Common Bankruptcy Questions

Here are answers to common bankruptcy questions. Click on the links for more information.

  • Why do I need an attorney? We often work with clients who initially asked this question before they saw us. We also regularly work with clients who tried to file bankruptcy for themselves. Often the experience of people who have tried to do it themselves serves as the cautionary tale that convinces people to work with an experienced bankruptcy attorney.
  • What debts are discharged in bankruptcy? Are you someone who believes that they cannot discharge medical debt? Or that taxes cannot be discharged? Perhaps you are considering the possibility of discharging student loans. Under any of these scenarios, you want to work with someone who has the experience and the knowledge you need to understand the unique rules that do (and do not) apply in these circumstances. We have helped a number of people eliminate debt they thought they would never eliminate. We have also helped people avoid filing a bankruptcy that might cost them their homes, but yet eliminate none of the debt they had hoped to discharge.
  • How can I save my home? Bankruptcy law offers a variety of ways in which you can save your home. For instance, you can file a Chapter 7 bankruptcy to delay the foreclosure process and give yourself the time you need to save your home. You can also file a Chapter 13 bankruptcy plan that will allow you to pay off your currently late payments and catch up with your mortgage over a number of years.
  • How can I save my car? Chapter 13 allows you to take a number of steps in this regard. You can roll your late payments into payments you make under your Chapter 13 bankruptcy plan. You can also "cram down" the existing amount owed so that it equals the actual current value of your car.
  • Chapter 7 vs. Chapter 13: Other people mistakenly think the only available bankruptcy option is Chapter 7 and that if their income is too high for a Chapter 7 that they cannot file bankruptcy. They know nothing about Chapter 13 bankruptcy. We enjoy helping people understand the differences between Chapter 7 and Chapter 13 and which option is best for their individual financial needs and goals for the future.
  • Can I discharge student loans? Like many questions in bankruptcy, the answer depends on a number of factors. While student loans are normally not dischargeable, there are circumstances that may allow for it. We will explain the circumstances under which student debt can be discharged.
  • What are the benefits of bankruptcy? Our experience enables us to help people see bankruptcy for what it is meant to be: a way to restructure one's financial arrangements in order to move forward successfully. We help our clients use bankruptcy to eliminate poorly performing contractual obligations, to restructure bad debt and to position themselves to take advantage of opportunities in the future while also re-establishing their financial independence.
  • Can I buy property after bankruptcy? One of our greatest pleasures is helping people understand they can buy property after bankruptcy. In dispelling this all-too-common myth, we work with our clients to ensure the proper timing requirements are observed and any necessary paperwork is made available. We can also help our clients understand the various practices they can adopt to rebuild their credit and maximize their opportunities to buy property after bankruptcy.

We Can Answer Your Questions

At Levitt & Slafkes, P.C., we have more than 30 years of experience helping people get out from under the mountains of debt they have accumulated. Our lawyers find the best solution to your financial problems and are with you during every step of the process.

How To Contact Us

Contact us to schedule a free initial consultation with one of our Essex County debt relief lawyers. You can reach us by filling out our online form or by calling 973-323-2953.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.