When you are having financial problems in New York, you may sometimes think that putting more money toward your debt is the only solution. Sometimes, though, this solution may not fix your current situation and you may need a more serious plan of action. At Macco and Stern, LLP, we understand that some people are wary of bankruptcy. That's why we are committed to making sure you have all the information you need to determine if Chapter 7 is a good option for you.
New York residents like you who are having financial struggles may need help digging yourself back out. This is where filing for bankruptcy can come into play. Today we'll take a look at the bankruptcy means test and how it relates to your ability to file for Chapter 7 bankruptcy.
When you file for Chapter 7 bankruptcy in New York, you may think you will not be able to have a credit card again. We at Macco and Stern, LLP, know it is important for you to understand your credit options after bankruptcy.
You have been struggling with your finances for some time now, but the main thing holding you back from filing for Chapter 7 bankruptcy is the stigma you believe is attached to those who go bankrupt. The thought of filing for bankruptcy may raise your anxiety level, as well as instill numerous other negative feelings. However, you are not alone if you feel embarrassed or ashamed to admit you need help. Other New Yorkers are struggling with their perceptions of a social and financial stigma surrounding bankruptcy.
Debt burdens can be overwhelming and stressful in the daily lives of many individuals. The potential good news is that personal bankruptcy options are available to help individuals struggling with debt to enjoy debt relief. In addition, there are different types of personal bankruptcy for different circumstances and situations both with the goal of allowing the filing party to enjoy a fresh financial start.
Options for debt relief are available to consumers through different bankruptcy methods intended to meet the different needs of consumers facing financial challenges. In another part of New York, bankruptcy filings recently increased nearly 10 percent when compared to the same time period one year ago. Bankruptcy filings increased from 161 cases to 177 cases. Chapter 7 bankruptcy filings accounted for 138 of the filings. In addition, 38 Chapter 13 bankruptcy petitions were filed and one Chapter 11 bankruptcy filing was also included in the number of filings.
Individual consumers experience financial challenges all the time. Many people think that businesses or companies are immune from such challenges because they have greater assets, as well as potentially greater access to financial resources. However, running a successful business is difficult and it is not at all uncommon for a business owner to find herself in the position where she is burdened by severe debt. In these cases, Chapter 7 bankruptcy could be a helpful solution.
Successfully managing one's finances can be one of the most difficult parts of adulthood. Even people who make smart financial decisions, plan ahead and accumulate savings can experience financial challenges when unexpected hardships strike, such as job loss, medical issues or other unforeseen disasters. Although bankruptcy law does provide a way for people struggling under severe debt burdens to get a fresh financial start, filing for bankruptcy can be more difficult than many people realize, and even completely out of reach for some.
Many people struggling with debt need some form of serious debt relief but may not know where to turn. Despite the fact that the option of filing for Chapter 7 bankruptcy to liquidate debt has been around for some time, there continues to exist a great deal of misinformation about what it takes to qualify for Chapter 7, how the process works, and what the effects of filing are. Not understanding bankruptcy, however, could prevent some people from taking advantage of the significant benefits of filing in some cases.
The reasons why Long Island residents consider filing for personal bankruptcy are varied and diverse. In many cases, a person's need for bankruptcy takes him or her by surprise because the events leading up to the bankruptcy are completely unexpected. Filing for bankruptcy - despite being a difficult decision - can be very beneficial for people who are suffering severe financial hardship prior to filing and desperately need debt relief and a fresh start.