Bankruptcy Attorney Ackerman Fox Reveals How They Make Life Affordable For Those in Debt In East Meadow, NY

Ackerman Fox, LLP has just announced how filing for bankruptcy can make life a whole lot less stressful and how it can help rebuild credit in a matter of months. For more information visit http://ackermanfox.com/

Reluctance to file for bankruptcy is causing issues for those struggling to pay creditors, according to Neil Ackerman of Ackerman Fox, LLP.

For more information visit http://ackermanfox.com/

These issues include increased stress levels as well as a worsening credit profile compared with someone that has voluntarily filed for bankruptcy.

One of the most prevalent misconceptions is that bankruptcy means not being able to have access to credit for 7-10 years.

Although filing for Bankruptcy will remain on an individual’s credit report for that period, Ackerman commented, “recent reports s and studies have confirmed that people who file for bankruptcy are able to have more credit options after doing so, rather than those who needed to file but resisted filing due to their fear that they would never get credit again if they sought relief in bankruptcy,”

Furthermore, those who wait to file, according to Ackerman, often take out money to cover their debts from retirement assets. However, assets in certain types of accounts such as an IRA, 401K, pension plan, and 403B “cannot be touched after declaring bankruptcy.”

1 Correcting Misconceptions

When taking on a client, services offered by Ackerman Fox, LLP help address these concerns head-on throughout the entire process of filing for bankruptcy.

Part of doing this requires breaking down the negative stigma surrounding bankruptcy, according to Kamini Fox, partner at Ackerman Fox, LLP. “We explain to our clients that thousands of people declare bankruptcy every year, and it’s nothing to be ashamed of. It’s just a chance to get a fresh start in life for those who need it,” she said.

Many clients that walk through the doors of Ackerman Fox, LLP are able to file for Chapter 7 Bankruptcy, which offers advantages often unknown to people.

When asked to elaborate, Fox said, “After filing for Chapter 7, for example, then much or all of of the debt would be wiped clean and the credit rating usually increases within around a year as the client would no longer be liable on past due unsecured debts.”

The attorneys at Ackerman Fox, LLP also work to ensure that the clients can take steps to recover their access to credit after filing by sending them advice on how to rebuild their credit, including wording from an article that Neil Ackerman wrote entitled “Rebuilding Credit after Bankruptcy”, and explaining ways to avoid falling back into debt in the future.

2 Building Debt Strategies

The first thing that a client seeking legal advice can expect from Ackerman Fox, LLP is a phone conversation to assess basic facts whether or not it appears that filing for bankruptcy will help them, and an in person consultation is then scheduled with the client.

Both Ackerman and Fox are able to do this by asking a number of questions such as how much debt someone owes, what kind of debt it is, the number of assets they have, their monthly payments on houses, and as well as how much household income is brought in per month.

This is an important step in building a debt strategy with the client. “It allows us to screen a potential client to ascertain whether or not bankruptcy would be helpful for the client and which type of bankruptcy they should file into.”

3 Blocking Creditor Action & Wiping Out Debt

After deciding that a potential client should file for bankruptcy, the relevant paperwork is prepared and reviewed by the client to ensure everything required by law is disclosed to the Bankruptcy Court.

At this point, the goal is to go through a detailed process of reviewing all tax returns, bank statements, and pay stubs from all household members earning an income, as well as obtaining credit reports for the clients, reviewing information as to what they own or have a claim to, and what they owe. All of this collected information, according to Ackerman is then used to prepare the Bankruptcy petition.

Once the petition is filed, the client gets “breathing room.”

“Many of our clients come to us because they are being hounded on a daily basis with phone calls from creditors. Once they file for bankruptcy, there is an automatic stay that immediately comes into effect and prevents creditors from taking action against client. Garnishments, bank levies, and lawsuits including foreclosure actions, including scheduled foreclosure sales, are stopped.” Ackerman said.

For more information please visit http://ackermanfox.com/

Contact Info:
Name: Neil Ackerman
Email: Send Email
Organization: Ackerman Fox, LLP
Address: 90 Merrick Ave #400, East Meadow, NY 11554, USA
Phone: +1 516-493-9920
Website: http://ackermanfox.com/

Release ID: 258075