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Dealing with financial woes is
never easy, and more often than
not, we have to make some
serious tough decisions. Most
people don’t have detailed views
of bankruptcy laws, and
understanding the complicacies
can be overwhelming. If you are
in New York, the first thing to do
in a tough debt situation is to seek
legal assistance. In this post, we
will try to understand some of the
aspects that will eventually
matter.
The question is
whether you should
file for bankruptcy
in the first place.
Every kind of
financial situation is
unique, and you will
have to start by
finding a genuine
New York
bankruptcy
attorney. Depending
on the facts of the
case, he will offer a
clear view of all the
aspects.
Typically, most
people consider
bankruptcy under
circumstances. If
you are being
harassed for
overdue payments,
facing foreclosure
on your home or
any property,
dealing with car
repossession or
have been sued, you
may consider filing
for bankruptcy.
Most people are
concerned about
the debts that can
be discharged after
filing for
bankruptcy. Now
the state laws can
vary, but in New
York, you can
expect to get
discharged from
credit card bills,
personal loans and
medical bills under
Chapter 7
bankruptcy.
Your lawyer will typically tell
you about both Chapter 7
bankruptcy and Chapter 13
bankruptcy. Under Chapter 7
bankruptcy, you will get rid of
the unsecured debts and can
start afresh with your finances.
On the other hand, Chapter 13
bankruptcy is meant for people
who have significant assets, and
they will have to develop a
special payment plan, which
will help in dealing with the
debt payments.
The entire bankruptcy process can be really complicated,
especially when you are new to the concept. Keep in mind
that all the proper procedures and steps must be adhered
to, so that all kinds of debts, especially the unsecured ones
can be disposed. While it isn’t compulsory to hire a lawyer,
it is always a good idea to seek legal assistance. This will
only save time and ensure that you haven’t missed any
aspect. Creditors can get nasty at times, and it is a good
idea to move in a planned and phased manner as needed
and required by the law.
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