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.
In many cases, an individual or family begins struggling financially after a series of other unfortunate events or circumstances. For example, a person may suffer an unexpected illness or disability and lose his or her ability to work. Lay-offs and job loss are also common predecessors to financial hardship. After the initial stress of dealing with a sudden illness or loss of employment, the strain that comes with efforts to juggle finances and maintain financial stability is often quite significant. It is during these times when people are in desperate need of debt relief options but often do not know where to begin.
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.
Many New York residents may be hesitant to file for Chapter 7 bankruptcy because they underestimate its advantages as a debt relief tool and have a range of misconceptions about the actual effects of Chapter 7 bankruptcy. Understanding the realities of Chapter 7 can help consumers make a better informed decision about whether filing for bankruptcy is the right step for them.
Chapter 13 and Chapter 7 both provide debt relief for consumers who are no longer able to meet all their financial obligations. There are some key differences between the two types of bankruptcy, however. Knowing how the two types of personal bankruptcy differ will help people better understand which type is likely better for their situation.
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.
If you are a New York resident struggling with a large amount of personal debt, you may be considering bankruptcy as a possible solution. However, many people worry about filing for bankruptcy because they think it will mean losing everything in exchange for a fresh financial start.
When business owners encounter financial challenges, they often face a large amount of stress and many decisions that need to be made. For business owners who have multiple locations, it may be only a single location that is struggling, or at worst it is the chain as a whole. Some business owners may decide to simply close their doors, even though this may not be the only option. But, for many businesses, Chapter 7 bankruptcy could be a potential solution that they did not initially consider.