Let An Experienced New York Bankruptcy Lawyer Help Discharge Your Debts
If you are considering bankruptcy, it is important to understand the different types of bankruptcies available to you. Chapter 7 Bankruptcy can help you get a fresh start by permanently eliminating most debts. This type of bankruptcy is available to individuals and businesses. With the help of an experienced Staten Island New York bankruptcy lawyer, you can rest assured that your case will be handled professionally and efficiently with your best interest in mind.
A New York bankruptcy lawyer at The Law Firm of Joseph Lassen can help you determine whether Chapter 7 bankruptcy is the right option for you and guide you through the filing process.
One of the primary benefits of Chapter 7 bankruptcy is that it can help discharge different types of debt. A few of the types of debt that Chapter 7 bankruptcy can eliminate are:
Credit Card Debts
Credit card debt is one of the most common types of debt that people file for bankruptcy. This is because credit card debt can be very difficult to pay off, especially if you are only making the minimum payments. Credit card companies often charge high-interest rates, which can make it hard to get ahead.
Bank Loans
Bank loans are a common way to finance a business or obtain funds for individuals for various personal purposes. If a business or individual is struggling to make payments on a bank loan or if the loan is simply becoming too burdensome, bankruptcy can provide relief. Chapter 7 bankruptcy can help reduce or eliminate payments on the loan and can also help clear up any confusion or disagreements about the terms of the loan.
Medical Bills
You may be wondering if you can use bankruptcy to get rid of your debt from medical bills. Medical debt that is unsecured, meaning it’s not tied to any collateral, may be eligible for elimination in a Chapter 7 bankruptcy. However, if you have secured medical debt, such as a hospital lien on your home, other conditions apply and may not eliminate the debt.
Payday Loans
Payday loans are, generally speaking, high-cost, short-term debt without collateral that carries high-interest rates. In a Chapter 7 bankruptcy, payday loans of this type can be discharged without much further ado so long as the borrower demonstrates they cannot repay it due to undue hardship or insufficient income – at which point the court will decide whether or not to discharge the loan.
Overdue Electric Or Phone Bills
All utility bills that were unpaid up to the point of filing for bankruptcy will be included in the bankruptcy. This means that your outstanding utility debts have a chance of being discharged at the end of your bankruptcy case. However, some utility companies may require you to pay any bills that arrive after you file in full each month on time. Even though past-due bills might get wiped out, new ones could still need to be paid every month, so service isn’t interrupted.
Tuition Fees (Except Student Loans)
You must be able to document any educational expense you claim, as well as why the amount is reasonable and necessary. According to the Internal Revenue Manual, an expense is considered “necessary” only if it’s for a physically or mentally challenged child who cannot attend public school. Therefore, explaining why the expense is essential.
Government-affiliated debts typically cannot be discharged through Chapter 7 bankruptcy. Examples of government debts that may not be eliminated through Chapter 7 bankruptcy include but does not limit to the following:
- Recent Personal Taxes (but old taxes may be eligible for discharge in some cases.)
- Child Support
- Parking Tickets
Bankruptcy Lawyer
Are You Searching For A Reputable "Bankruptcy Attorney Near Me?
Look no further than The Law Firm Of Joseph Lassen. Our experienced New York bankruptcy attorney is dedicated to providing personalized legal services specifically tailored to your situation, whether you are considering filing for bankruptcy or have already initiated the process.
Our Staten Island New York bankruptcy lawyer understands that financial hardship can be intimidating and overwhelming, so we strive to make the entire process of filing for bankruptcy as straightforward and stress-free as possible.