After
the current bankruptcy law went into effect in 2005, many people were
left with the impression that bankruptcy relief was no longer
available or too difficult to obtain. Nothing could be further from
the truth.
Bankruptcy
is a formidable way for many hard working Americans who are facing
difficult times to obtain a “clean slate” and rebuild their
future. Bankruptcy can happen to anyone, as every socioeconomic
bracket faces unexpected challenges in life. During these trying
times, bankruptcy filings are rising at unprecedented rates, as
millions of Americans have been faced with massive lay-offs,
unexpected injuries and chronic medical conditions resulting in
insurmountable medical bills, or other circumstances that are beyond
their control. In fact, this year it is expected that over 1,500,000
Americans will seek relief under the bankruptcy code and begin to
rebuild their future. No matter the situation, people who find
themselves overwhelmed by debt need some relief. Filing for
bankruptcy continues to be a legal, safe and affordable way to start
over.
There
are many immediate advantages to filing relief under the Bankruptcy
Code. First, there is the relief of the debt itself and the stress
related to the collection of the debt. A bankruptcy case can result
in a “discharge” of most or all of your debts. This means you
are not legally obligated to pay off the debt any longer. Debts that
can be discharged include, but are not limited to, credit cards,
medical bills, unsecured loans, judgments, and certain types of
taxes. In some bankruptcy cases you can actually reorganize your
mortgage and car loans, taxes and others types of debts that may not
be discharged. The court will also supervise the plan and the
creditors have no choice but to participate.
Another
significant benefit of filing for bankruptcy is the automatic stay.
This means that the court orders the creditors to stop calling and
harassing for debt collection. The automatic stay also halts
lawsuits, prevents garnishments, averts repossessions of vehicles,
and stops foreclosures and IRS seizures. Furthermore, if a bankruptcy
case is filed before a state court enters a judgment of possession,
you can also prevent eviction from a past-due, mortgaged house.
Finally, you can also prevent your driver’s license from being
yanked for any number of unpaid fines.
If
you are seriously considering bankruptcy and you live in New York,
you need to consult with an attorney who understands New York
bankruptcy laws. Not all bankruptcy attorneys are the same. While the
process appears complicated, New York bankruptcy lawyers at Doyaga
and Schaefer will be able to help you understand your options and
avoid making bad decisions. You get one chance to file bankruptcy
right the first time. When bad things happen to good people, the New
York bankruptcy lawyers at Doyaga and Schaefer are here to help. Stop
the harassment, the worry, the financial stress. For a free same-day
consultation, call 718-488-7500 or 516-656-7500, or visit our website
at bigapplebankruptcy.com for more information.