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Myths About Bankruptcy

There are many misunderstandings concerning the bankruptcy process. The purpose of this section of my website is to dispel the common misconceptions men and women have regarding filing bankruptcy.

I Will Never Be Able to Obtain Credit

You will be able to obtain credit! The purpose of the bankruptcy laws is to enable individuals and corporations who have debt, to eliminate and obtain a fresh financial start. In most cases you can start re-establishing your credit in six months and totally rehabilitate your credit within a year.

I Will Lose My House

This is generally not true. An individual filing a Chapter 7 bankruptcy has a $150,000.00 homestead exemption. If a husband and wife file a Chapter 7 bankruptcy they can keep their home even if there is $300,000.00 in equity! There are various types of personal property, cars, pensions, life insurance policies that are also exempt, which means you get to keep them even if you file bankruptcy.

I Will Get Fired From My Job

You will not! Employers can not fire you from your job if you file bankruptcy. This would be a violation of federal law.

I Won’t Ever Be Able To Buy A Home

Since you can rehabilitate your credit after you file bankruptcy, the filing of a bankruptcy, whether it be Chapter 7 or Chapter 13, will not stop you from purchasing a home in the future.

Contact a New York Bankruptcy Attorney Today

We have offices in Lynbrook, Queens, and Suffolk County, and we represent individuals throughout the New York metropolitan area, including Long Island, Nassau County, Suffolk County, Westchester County; and NYC’s five boroughs of The Bronx, Brooklyn, Manhattan, Queens, and Staten Island, NY.

Law Offices of Schlissel DeCorpo

Contact us to discuss your case and our qualifications to represent you. Feel free to call toll free, any time, day or night, at 1-800-344-6431 or contact us at 718-350-2802. You can also reach us in Nassau County at 516-561-6645.

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