Five Things You May Not Know About Bankruptcy

At the Law Offices of Richard Scott Zirt in Monticello, our goal is to dispel the confusion and help you understand your rights when it comes to debt relief. Here are five things you should know about bankruptcy:

1. It's Not Shameful To File Bankruptcy

People from all walks of life can find themselves in unmanageable debt for reasons beyond their control such as job loss, divorce or medical bills. This doesn't make them irresponsible or "bad" people. In fact, the government created the Bankruptcy Code to help people turn these types of tough financial situations around. It only makes sense to take advantage of this option when necessary.

2. It Will Immediately Stop Collection Calls

If you're in debt, hiding from creditors can make things worse. Bankruptcy can give you a fresh start and real relief from creditors, eliminating your stress. As soon as a lawyer files for bankruptcy on your behalf, your creditors can no longer harass you or take action to collect what you owe them.

3. It Will Halt Foreclosure Proceedings

Even if you have already been served with a foreclosure notice, there may still be time to protect your home and turn your situation around. Filing bankruptcy will put an automatic stay into effect, halting the foreclosure proceedings and giving you more time to get your financial affairs in order.

4. You Can Often File More Than Once

Some people think you can apply for bankruptcy only once in your life. This is untrue. If you've applied for bankruptcy before, you may be able to apply again after a certain amount of time.

5. You Won't Lose Everything You Own

One of the most common misconceptions about bankruptcy is that it means giving up absolutely everything. This isn't the case. Both New York and federal laws provide exemptions, allowing you to keep a certain amount of personal property and assets.

To learn more, simply call the Law Offices of Richard Scott Zirt at 800-390-5276 and set up a consultation with our attorney. You can also reach our office online.

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