Filing for bankruptcy is a huge financial decision, and there are many aspects to consider. As a person dealing with multiple debts, your situation is always unique. Before you can think of bankruptcy as an option, it is always good to talk to a lawyer in detail. The laws related to New York can be different and there may be a number of things worth considering. In this post, we will talk of some of the aspects about bankruptcy, along with tips and advice to choose a lawyer in the state.

Getting a Start:

First things first, you need to find a New York bankruptcy lawyer. There are many legal firms and lawyers who only deal with bankruptcy, and you can expect to get very genuine services from them. To choose a good firm, ask them a few questions. How many cases have you handled so far? Can you deal with the complicated situation of my case? Do you have the time and resources to devote to the case? What are the charges of your services? These are just some of the questions worth asking. Keep in mind that these questions can vary or change, depending on the facts of your case. Most people think they can handle things, but the entire bankruptcy process can be complicated, and having a lawyer only eases the task and simplifies legal formalities and complications.

Know the Basics:

Your bankruptcy lawyer will ask a few questions after he has taken the case. However, before that happens, you need to know if bankruptcy is a choice in the first place. Do you have too many overdue payments? Are you dealing with multiple bills, debts and credit card payments without any resources? Is your home at risk due to foreclosure? Has someone or any of the lenders filed a suit against you? Every case is different and your lawyer will decide on the course of action, based on your answers.

Chapter 7 and Chapter 13:

Most people don’t know many aspects about bankruptcy, but you have to find the basics about Chapter 7 and Chapter 13. In Chapter 7 bankruptcy, it is possible to get discharged from unsecured debts. Your unsecured debts include the bills related to personal loans, credit card and even medical bill payments. However, there are a few exclusions, including student loans. While Chapter 7 bankruptcy allows the person to start afresh, not everyone is qualified for the same, mainly when the concerned person has significant assets. With Chapter 13 bankruptcy, one can start a fresh payment plan using the assets, lasting anywhere between 3 and 5 years.

When you talk to your lawyer, it is best to be as honest as possible. Keep in mind that there are many considerations, and one must inform the lawyer about suits, debts and related facts. If you have any questions in mind, talk to your legal team in detail. With the right approach, it is possible to get rid of unwanted pressure of multiple debts.

Contact Information:

Howard S. Warner Attorney
Web Site: www.howardwarnerlaw.com
116 West 23rd Street, 5th floor
New York City, New York 10010
Telephone: (917) 783-0906
Email: [email protected]