Dealing with debts is never an easy task. There are so many aspects to be considered for repayment, and for many people, bankruptcy is the only option. Bankruptcy isn’t the end of all good things, but it can be seen as a positive way to deal with debts. Every year, a huge number of people apply for bankruptcy in New York, and in this post, we will guide you through the procedure, with the right things in consideration.

Is bankruptcy the right option?

Honestly, there isn’t one answer to this question. Every situation is unique, and you have to be extremely cautious about making the move. While most of the things can be handled on your own, it is always a good idea to consult with an attorney. If you are looking for a New York City bankruptcy attorney, the best choice is to choose a lawyer/firm who only deals with such kinds of cases. We will talk move to the options in the next few lines, but before you consider bankruptcy as an option, you have to ask a few questions, such as

1. Do you have too many overdue payments?
2. Are the creditors causing issues for you?
3. Do you have a long list of payments, especially medical and cc bills?
4. Are your properties at stake? Do you have concerns over losing your car and house?
5. Are you dealing with wage issues?

If you are dealing with any of these issues, you might want to talk to a lawyer for your options.

What are my options?

In most cases, your lawyer will see all the debts and issues, and depending on the facts, he may suggest for either Chapter 7 bankruptcy or Chapter 13 bankruptcy. It is very essential to maintain all the papers and bills, and you should be completely honest with the attorney. As for the options, you can get rid of most of the unsecured debts in Chapter 7 bankruptcy, including all the medical bills, credit card payment dues and other kinds of personal loans. However, there is no way that you can get away with support payments. Also, student loans cannot be handled with Chapter 7.

It is essential that you understand that Chapter 7 is not meant for everyone. This is where; you can go for Chapter 13 bankruptcy, which can help in reorganizing the debts. Under Chapter 13 bankruptcy, you can make a plan for getting rid of the debts with a payment plan, which can mostly last for 3 or 5 years. However, your lawyer is the best person to answer all the questions regarding the same, especially when you have too many debt payments and want to plan a more long term option. As a customer, you can always ask questions as needed, and once you are completely sure, you can move ahead with the procedure. Make sure to ask about his legal charges and other concerns that you may have, mainly related to the paperwork and process.

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]