A New York Bankruptcy Law Firm Chapter 7 Bankruptcy
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Bankruptcy May Help You
- Stop Levies/Garnishments
- Stop Repossessions
- Stop Foreclosure
- Discharge Judgments & Liens
- Discharge Medical Debt & Liens
- Discharge Credit Card Debt
Is Filing Bankruptcy In New York Right For You?
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Filing for bankruptcy is a big decision that should not be taken lightly. It will have a major impact on your finances and your credit score, so it’s important to understand all of the implications before you make a decision. Our New York bankruptcy lawyer can help you navigate the process and ensure that you are making the best decision for your unique situation.
What Is Bankruptcy?
What Is Bankruptcy?
Bankruptcy is a legal process that allows individuals or businesses to restructure their debt and repay creditors over time. A bankruptcy lawyer can help you navigate the process and ensure that your rights are protected.
Bankruptcy can be a complex and overwhelming process, but a bankruptcy lawyer can help you understand your options and make the best decision for your unique situation. If you are considering bankruptcy, contact a bankruptcy lawyer to discuss your options and find out how they can help you achieve financial stability.
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Ready To Help You Gain Financial Freedom
Our bankruptcy lawyer is ready to help you towards your financial freedom. First, they can help you determine whether filing for bankruptcy is the right option for you. They can also help you navigate the bankruptcy process, including filing the necessary paperwork and appearing in court. Additionally, our bankruptcy lawyer can help you protect your assets and negotiate with creditors.
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What Are The Different Types Of Bankruptcy?
There are several different types of bankruptcy that a bankruptcy lawyer can help you with. The most common type of bankruptcy is Chapter 7 bankruptcy, which is also known as liquidation bankruptcy. This type of bankruptcy allows you to discharge most of your debts and get a fresh start.
Another type of bankruptcy is Chapter 13 bankruptcy, which is also known as reorganization bankruptcy. This type of bankruptcy allows you to reorganize your finances and repay your debts over time.
Bankruptcy can also be filed under Chapter 11, which is known as business reorganization bankruptcy. This type of bankruptcy is typically used by businesses, but individuals can also file for it.
Finally, there is Chapter 12 bankruptcy, which is specifically for farmers and fishermen. This type of bankruptcies allows them to reorganize their finances and repay their debts over time.
What Are Your Options When Filing For Bankruptcy In New York?
There are a variety of bankruptcy options available for those in New York. The two most common types of bankruptcies are Chapter 7 and Chapter 13.
Filing For Chapter 7 Bankruptcy:
Chapter 7 bankruptcy is often referred to as “liquidation” or “straight bankruptcy,” which means that most of your assets will be liquidated in order to pay off your creditors. This type of bankruptcy is typically best suited for those with little to no disposable income, as well as those with unsecured debt such as credit cards and medical bills. However, it is important to note that some of your assets may be exempt from liquidation.
Filing For Chapter 13 Bankruptcy:
Chapter 13 bankruptcy, on the other hand, is often referred to as a “reorganization” or “debt adjustment.” This type of bankruptcy allows you to keep your property while reorganizing your debts into a single monthly payment plan that will last three to five years. Once you have completed the payment plan, any remaining debt will be discharged. Chapter 13 bankruptcy is often best suited for those who have a regular source of income but are struggling with high amounts of debt. It can also help stop foreclosure on
If you’re considering filing for bankruptcy in New York, it’s important to seek the counsel of an experienced Staten Island bankruptcy lawyer. At our Staten Island bankruptcy law firm, we have over 25 years of experience helping clients through the bankruptcy process. We understand the challenges you’re facing and can help you explore all of your options.
We know that filing for bankruptcy is a difficult decision, but we’ll work with you every step of the way to make sure that it’s the right choice for your unique situation. Contact our office today to schedule a free consultation with one of our experienced attorneys. We’ll help you understand your rights and options so that you can make the best decision for your future.
What Are The Pros And Cons Of Filing For Bankruptcy In New York?
There are a few pros and cons to bankruptcy that you should be aware of before you decide to file. Some of the positive aspects of bankruptcy include the following:
- Bankruptcy can give you a fresh start.
- It can stop creditors from harassing you.
- It can give you some relief from your debts.
- It can help improve your credit score over time.
- It can make it easier to get new lines of credit in the future.
On the other hand, there are also some negative aspects of bankruptcy that you should consider before making your decision, such as:
- Bankruptcy will stay on your credit report for up to 10 years, which can make it difficult to get new lines of credit or loans during that time frame.
- You may have to give up some of your assets, such as your home or car, in order to repay your debts through bankruptcy proceedings.
- Certain types of debt, such as student loans or child support payments, cannot be discharged through bankruptcy proceedings.
- You may have difficulty finding a job after filing for bankruptcy because some employers may view you as a high-risk applicant.
- Filing for bankruptcy is a lengthy and complex process, so it’s important to make sure that you understand all of the implications before making your final decision.”
How Our Bankruptcy Attorney Can Help You File For Bankruptcy
There are two types of bankruptcy that individuals can file: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, also known as a “liquidation” bankruptcy, the debtor’s nonexempt assets are sold off by a court-appointed trustee and the proceeds are used to pay creditors. In contrast, a Chapter 13 bankruptcy, sometimes called a “reorganization” bankruptcy, does not involve the sale of any assets.
Filing for bankruptcy is a complex process, and it is important to have an experienced bankruptcy lawyer on your side. At The Law Firm of Joseph Lassen, our knowledgeable Staten Island bankruptcy attorney can help you navigate the process and ensure that your rights are protected every step of the way.
To file for Chapter 7 or Chapter 13 bankruptcy in New York, you must first complete credit counseling with an approved provider within six months before filing. After completing credit counseling, you will need to complete and file several documents with the court, including:
- A petition
- A schedules of assets and liabilities
- A schedule of current income and expenses
- A statement of your financial affairs
- A declaration regarding your intentions with respect to certain secured debts
If you are filing for Chapter 7 bankruptcy, you will also need to file documentation regarding any property that is exempt from liquidation. After your documents have been filed with the court, a hearing will be scheduled where you will meet with your creditors and the trustee assigned to your case.
Filing For Bankruptcy In New York?
Contact Our Staten Island Bankruptcy Lawyer Today
Our bankruptcy lawyer is ready to help you towards your financial freedom. First, they can help you determine whether filing for bankruptcy is the right option for you. They can also help you navigate the bankruptcy process, including filing the necessary paperwork and appearing in court. Additionally, our bankruptcy lawyer can help you protect your assets and negotiate with creditors.
Is Bankruptcy Right For You?
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