FAQ About Bankruptcy

Can I keep my car?

Many cars are protected under the bankruptcy law in New York and New Jersey. If you have a car loan or lease, you can continue to make the payments and keep the car in almost all cases. Many cars without loans are also protected. Again, to know for sure, it is prudent to discuss with an attorney all of your property to be sure your property is protected. Please call us for a free consultation: 212.315.3755.

Can I Keep My Home?

In the New York City area, most homesteads: houses, co-opts, condos, are protected by New York’s homestead protection laws. New Jersey homestead laws are not as generous, but also protect many homes. If your home is too valuable, you may not want to file a Chapter 7 bankruptcy because the Court could sell it to pay your bills. Chapter 13 bankruptcy always protects homes if a home is too valuable to be protected in a Chapter 7 bankruptcy.

Again, the best way to find out if your home is protected is to consult with us or another bankruptcy attorney to be sure.

What about my bank account?

Filing bankruptcy does not force you to close your bank account.

What about immigration status?

Filing for Bankruptcy will not hurt your immigration status. You can still get a green card and can still become a citizen, exactly the same as before.

Will my employer know?

Filing Chapter 7 Bankruptcy will not involve your employer.

Will I be garnished?

Filing for Chapter 7 Bankruptcy does not mean you will be garnished. It makes it illegal for your credit cards and medical bills to garnish you after your case is filed.

Can I Keep My Pension and Social Security?

Your 401(k) pension, IRAs opened for retirement, social security are all protected under bankruptcy regardless of how much you have saved in your retirement.

Can I Keep Bank Accounts and Other Property?

Most people do not lose any assets when they file for Chapter 7 bankruptcy. New York and New Jersey law allows you to keep your furniture, clothes, and car up to certain limits of value. The law also gives you the right to protect other assets: bank accounts, cars– again up to certain limits.