Bankruptcy is the process through which debtors can reorganize their debt to creditors. Depending on the circumstances, bankruptcy can result in a plan for making payments to creditors or a complete discharge of debt. Although there are many reasons why debtors file...
Eliminate Your Debt - Free Consultation
Eliminate Your Debt - Free Consultation
Will I lose my house in a bankruptcy?
Going through bankruptcy may end up being the best decision that you ever make for your financial and mental health. However, there are some concerns that come up during the process. One of the more common concerns relates to the process of selling off property in...
What are the main differences between Chapter 7 and Chapter 13?
If you face severe financial problems in New York and have begun thinking about filing bankruptcy, you likely have numerous questions. For instance, which type of bankruptcy, Chapter 7 or Chapter 13, is best for you? And how are they different one from the other?...
An overview of how Chapter 7 bankruptcy works
Even though the national economy has rebounded nicely in the last few years and the stock market is regularly reaching all-time highs, the unfortunate reality is that there are still millions of Americans who are facing difficult financial challenges every day. For...
How do you make the decision to file for Chapter 7 bankruptcy?
When New York residents face financial challenges, they also face difficult questions. They may explore all of the possible options, but, in many cases, the only reasonable option might be filing for bankruptcy. So, how do New York residents make the decision on...
What is a “trustee” in a Chapter 7 bankruptcy?
The economic downturn of 2008 hit many Long Islanders and other New York residents hard. The economic slowdown affected the ability of businesses to hire more staff, leading to higher unemployment. This, in turn, led to people having less money to spend, which...
What are some examples of Chapter 7 bankruptcy exemptions?
When a person in Long Island files for Chapter 7 bankruptcy, his or her property will be collected and then sold off to pay back his or her debts. This process is known as "liquidation." After the liquidation process is done, many of the person's remaining debts may...
Reaffirming debt in a Chapter 7 bankruptcy
As some Long Island residents may already know, a Chapter 7 bankruptcy filing can be the financial lifeline they need to climb out from under an insurmountable amount of debt. This is particularly true if the debtor has unsecured debt that is not associated with...
Tackling unmanageable debt through Chapter 7 bankruptcy
Perhaps it is credit card debt combined with high interest rates that has become unmanageable. Or, perhaps, a major illness has resulted in ever-mounting medical bills. Or, maybe a job loss has made it impossible to pay your mortgage or utility bills. No matter how...
What are some advantages to filing for Chapter 7 bankruptcy?
The decision to file bankruptcy is a big one. However, before even filing a debtor in Long Island will need to decide is whether to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Today we are going to examine some reasons why a debtor might decide that filing...
