Dealing with financial woes is never easy, and more often than not, we have to make some serious tough decisions. Most people don’t have detailed views of bankruptcy laws, and understanding the complicacies can be overwhelming. If you are in New York, the first thing to do in a tough debt situation is to seek legal assistance. In this post, we will try to understand some of the aspects that will eventually matter. |
1. The question is whether you should file for bankruptcy in the first place. Every kind of financial situation is unique, and you will have to start by finding a genuine New York bankruptcy attorney. Depending on the facts of the case, he will offer a clear view of all the aspects.
2. Typically, most people consider bankruptcy under circumstances. If you are being harassed for overdue payments, facing foreclosure on your home or any property, dealing with car repossession or have been sued, you may consider filing for bankruptcy. People with overwhelming debt often use bankruptcy as a way of getting out of the situations, although there are a few consequences.
3. Most people are concerned about the debts that can be discharged after filing for bankruptcy. Now the state laws can vary, but in New York, you can expect to get discharged from credit card bills, personal loans and medical bills under Chapter 7 bankruptcy. Do note that there is no way to use bankruptcy for discharging support payments.
4. Your lawyer will typically tell you about both Chapter 7 bankruptcy and Chapter 13 bankruptcy. Under Chapter 7 bankruptcy, you will get rid of the unsecured debts and can start afresh with your finances. On the other hand, Chapter 13 bankruptcy is meant for people who have significant assets, and they will have to develop a special payment plan, which will help in dealing with the debt payments. The payment plans in Chapter 13 bankruptcy can be between three to five years.
5. Choosing a bankruptcy attorney isn’t easy for sure, and there is a need to focus on finding the rightly experienced legal firm. You don’t want to deal with all the complicated paperwork and legal hassles, and a good and reputed attorney will take up everything. Make sure that you check for lawyers who have a record with bankruptcy cases. There is no harm in asking a few questions, especially if you are unsure of how the laws work.
The entire bankruptcy process can be really complicated, especially when you are new to the concept. Keep in mind that all the proper procedures and steps must be adhered to, so that all kinds of debts, especially the unsecured ones can be disposed. While it isn’t compulsory to hire a lawyer, it is always a good idea to seek legal assistance. This will only save time and ensure that you haven’t missed any aspect. Creditors can get nasty at times, and it is a good idea to move in a planned and phased manner as needed and required by the law.
Howard S. Warner Attorney
Web Site: www.howardwarnerlaw.com
116 West 23rd Street, 5th floor New York City, New York 10010
Telephone: (917) 783-0906
I am a marketing representative of https://howardwarnerlaw.com. Howard Warner Law Firm proudly provides consultation to New York residents for Chapter 7 and Chapter 13 bankruptcy, asset repossession and mortgage foreclosure prevention.
Related Articles -
New York Bankruptcy Attorney, New York City Bankruptcy Attorney, Flushing NY Bankruptcy Attorney,