Law Offices of Neil Crane, LLC - Frequently Asked Questions

The following information includes frequently asked bankruptcy questions. The answers stated are general in nature and are not intended to apply to every bankruptcy and/or debt consolidation situation. Each case is different and carries its own set of circumstances which must be taken into consideration by competent legal counsel. By contacting Law Offices of Neil Crane, you will receive a personal consultation regarding your specific legal claim.

Q: Will bankruptcy stop my home from being foreclosed and/or my car from being repossessed?
A: Bankruptcy can prevent a foreclosure of your house or a repossession of your car. An "automatic stay" arises by law the instant a bankruptcy is filed. The automatic stay stops the foreclosure process and prevents any collection actions, such as repossessions or garnishments. Bankruptcy may also allow you to consolidate your mortgage arrears or automobile balance, and make payments on those debts over time through a repayment plan designed by Attorney Neil Crane.

Q: Will bankruptcy stop a lawsuit against me?
A: If you are being sued, we strongly urge you to speak with Connecticut debt-relief Attorney Neil Crane about filing for bankruptcy. A bankruptcy filing will stop a lawsuit immediately and prevent your creditors from placing a lien against your house or garnishing your wages.

Q: Do I have to go to court?
A: Not under Chapter 7, instead there will be an initial meeting of creditors approximately 30 days after the filing of your case. An attorney will be present with you at the meeting, which generally lasts for five to ten minutes. This meeting is generally held in an office building or a hearing room with your creditors. The trustee will ask you questions about your bankruptcy filing. You will have already answered these types of questions in prior meetings with counsel. Under Chapter 13, there is a one time court appearance that generally lasts five to ten minutes. Bankruptcy trustees and Judges are there to help you and will always treat you with the respect that you deserve.

Q: Can I keep my car and/or my home?
A: Yes, under Chapter 7 you would continue to make mortgage and car loan payments, while retaining your home and vehicle. Chapter 7 discharges unsecured debts, meaning your creditors are legally prevented from taking your car or home as long as you continue to make your regular monthly payments.

Q: Will I lose my personal possessions?
A: A properly prepared bankruptcy petition will protect all of your personal possessions. Bankruptcy law allows you to take exemptions to protect your home and personal belongings. While there are limitations, these exemptions are both generous and flexible.

Q: How do I rebuild my credit after filing for bankruptcy?
A: Although bankruptcy may be legally reported on your credit report for up to 10 years, you can begin to reestablish your credit immediately after your bankruptcy discharge. In fact, it is likely that pre-approved credit cards will arrive within weeks of a bankruptcy filing. However, borrowers should wait 1-2 years before obtaining credit cards, car loans or a mortgage to avoid higher interest rates.

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