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Depending on whether your filing included assets or not, and whether the debt is secured or unsecured, this may be a minor inconvenience, or it could result in an asset being repossessed. Here are the most common scenarios:

● No-asset filing, unsecured debt: Unsecured creditors have no right to collect after a no-asset discharge.
● No-asset filing, secured debt: Failure to include a secured creditor means that you have denied the creditor the right to file a claim in your case. The creditor may pursue foreclosure, repossession, or other legal action to collect the debt.
● Asset filing, unsecured and secured debt: Your creditors have the right to file a claim in your case, recovering some amount of money from the trustee’s sale of your assets. By depriving your creditors of this right, you entitle them to take action to collect.

Talk to a qualified Queens bankruptcy attorney today to find out how to protect yourself if you’ve left off a creditor from your Chapter 7 filing.

Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.

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Yes, a short sale, like foreclosure itself, will have a negative impact on your credit score.

It may not seem fair, but for homeowners who are stuck in underwater mortgages and struggling to make payments, the choice between foreclosure and short selling isn’t as simple as one might wish.

From the point of view of credit reporting agencies, short selling and foreclosure are the same thing.

There are advantages to choosing a short sale over walking away and letting the bank foreclose, though.

If you intend to buy property in the future, a short sale will only cause lenders to penalize you for two or three years, while foreclosure can prevent a new mortgage loan for five, seven, or even more years, depending on the lender.

At Zelenitz, Shapiro & D’Agostino, we understand that these are difficult choices made in difficult times, and can offer you valuable guidance that can minimize the impact of your next steps and help you get back on your financial feet.

Call us today at 718-599-1111 for a free consultation.

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If the debt in question was properly discharged in bankruptcy, then you may have grounds to sue a debt collector who violates the discharge injunction.

When the debt collector calls, let them know that the debt has been discharged in bankruptcy court. If they continue to call, talk to a bankruptcy attorney.

An attorney can confirm that the debt was discharged and not reaffirmed, and can initiate legal action against unscrupulous creditors who attempt to collect a debt in violation of the law.

Call the Queens bankruptcy attorneys at Zelenitz, Shapiro & D’Agostino at 718-599-1111 and learn how you can fight back against collections agencies who ignore your cleared debt.

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Yes, a spouse can file for bankruptcy as an individual, or couples can file together. One advantage to jointly filing is that a couples’ exemptions are doubled.

On the other hand, if one spouse retains a favorable credit rating, the family’s options for purchasing a home or car at a low interest rate improve.

There are a variety of scenarios that married people should understand before filing for bankruptcy.

The attorneys at Zelenitz, Shapiro & D’Agostino can help you examine all the possibilities and structure the most favorable possible bankruptcy filing in your case.

Call us today at 718-599-1111 and talk to a Queens bankruptcy lawyer for free.

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Yes, you’ll list all assets you own, including your house. Because of your spouse’s interest in the home, you won’t be able to surrender the asset to bankruptcy court, and the filing won’t impact the mortgage payment.

It may be beneficial for you to consider your options when it comes to reaffirming your mortgage. You may be able to eliminate your personal liability to the mortgage, which can be beneficial in some circumstances.

By talking your options through with an experienced bankruptcy attorney, you can learn how to maximize your exemptions and protect your most valuable assets while discharging your debts and moving on.

Call the Queens bankruptcy attorneys at Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.

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Yes, within reason, most bankruptcy courts allow a certain amount of conversion of non-exempt assets to exempt assets prior to filing for bankruptcy.

This can take many forms, like selling a non-exempt asset like a boat in order to buy an exempt asset like a car, or moving cash from a non-exempt account into an exempt retirement account.

This must be done with care, and within reasonable limits.

Any appearance of fraudulent maneuvering before bankruptcy can complicate or even stop your effort to declare bankruptcy, and some judges and trustees are more sensitive to asset conversion than others.

The best way to protect yourself and your assets is to work with experienced bankruptcy attorneys.

Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.

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Yes, in most cases, you can do a certain amount of selling non-exempt assets and purchasing exempt ones – or moving the money into an exempt account like an IRA or 401(k) – before you file for bankruptcy.

There are risks in doing so, and any bankruptcy court will take umbrage at the appearance that you’ve tried to defraud your creditors by making funds unavailable to them.

However, properly handled, some amount of asset conversion is just smart financial planning, and you won’t be penalized for it in most cases.

Our bankruptcy attorneys can help you plan for bankruptcy in the most effective ways, and can maximize your exemption and your cash and assets post-bankruptcy.

Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 and talk to a bankruptcy lawyer for free.

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If you’re behind on your mortgage and considering bankruptcy, it’s a good idea to talk to an attorney first and understand all your options.

While the mortgage company can’t just come and take your house, notifying them that you’re considering bankruptcy may change their willingness to work with you to cure a default or late payment.

Professionals who work in bankruptcy and foreclosure have a sense for how a given mortgage lender tends to deal with its customers, and can advise you of your best strategy in light of your entire financial picture.

Bankruptcy may make it easy to get caught up on late mortgage payments by clearing away credit card and other unsecured debt.

Or you may be considering surrendering your house as part of the filing.

Both have huge implications for your financial future.

Call the attorneys at Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation with an experienced bankruptcy and foreclosure attorney.

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No, the bankruptcy trustee is appointed by the US Department of Justice, and acts as an administrator for cases in the federal bankruptcy court system.

The trustee should be an impartial actor who works to fairly and properly allocate funds you have to creditors you owe, usually at a steep discount.

The trustee has considerable authority to investigate your financial life, which can feel adversarial for many filers, but the trustee himself (or herself) does not work for your creditors.

Working with the bankruptcy trustee can be uncomfortable, and it can help to have a trusted advisor to guide you through the process and raise issues with the trustee.

Call the attorneys at Zelentiz, Shapiro & D’Agostino at 718-599-1111 to learn how we can help you through the bankruptcy process so you can move forward with your life.

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Yes, you’ll be required to disclose loans and any co-signers of loans, and they will be notified of the bankruptcy filing.

This can be embarrassing for some filers, although from the perspective of family members who co-signed student loans, the filing may actually come as good news.

If you are able to discharge much of your debt and heal your finances, you’ll be in better shape to meet the obligations you can’t discharge, like student loans.

Bankruptcy is no one’s first choice, and there are trade offs in any decision of this magnitude.

You’ll sacrifice some of your privacy in exchange for a lot more control over your finances.

For most people considering bankruptcy, it’s a trade off worth making.

The attorneys at Zelenitz, Shapiro & D’Agostino can help you understand the implications of a bankruptcy filing.

Call us today at 718-599-1111 for a free consultation.

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