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The Facts on Filing for Bankruptcy

June 26th, 2014

When you are financially struggling, it can be hard to get your head above water.  As the bills pile up, you will not only feel the impact financially but also emotionally.  Although many people are often hesitant, sometimes bankruptcy is the answer and the financial relief you need to get back on track.

Many people are hesitant to file for bankruptcy because they are worried about their credit and their financial future.  However, sometimes bankruptcy is the answer and the relief you need.  As, a Long Island bankruptcy lawyer, we can answer any questions you have about filing for bankruptcy and help determine if this is the right answer for you.

What Type of Bankruptcy is For Me?

There are two types of bankruptcy; Chapter 7 and Chapter 13.  Chapter 7 is the most common type and often relieves a person of most of their debt. Often times, if the debtor does not have the necessary finances to pay back their debt, Chapter 7 is recommended.

Chapter 13 is slightly different from Chapter 7 in that a debtor arranges a payment plan. This type of bankruptcy is filed when a debtor is seen to have enough financial resources and earns enough income required to pay back their debt.

A Long Island bankruptcy lawyer will most likely recommend an individual to file Chapter 7 bankruptcy. However, the attorney must first examine the case to determine if this is the best option.

In order for an attorney to decide if bankruptcy is the right choice for you, they must determine if you meet specific criteria.  Criteria for filing bankruptcy include the amount of income you earn, as well as your monthly expenses and your total debt.

 

Why You Need a Bankruptcy Lawyer

Filing for bankruptcy is a serious matter.  You should not try to represent yourself, and you want to hire an attorney who is an expert in Long Island bankruptcy and debt relief. This lawyer should know the specific laws New York.

The bankruptcy filing process can be a difficult one as there is much paperwork, and specific bankruptcy laws you need to know.  Therefore, you need to work with someone you trust.

Darren Aronow is a Long Island bankruptcy lawyer with an expertise in this field.  He has successfully helped many clients file for bankruptcy and knows the specific laws in New York.  He will work with you to help you understand the exact process and help move through it smoothly and efficiently.

If you have a question about your financial situation or are thinking about filing for bankruptcy, contact us today.

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