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.
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.
When New York residents are struggling with large amounts of personal debt, it may seem like there is no way out and no light at the end of the tunnel. Sometimes, however, all you need is the advice and counsel of an experienced professional who can explain what options may exist to alleviate some of your financial burdens. This is where we come in. As experienced bankruptcy attorneys, we can analyze your situation and explain the options that may best for you in a comfortable and low-stress environment.
Filing for Chapter 7 bankruptcy enables people struggling with severe financial hardship to obtain a liquidation of their debts and a fresh financial start. Also known as liquidation bankruptcy, it requires the turning over of assets to a trustee who will sell them and use the proceeds to pay debt obligations. However, Chapter 7 is not intended to allow people to simply eliminate their debts without regard to actual necessity. There are strict eligibility requirements that limit who may actually take advantage of this debt relief mechanism.
Nearly every Long Island resident likely knows that bankruptcy exists as a form of debt relief. Many people probably fail to consider Chapter 7, however, because of stories they may have heard or their own fears about what the process will look like for themselves and their families. It is important to remember, though, that when you are struggling with crushing debt and severe financial stress, Chapter 7 bankruptcy can be an especially effective way to get a fresh financial start.