Bankruptcy FAQ

LAW OFFICES OF
CHRISTIAN H. DRIBUSCH

Experienced Bankruptcy Attorney

Frequently Asked Questions

Successfully
Navigating You
Through the
Bankruptcy Process

Serving clients throughout the New York Capital Region including
Albany County, Columbia County, Greene County, Rensselaer County,
Saratoga County, Schenectady County, Ulster County and other
surrounding New York counties.

Bankruptcy is a Federal Law (11USC) created for the purpose of giving debt relief
to individuals and businesses. Congress recognized that many people many
people will run into financial difficulty throughout their life time so they created
bankruptcy laws to protect them from their creditors. Congress understood that
there will be many people who want to repay their creditors, but due to unforeseen
hardships (i.e., divorce, high medical bills, loss of a job, etc) they simply cannot
repay their creditors.

What advice can a bankruptcy attorney give me?
An attorney can give you candid advice on the following:
1. Whether or not you should file bankruptcy. Unlike some attorneys, I will advise
you NOT to file bankruptcy if I do not believe it would be in your best interest;
2. How to plan, if necessary, for the bankruptcy filing;
3. The cost to file bankruptcy;
4. The pros and cons of filing bankruptcy;
5. Outline the bankruptcy process;
6. What can be done to rebuild your credit after you file bankruptcy.

Do I have any obligation to file bankruptcy?
ABSOLUTELY NOT. Don’t let anyone tell you that you MUST file bankruptcy. There
may be financial reasons why it would definitely be in your best interest to do so,
but there will never be an obligation. If you meet with me, you will get very candid
advice about whether or not you should file for bankruptcy. Many of my clients
come to us by referrals from former clients AND people who met initially with me
but did not end up filing after receiving candid advice from me.

What is an exempt asset?
An exempt asset is an asset that cannot be taken away from you by the bankruptcy
trustee if you file bankruptcy. Asset exemption can become complicated so an
experienced bankruptcy attorney will be helpful. Very few people I meet during their
free initial consultation have any non-exempt property. Most people have a home,
a car, household items, and retirement accounts, all of which are exempt in
bankruptcy. Therefore, it is only on occasion that I meet someone who has non-
exempt assets.

Can I keep my property?
Usually. Very few people that I meet during their free initial consultation have any
non-exempt property. Most people have a home, a car, household items, and
retirement accounts, all of which are usually exempt in bankruptcy. It is only on
occasion that I meet someone who has non-exempt assets. Therefore, the vast
majority of people I meet will be able to keep all of their property.

Will creditors still be able to harass me?
No. One of the great benefits of filing bankruptcy is, as of the date your bankruptcy
is filed, all of your creditors are prohibited from calling you, writing you letters, or
taking any further collection activity against you. This means your creditors will no
longer be able to call you at home or at work or at all hours of the day and night,
they won’t be able to send you nasty collection letters, and they won’t be able to
file a lawsuit against you.

Does my spouse have to file with me?
No. However, it may be in your spouse’s best interest to do so. I will advise you
during your free initial consultation whether or not it is in your and your spouse’s
best interest to exclude your spouse from your bankruptcy fling. It will be entirely
your spouse’s decision as to whether or not he or she files bankruptcy with you.