Bankruptcy
Creditors are calling you daily and letters are arriving in the mail. Finding the money you need for rent, bills or food is frustrating. You may feel overwhelmed by your credit card debt and don’t know where to find the money management assistance you need. At Glen A. Kurtis, P.C., I work with clients to help them find protection from creditors and get back to a financially stable lifestyle. I have been practicing as a Bankruptcy Attorney in White Plains, NY since 1998.
To schedule your free initial consultation, please contact me or call (914) 686-3171. The New York Bankruptcy Lawyers at our office will be happy to help.
Understanding Bankruptcy
Bankruptcy is a complex legal process handled by federal bankruptcy courts. At its core, its purpose is to:
- Provide relief from crushing debt. Bankruptcy allows you to either completely discharge certain debts or negotiate a manageable repayment plan.
- Protect your assets. Bankruptcy can offer a “shield” against aggressive creditors, preventing them from seizing your property or wages.
- Offer a structured pathway. Unlike trying to deal with mounting debts on your own, bankruptcy follows a defined legal process with clear steps for achieving financial freedom.
The two most common types of bankruptcies for individuals are:
Chapter 7 Bankruptcy
This “liquidation bankruptcy” involves selling certain assets to pay off creditors as much as possible. Afterward, many pre-bankruptcy debts are discharged, providing a clean slate. It’s generally suitable for people with limited income and assets.
Chapter 13 Bankruptcy
This “reorganization bankruptcy” establishes a structured 3-5 year repayment plan. You keep your assets, but income is used to repay debts under court supervision. It can offer substantial debt reduction and protection for those with a steady source of income.
Businesses may utilize Chapter 11 bankruptcy, which focuses on reorganization and restructuring rather than liquidation.
The Price of Inaction
When debt spirals out of control, the consequences can be devastating:
- Relentless creditor harassment. Phone calls, letters, and even lawsuits can cause immense stress and anxiety. Bankruptcy can provide immediate relief through the “automatic stay,” which halts these collection actions.
- Wage garnishment. Creditors may secure judgments that allow them to seize portions of your paycheck, drastically reducing your income. Bankruptcy can help protect your ability to meet your basic living expenses.
- Asset seizure. In some situations, creditors may move to seize property, such as your vehicle or other valuables. Certain bankruptcy protections can shield assets and provide some breathing room.
- Damaged credit. Missed payments and high debt negatively impact your credit score, making it harder to get loans, secure housing, and even obtain employment. Bankruptcy, although having its own effect on credit, can be the starting point for rebuilding your financial reputation.
- Emotional toll. Overwhelming debt can cause insomnia, relationship strain, and even health problems. Bankruptcy offers the chance to reduce this mental and emotional burden.
- Escalating interest and fees. As your debt remains unpaid, it continues to accrue interest and late fees, making the total amount owed grow even larger.
- Limited financial mobility. High debt-to-income ratio can prevent you from qualifying for new loans or credit, restricting your ability to make major purchases or investments.
- Potential loss of employment. Some professions may have restrictions or background checks related to your financial history and debt situation.
Qualifying for Bankruptcy
While anyone facing considerable financial difficulty can consult with a bankruptcy attorney from our business law firm, eligibility for specific chapters does have set guidelines. Chapter 7 has a “means test” to determine if your income is below a certain threshold. Chapter 13 uses debt limits and income calculations to determine feasibility.
It’s important to note that qualifying for bankruptcy is highly individualized. Factors like your overall financial situation, the types of debt you carry, and specific NY state regulations all play a role in determining your options. That’s why consulting with our seasoned bankruptcy lawyer is crucial. We can provide a detailed assessment and help you explore the best course of action for your unique circumstances.
What To Expect
When you realize you are in financial trouble, the sooner you contact an attorney, the more options you will have. Contact a few good White Plains Bankruptcy Lawyers in your area and then choose the one you are comfortable working with. Bankruptcy law is highly intricate and has lasting consequences. A skilled bankruptcy attorney is essential to:
- Assess your specific situation and help you understand your options.
- Determine which bankruptcy type is most suitable for you.
- Prepare and file all necessary paperwork with meticulous accuracy.
- Communicate with the trustee and creditors on your behalf.
- Protect your rights and assets during the process.
Let me help you find the path to financial freedom. I communicate with clients throughout their Chapter 7 bankruptcy to help them find the answers they need. Whether you have debt from credit cards, carloads, medical bills, divorce, gambling or something else, I can help. I offer clients a free initial consultation to evaluate their case and explain the process. I will work with you to establish a payment plan and create a timeline of the case. I will also work with you throughout the legal process of home foreclosure.
Start Working Toward Debt Relief
Struggling with bankruptcy can be frustrating and hard to overcome alone. If you are ready to work toward debt relief, contact me to schedule an appointment. Getting a head start before the bankruptcy becomes unmanageable will help with your options available. To schedule your free initial consultation, please call bankruptcy attorney in White Plains, NY at (914) 686-3171. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Call our office to speak with our Westchester County Bankruptcy Lawyers.