The attorneys with Zelenitz, Shapiro & D'Agostino discuss the circumstances that determine whether or not you can keep your car after filing a chapter 7 bankruptcy.

1. Bankruptcy Lawsuit
During these debt ridden moments when majority of the population is experiencing
financial crunch, submitting bankruptcy is viewed as a prevalent practice. It is the
best way to become debt free payable to somebody by submitting a lawsuit to state
that their belongings and monetary resources are available for the bank as
settlement for the debt.
There are several questions generally questioned regarding declaring a bankruptcy
case. A few of them being:
• Am I Allowed To Keep My Vehicle In case I File A Chapter 7 Bankruptcy?
• Can there be some possessions left without disclosure while submitting
bankruptcy?
• Is bankruptcy risky in long-term economically specifically with relation to
credit history?

2. The replies to the queries aren't always simple and could get extremely puzzling
when reviewed with regards to other cases. It will always be better to have in depth
analysis undertaken before deciding the step forward with economic scenarios. The
entire analysis of the monetary situation of an individual provides perspective in
terms of the alternative to monetary issues. This process of declaring bankruptcy
lawsuit is a move which impacts the current and potential projects of the person
and could be a deciding factor in particular scenarios mainly those related to strong
credit records. Therefore, it is usually sensible to have professional experts like
Attorney David Shapiro and other reputable firms including Queens Bankruptcy
Attorney. They are competent people that know the laws of each and every state
governing the bankruptcy regulations.
The rules of bankruptcy are different for different states of United States. This may
be stated by talking about a question like ‘Is It Possible To Keep My Car If I File A
Chapter 7 Bankruptcy?’ and the straightforward answer would be of course for the
state of New York. The State Laws and regulations of New York permits an
individual to keep their vehicle in case of applying a bankruptcy lawsuit with a
maximum of $4,000 in equity. This means that they are able to keep their car even
after applying a bankruptcy lawsuit if the actual difference between the worth of the
car and the loan payoff is lower than $4,000. In some instances where people file
Chapter 7 Bankruptcy Lawsuits, they may choose Federal exemption rather than
New York State ones that mostly varies on the truth that they can get Wildcard
exemption. Wildcard exemption under Federal law enables a person to keep their
vehicle after declaring a Chapter 7 bankruptcy lawsuit, substantially greater than
$4,000 in equity. Additionally, there is the option of leasing the vehicle and making
payments might allow the individual to keep the vehicle specifically if had to travel
for work. Some leasing firms help reaffirm debt and payments positively affect the
credit ranking of the person in debt and some do not.
Such events are stressful and the risk of damage to the credit score usually makes it
hard to decide. Generally it is used a final option because bankruptcy nevertheless
attaches a large amount of stigma and distress with itself in the society. Expert help
is definitely nice however should be mindful and vigilant at each step so as to not get
blindsided at any point.
Zelenitz, Shapiro & D'Agostino, P.C.
138-44 Queens Boulevard
Queens, New York 11435
(718) 599-1111
http://www.queensbankruptcylawyers.com/