexpected expenses. We are dedicated to helping individuals, families, and businesses achieve a fresh start financially, no matter the reason.

Individuals can also seek renewal after difficult times by filing bankruptcy.

We've moved! You can now visit us at our new Huntington location: 52 Elm St #6, Huntington, New York 11743.

Did you know when you are filing for bankruptcy not all debts are dischargeable? Learn the difference between dischargeable vs nondischargeable debts so you don't have any unwanted surprises.