Bankruptcy Lawyer New York

When you file for bankruptcy, your three biggest fears might be the notion of losing your home, the image of having your current lifestyle significantly altered, and the worry that your current wages might be garnished. Most families or business owners will file for bankruptcy in order to prevent their home from being foreclosed on, while businesses liquidate their possessions to break even. Any bankruptcy lawyer will do his best to save your home and personal items, but it’s up to you to get someone’s help.

The Effects of Bankruptcy

There are multiple consequences that may come into effect when you file, but they are all worth the freedom you will feel once your debt has been eradicated and your stress is gone. Bankruptcy will affect your credit, and most people will recognize how complicated it may be to purchase a car loan or even open up a savings account. If you are looking to change careers, you may see that it is hard, as some companies and government agencies will carry out a credit check.

It is important to note that this ugly stain will not remain on your credit history forever, and Chapter 13 and 7 will appear on your history for 10 years if your case is discharged. When a bankruptcy case is dismissed, the time it takes for the black mark to go away from your record differs, from as many as 10 years with Chapter 7 to as little as seven years with Chapter 13.

Garnished Wages

Garnished wages policies stipulate that you promise to hand over a percentage of your wages to help pay back your creditors, a procedure that can cause lifestyle changes for families. No matter if you employ a Woodland Hills bankruptcy attorney or a Fullerton bankruptcy lawyer, each will fight to keep your wages from being garnished and prevent any major lifestyle changes from taking place. However, it is important to note that each individual’s situation is different, and most often, families with low income will not have their wages garnished.

Foreclosure

For most middle-class Americans, their mortgage payment is the largest expense each month alongside a car payment and utility bills. Most people cannot spare the money to pay their mortgage if they cut some of their hours at work, and if they get laid off, most will likely lose their home. Most individuals elect to visit with a lawyer before their residence goes into foreclosure, helping keep a roof over their heads and preventing any long-term financial issues. If you talk to a Thousand Oaks bankruptcy attorney or a Ventura lawyer, both will give you the same suggestion: file and save your home to ward off the long-term consequences that may come.