FAQs on Bankruptcy

Frequently Asked Questions (FAQs)

Here are some of the most frequently asked questions on bankruptcy, mortgage modifications & foreclosures, credit report legal services, and dealing with debt collectors in New York and New Jersey.

There are three main types of bankruptcy: Chapter 7 (liquidation), Chapter 13 (reorganization), and Chapter 11 (Business reorganization). Chapter 7 eliminates most dischargeable debts, while Chapter 13 allows you to repay debts through a court-approved plan. Chapter 11 is filed when a business is unable to repay its creditors and needs to effect a liquidation or reorganize.

Not necessarily. Exemptions allow you to protect certain assets based on your state's laws. We can advise you on what you can keep.

Not necessarily. While filing for bankruptcy can negatively impact your credit score initially, it also provides an opportunity to rebuild your credit over time with responsible financial management.

There are filing fees, but we can discuss the total cost during a free consultation regarding the legal fees.

Stops creditor harassment, eliminates dischargeable debt, and provides a chance for a financial fresh start.

FAQs on Mortgage Modifications & Foreclosure

A process where your lender agrees to change your loan terms (lower interest rate, extend the loan term) to make payments more affordable.

Contact us immediately! We can explore options like loan modification, foreclosure defense, or exploring alternatives.

It involves the creditor taking legal action to repossess your home. We can help you fight foreclosure in court.

Yes, filing for bankruptcy can provide an automatic stay, temporarily halting foreclosure proceedings.

Reduces monthly payments, prevents foreclosure, and allows you to keep your home.

FAQs on Credit Report Legal Services

Below are the questions people ask the most about credit report legal services:

Reduces monthly payments, prevents foreclosure, and allows you to keep your home.
Asked Question

FAQs on Credit Report Legal Services

Below are the questions people ask the most about credit report legal services:

You are entitled to a free weekly credit report. Review these reports for inaccuracies like incorrect balances, late payments that were made on time, or accounts that don't belong to you.

We can draft dispute letters to credit bureaus and creditors to challenge inaccurate information.

The Fair Credit Reporting Act (FCRA) mandates credit bureaus to investigate disputes within 30 days.

Absolutely! Removing negative or inaccurate information can significantly improve your credit score.

With a good credit score, you can enjoy many benefits including qualifying for better loan rates, lower insurance premiums, renting an apartment with ease, starting a new business with ease, and more.

FAQs on Dealing with Debt Collectors

Dealing with debt collectors can be a stressful experience. We have answered some of the most asked questions below:

The FDCPA protects you from harassment, threats, and unfair debt collection tactics.

They cannot call you before 8 am or after 9 pm, disclose your debt to third parties, or use abusive language.

Keep a record of all communications and contact us. We can help you stop the harassment and explore debt solutions.

Yes, but it's important to have legal counsel and guidance to ensure the agreement is fair and protects your rights.

Our team can stop harassing calls, negotiate debt settlements, and ensure your rights are protected under the FDCPA.

Get Professional Legal Representation Today

AT The Law Offices of Gus Michael Farinella PC, we are a full-service law firm committed to helping our clients avoid debt consolidation companies that are often predatory, expensive, and really cause more problems than sound legal solutions. To book your free consultation today, call us at (516) 326-2333 or complete this contact form (insert link).