The Advantages Of Filing For Bankruptcy In New York
Different states have unique laws surrounding bankruptcy, but in New York, the most common filings for individuals are Chapter 7 and Chapter 13 bankruptcies.
There are a number of benefits to filing with an experienced New York bankruptcy lawyer. Perhaps the most obvious benefit is that it can help you get rid of your debt. When you file for bankruptcy, the court will order your creditors to stop harassing you and will put a stop to any legal proceedings against you. In addition, you may be able to keep your home and your car.
In today’s fiscal climate, many families are struggling to make ends meet under the weight of high-interest credit card debt. Credit card companies and banks often sue delinquent borrowers for their overdue debts. Bankruptcy laws can potentially protect you from these lawsuits and help you get a fresh start.
Filing for bankruptcy can also help you rebuild your credit. Although your credit score will take a hit when you file for bankruptcy, it will eventually rebound. In fact, many people find that their credit score is actually higher after they file for bankruptcy than before they filed. This is because filing for bankruptcy means that you have taken responsibility for your debt and are now working to pay it off.
Once your debts are discharged, you can start rebuilding your finances and your life without the burden of debt hanging over your head.
Filing for bankruptcy with a Chapter 7 Bankruptcy Attorney may entail the following:
- You can discharge most or all of your unsecured debts, including credit card debt, medical bills, and personal loans.
- You can get a fresh start and rebuild your credit rating.
- You can keep your property, including your home and car.
- You can avoid costly and time-consuming legal proceedings.
- You can get immediate relief from creditor harassment and wage garnishment.
If you are considering bankruptcy, and are searching for “bankruptcy lawyers near me,” speak to us and we’ll help you find out if it is the right option for you.
Make Informed Decisions With Working With A Knowledgeable New York Bankruptcy Lawyer
Bankruptcy law exists to help those in debt start anew. We also advise our clients on credit management post-bankruptcy.
Contrary to popular belief, you do not have to wait seven years for your credit score to rebound after declaring bankruptcy. Although bankruptcy will reflect on your report for 10 years, with good financial practices, you can improve your credit significantly within three years. In fact, our clients often purchase cars and qualify for mortgages just two or three years following their declaring bankruptcy.
It might come as a surprise, but people who file for bankruptcy often start receiving credit card offers in the mail soon after their debts are discharged. Offers for unsecured or secured credit cards (with a low limit) can arrive within a month of the discharge. And some of these cards don’t require deposits!
If you are searching for a “bankruptcy attorney near me”, our law firm can provide you with the expert legal assistance you need to make the best decision for your situation. We can help you understand the options available to you and guide you through the bankruptcy process. We will work tirelessly to protect your interests and help you achieve the best possible outcome.
Contact us for a free initial consultation so your financial options can be discussed without any obligation on your part.