FREQUENTLY ASKED QUESTIONS ABOUT FILING A CHAPTER 7 BANKRUPTCY ON LONG ISLAND
This article, for individuals considering filing a chapter 7 or 13 bankruptcy on Long Island,
was written by Long Island bankruptcy lawyer Alan Pressman
Q. I filed a Chapter 7 bankruptcy in the past. Can I file again?
A. Yes - but in order to file another Chapter 7 bankruptcy, you have to wait until it has been more than 8
years from when you filed your prior Chapter 7. In addition, you can file a chapter 13 bankruptcy now-- as long
as it has been more than 4 years from when you filed your prior chapter 7.
Q. How long will a bankruptcy stay on my credit report?
A. A Chapter 7 bankruptcy stays on your credit report for 10 years from when the chapter 7 petition was
filed with the bankruptcy court. A Chapter 13 bankruptcy stays on your credit report for 7 years from when the
chapter 13 petition was filed with the bankruptcy court.
However, there is no need to wait 10 years or 7 years to start rebuilding your credit. Please visit my web page
on rebuilding credit after bankruptcy for more information on this subject.
Q. Do I have to list all of my credit cards on my bankruptcy petition?
A. Yes, you have to list all of your credit cards on your bankruptcy petition (chapter 7 or 13). However, if
you have a credit card that has a $0 balance at the time that your bankruptcy petition is filed with the court, you
do not have to list that credit card on the bankruptcy petition because it is not a debt at the time that of filing
the bankruptcy. Keep in mind that it is still possible that the creditor will cancel the credit card which has the
$0 balance, even though that debt is not listed on the bankruptcy petition. This is because many of the
creditors check your credit reports on a regular basis-- and it is often the creditor's policy that if they see a
bankruptcy on your credit profile, they will automatically cancel your credit card-- even though you have a $0
balance, are in good standing with them, and didn't list them on the bankruptcy petition. Cancellation of the $0
balance card doesn't always happen. Retail stores are more likely to let you keep your credit card in this type of
situation (because they want you to continue shopping in their store) than banks or American Express.
Q. I have a car that has a loan. If I file a chapter 7 bankruptcy, can I keep the car and continue to
make the loan payments?
A. Yes, as long as your equity in the car is not over the amount of the exemption (see the "exemptions"
page on this website). Typically, when you have a large car loan, your equity in the car will be within the
amount of the exemption, thereby allowing you to keep the car and to continue making the regular car loan
payments. However, in order to keep your car when there is a car loan, you normally have to "reaffirm" the car
loan. Reaffirming means that, at some point while the Chapter 7 bankruptcy is going on, the car loan creditor
prepares a "reaffirmation agreement" for the debtor to sign. The reaffirmation agreement essentially states that
the car loan agreement will stay in full force and effect beyond the bankruptcy-- exactly the same way that it
was before the bankruptcy was filed.
As well, if you file a chapter 7 bankruptcy and you have a leased car, you can keep making the regular lease
payments and keep the leased vehicle-- but you typically have to "assume" the car lease. Similar to reaffirming
a car loan, the car lease creditor prepares an "assumption agreement" for the debtor sign. If the debtor signs
the lease assumption agreement, the car lease agreement will stay in full force and effect beyond the
bankruptcy-- exactly the same way that it was before the bankruptcy was filed.
Q. Will my employer be notified that I filed a bankruptcy?
A. No. Only your creditors get notified that you filed a bankruptcy. Unless you owe money to your
employer, your employer will not be notified.
Q. Is a same-sex joint bankruptcy filing in New York, by a same-sex married couple, allowed?
A. Yes, it appears that a same-sex joint bankruptcy filing in New York, by a same-sex married couple, is
now allowed.
Check back soon for more FAQ's
Alan Pressman, Attorney At Law
1797 Veterans Highway Suite #22
Islandia, N. Y. 11749
(1/4 mile southeast of the Long Island Expressway, exit 57-- across from the Islandia
Shopping Center)
(631) 234-3883
CALL TODAY FOR A FREE CONSULTATION!
I have been actively handling Chapter 7 and Chapter 13 bankruptcy cases on Long Island
since 1981. My practice is 100% handling bankruptcy cases. I am a solo practitioner and,
as such, will handle your case personally.
Thanks for taking the time to visit my website.
Copyright 2011, Alan Pressman, Attorney At Law
Alan Pressman, chapter 7 bankruptcy lawyer near Rokonkoma,11779; Hauppauge,11788; Bohemia,11716;
Holbrook,11741; Islandia,11749; Central Islip,11722; Brentwood,11717; Islip, 11751; Islip Terrace, 11752;Bay
Shore,11706; East Islip,11730; West Islip,11795; Oakdale,11769; Sayville,11782; Blue Point,11715; Lake
Ronkonkoma,11779; Smithtown,11787; Nesconset,11767; Saint James,11780; Lake Grove,11755; Deer
Park,11729; Commack,11725; East Northport, 11731; Huntington Station,11746; Wheatley Heights,11798;
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Centereach,11720; Holtsville,11742; Medford, 11763; Middle Island,11953; Stony Brook,11790;
Coram,11727;Port Jefferson Station,11776; Patchogue,11772; Brookhaven,11719; Manorville,11949;
Yaphank,11980; Farmingville,11738; Shirley,11967; Mastic,11950; Mastic Beach,11951; Bellport,11713; Center
Moriches,11934; etc. --
serving all of Long Island since 1981
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