Legal Question in Bankruptcy in New York

Young and wanting to file banruptcy?

I am 22 y/o , I am currently in debt to about 15,000, I want to know if it would be feasible to consider bankruptcy. I am trying to change careers so I am going back to school in january, I don't have any assets exceptcar that I bought cash. My father is paying my school tuition. I basically just have credit card bills and don't know if I will ever able to catch up , I was out of work for approx. 6 months and was deliquent prior that sevral times so my credit score is already bad. From the research I have been doing it seems even if I pay it off it still does not improve my credit. I only work part time would that be negative against me? I see as at least I would be able to start fresh by the time I am in my thirties. I also would be trying to open business in the next two to three years as well as buy house wouldthat still be possible. If I aquire assets during bankruptcy to I have to pay creditors.I have heard from many people that even though the bankruptcy is on their credit report they were still able to get things at reasonable rate.


Asked on 12/22/04, 9:37 pm

3 Answers from Attorneys
Jacob Silver Attorney At Law

Re: Young and wanting to file banruptcy?

You may be a very good candidate for bankruptcy, which may be able to wipe out all of your dents and keep your car and other assets. i would need to have a free consultation with you to explain your options to you, and come up with a plan for you.

I am also happy to discuss Credit Rebuilding with you.

Call me for yor Free Consultation.

Check out my web site for more information, and to get started.

Jacob Silver

Atorney At Law

(718) 855-3834

http://www.silverbankruptcy.com

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Answered on 12/24/04, 2:34 pm
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Young and wanting to file banruptcy?

This is a personal decision.

The Bankruptcy will be on your record/credit report for seven (7) years. On the other hand, the bankruptcy is far less of a stigma than it was. My clents get new credit card applications within 90 days of the granting of the Bankruptcy decree.

The impact of the Bankruptcy decree is that all debts listed on the petition are discharged. The creditors may not take any action to collect them. You are required to pay nothing and the creditors may do nothing to collect the money.

The automobile may be a problem depending on its value. But because you have no other exemptions (no other property of value), I am very confidant it can be saved/exempted under the New York law. (NY has placed out of the Federal exemptions and NY law governs this issue. A minor variation that will be helpful to you).

My fee is $400 for a Chapter 7 Petition and you are welcome to a consultation for no fee.

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Answered on 12/23/04, 1:50 pm
Richard Feinsilver Richard S. Feinsilver, Esq.

Re: Young and wanting to file banruptcy?

Thank you for your inquiry.

Now is probably the best time for you to consider filing for bankruptcy. By the time that you complete your education and enter your career, you should have already begun to re-establish credit (usually 1-2 years after filing).

If you would like to proceed, please contact me at 800-479-6330 to schedule a free consultation. We have an office at 111 Livingston Street for your convenience.

Richard S. Feinsilver, Esq.

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Answered on 12/23/04, 5:33 am


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