Atlantic City Bankruptcy FAQs

My mortgage company sent me a foreclosure letter. Can I still save my house?

A bankruptcy filing may halt a foreclosure sale if the bankruptcy is filed before the date of sale listed in the lender's sale notice. Under a Chapter 11 or 13 bankruptcy, you may be able to restructure your finances and strip a second mortgage so that your mortgage payment is reduced and folded into an affordable repayment plan. After a Chapter 7 bankruptcy, your lender may reinitiate foreclosure proceedings unless you are able to catch up on your payments or negotiate a mortgage modification.

If I file bankruptcy, will I lose my house and car?

Not necessarily. Bankruptcy provides options to preserve your house, vehicles and most important possessions.

If I file bankruptcy or fail to pay my debts, will I be charged with a crime?

Filing for bankruptcy or failing to pay consumer debt does not subject you to criminal charges.

Can creditors garnish my wages or take my things if I don't pay?

A creditor may garnish your wages after obtaining a judgment against you. Also, it may take some of your personal property and money. However, bankruptcy can stop all such actions immediately so you can eliminate debts and reorganize your finances.

I can't afford to pay my debts. How am I supposed to pay a bankruptcy attorney?

If you are hopelessly in debt, you can't not afford to retain a bankruptcy attorney. Completing a bankruptcy can eliminate your debts and free your income.

Can I stop collection calls, collection letters and lawsuit threats?

If you file for bankruptcy, a bankruptcy court will grant an injunction called an "automatic stay." This injunction prohibits creditors from calling you, sending you emails or otherwise harassing you about your debts, for the duration of your bankruptcy. The automatic stay can also be used to prevent foreclosure sales, end wage garnishments and postpone (or end) any debt-related lawsuits.

What will happen to my credit?

Bankruptcy remains on your credit report for 10 years. However, that does not mean that you cannot obtain credit for 10 years. After your bankruptcy is completed, you may find it more difficult to acquire credit, and what credit you receive may be offered at high interest rates. This is normal. The best way to rebuild credit is to take on small amounts of high-interest debt (such as a high-interest credit card) and then repay the full balance each month. As long as you bite off only what debt you can chew, you should be able to rehabilitate your credit in just a few years.

Will my employer fire me for filing for bankruptcy?

Employers may not retaliate against you, or terminate your employment, if you file for bankruptcy. This remains true even if your employer is required to withhold payments from your paycheck for creditors as part of your bankruptcy settlement.

I have income from Social Security and/or disability income. Can I still file?

Receiving income from government programs will not disqualify you from bankruptcy protection.

How long does a bankruptcy take?

A Chapter 7 bankruptcy usually last four or five months from the time of filing until the date of debt discharge. A Chapter 11 or Chapter 13 bankruptcy will last at least as long as the repayment plan. For a Chapter 11, this period is five years. For Chapter 13, it is three to five years.

Should I file for bankruptcy?

Whether you should file for bankruptcy is ultimately a decision only you can make. However, we can make you decision easier. Retain our law office, and we will help you to review the qualifying factors, including your monthly income, outstanding debts, personal assets and financial goals. Meet with experienced bankruptcy attorney Chad M Sherwood, and he can help you make an informed choice.

Let Our Atlantic City Bankruptcy Attorney Answer Your Questions · Free Consultation

To discuss your options for debt relief with a skilled and experienced bankruptcy lawyer, contact the Law Office of Chad M Sherwood, LLC, in Pleasantville, New Jersey, at 609-241-9377 or 866-261-2421 toll free. We assist individuals and business clients in Atlantic City and surrounding areas.

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