Significant debt can consume anyone, even those with historically solid financial footing. All it takes is one unexpected event – such as a lengthy medical stay, termination from employment or a substantial home or automobile repair – to put an individual in Long Island in a negative financial situation. This issue may then be compounded as the consumer tries to use various methods – such as withdrawing from retirement accounts or utilizing high interest credit cards – to make the required payments and get them out of debt.
For those facing such debt, one of the simpler and most effective solutions may be to file for Chapter 7 bankruptcy. This form of bankruptcy is often referred to as a debt liquidation as it allows debtors to discharge many of their obligations without necessarily requiring them to repay their creditors in full. Additionally, many of their assets may be considered exempt from the bankruptcy, allowing them to retain these assets throughout the filing and after the bankruptcy has been completed.
The attorneys at Macco & Stern have helped many clients facing overwhelming debt with the Chapter 7 bankruptcy process. This includes assistance with identifying exempt assets and understanding and qualifying for the means test. We provide an honest assessment of the financial situation of our clients and explain to them what bankruptcy can and cannot accomplish.
Additionally, we can help our clients determine the best form of bankruptcy for them, or if bankruptcy is even the best option for debt relief based on their circumstances. We provide dependable legal counsel that can do our best to help stabilize deteriorating financial circumstances and work to get our clients back into a positive financial situation quickly and properly.
Post Type: Persuasive
Anchor Text: Chapter 7 bankruptcy
Keywords: debt relief, liquidation
Primary Target URL: /Consumer-Bankruptcy/Chapter-7-Bankruptcy.shtml
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