It is not only those who have little in the first place who can experience financial difficulties and struggle to pay off debt. At Macco & Stern, we have seen people in dire straits despite earning a substantial income on a regular basis. Your financial problems may have resulted from circumstances beyond your control, such as an economic downturn. Chapter 13 bankruptcy is for those who have the ability to earn enough to pay off their debts but need extra time to do so.
When you realize you have more debt than you can handle, you may consider filing for bankruptcy in New York to find financial relief. There are many different kinds of bankruptcy and depending on your particular situation, chapter 13 may be a good option.
As a resident of New York who owns property, the term "home equity" has likely come up multiple times. Understanding home equity and how to use it is a crucial part of owning a home. Macco & Stern, LLP, are here to help you learn about these points of key importance.
When you are considering filing for bankruptcy in New York, you usually need to decide what kind of bankruptcy will be best for your situation. At Macco and Stern, LLP, we know it is important for you to understand the fine details about Chapter 13 bankruptcy so you can make an informed decision.
New York debt relief is a complicated topic. There is no perfect form of debt relief. Instead, there are many different types of debt relief, including both bankruptcy and non-bankruptcy remedies. Within the range of possibilities, not every type of debt relief will be appropriate for every situation. Choosing the best type of debt relief generally involves a consideration of the individual or entity seeking debt relief, as well as the debt situation itself. For example, businesses commonly take advantage of Chapter 11 bankruptcy when seeking debt relief, while individuals more commonly file under Chapter 7 or Chapter 13.
When people find themselves in the midst of serious financial challenges, it is easy to think that there is no effective solution. That is oftentimes untrue, however, as there are a range of options and debt relief solutions that can help with repayment and liquidation of debt. For people who can count on regular income, Chapter 13 could be a viable solution as it provides for adjustment of the individual's debt and does not require liquidation of assets.