Frequently Asked Questions


Q: Will filing bankruptcy destroy my credit?

A: To the contrary, most people that file bankruptcy find that they are extended credit almost immediately after filing. There are two main reasons for this: the lenders know that the borrower doesn’t have any competing debt as it has all been eliminated through bankruptcy and lenders know that the borrower wants a “fresh start” and will work to repair his credit rating.


Q: Does my spouse have to file with me?

A: No. In the State of New York, your spouse is not required to file with you, though in some cases it may be advisable. Let an experienced bankruptcy attorney at the Koplen Law Firm evaluate your situation and give you the best advice.


Q: Should I file a Chapter 7 or Chapter 13?

A: That depends on your personal situation. Generally, if you have significant equity in a home or other valuable asset, you should consider a Chapter 13 filing. If you have few assets, a Chapter 7 filing may be more appropriate. Your attorney will know how to advise you.


Q: Should I be ashamed to file bankruptcy?

A: No! Bankrutpcy is a LEGAL process enacted into law by the Congress of the United States, and the President. The roots of bankruptcy law are very deep and are found in the Bible. The main idea is that some people need this type of relief to get out of debt that would otherwise overwhelm them and control their lives forever. Bankruptcy is a powerful legal tool that is used to give people a “fresh start” when they need it the most. You are entitled under the law to this relief.


Q: Who Knows About My Bankruptcy Case?

A: Although bankruptcy filings are technically public filings, the only people who will know about your bankruptcy are your creditors, and your attorney. Nobody else is notified. Your employer will not be notified. It is highly unlikely that your friends, associates, or acquaintances will ever know that you filed, unless you tell them yourself.


Q: Can I eliminate back taxes?

A: In some cases, yes. If your back taxes are more than three years old, and you filed on time, and you have not had a re-assessment for the past 240 days, you should be able to eliminate these amounts with a Chapter 7 filing. The bankruptcy attorneys at Koplen Law Firm will able to advise you in greater detail.


Q: My car was repossessed. Now they claim I owe them even more money. Can bankruptcy help?

A: Yes! A filing under either Chapter 7 or Chapter 13 should eliminate these charges.


Q: I owe more on my house than it is worth. Can bankruptcy help me?

A: Yes! Bankruptcy should eliminate all unsecured debt including money owed on your mortgage which exceeds the value of your home. Of course, this is a complicated situation and you should consult with an experienced attorney to sort it out for you.


Q: How do I choose a bankruptcy attorney?

A: Choose an experienced attorney who charges reasonable fees and has a great track record. The attorneys at the Koplen Law Firm are highly experienced. Michael A. Koplen has helped hundreds of borrowers with bankruptcy filings over the years.