In the underworld of society, there are hundreds of thousands of consumers saddled with burdensome debt—credit card debt, student loans, car payments, mortgage principal payments and medical bills—find that they simply cannot continue to live and meet all their financial obligations.
Thankfully, you don’t have to live your whole life in this precarious position. New York gives every New Yorker the right the right to file for a NY bankruptcy to halt collection efforts, protect what remains for making life livable, and coming up with a solution to eventually pay off portions of the debt owed.
There are many advantages to NY bankruptcy, and strategies for a collector-creditor seeking to collect the greatest amount from a bankruptcy debtor. Learning of these differences requires specialized training and learning that a New York bankruptcy lawyer can provide, often with affordable fees.
Spend a few moments reading about the way various kinds of New York bankruptcy attorneys help clients understand the benefit and advantage of the bankruptcy process in New York to salvage whatever assets a debtor may want to keep away from collectors.
I. Chapter 11 Bankruptcy Claims By New York State, Manhattan, Or Brooklyn Board-Certified Specialist in Bankruptcy Litigation
According to the New York’s United States Bankruptcy Court’s blog, bankruptcy is a useful tool that anyone facing large amounts of debt and defaults can file for. There are two main purposes of NY bankruptcy law for small business and corporations,
- Relieving an honest debtor from most debts for a fresh start.
- Respecting the creditors rights to repayment in a more gradual manner.
There is an orderly process in place to protect the debtor from claims by creditors when the debtor cannot satisfy the debt obligations, while allowing creditors to gradually be repaid through a reorganization plan. Chapter 7 of U.S. Bankruptcy Code, Chapter 13 of U.S. Bankruptcy Code
For business bankruptcies, there is a separate process. Chapter 11 of U.S. Bankruptcy Code
According to the NYC-based Starr & Starr, PLLC, NY bankruptcy law favors the consumer in the fierce contest with creditors of wage garnishment, seize their cherished real estate as collateral, and press for every conceivable advantage even when it is not morally right to do so such as debtors of modest means and low-income.
The advantages of declaring bankruptcy with a New York bankruptcy law law office include:
- A clean slate of debt.
- Wiping out creditor claims attached to homes, cars and other valuables.
- Disappearing unsecured debt (credit cards and medical bills)
- Erasing payments on automobiles after repossession.
- Removing old tax debts.
- Past due rent for prior residences.
- Any many other debts that seem to forever mire you in a hole of debt from which there never looks to be any escape out of.
A New York bankruptcy attorney in New York City, Brooklyn, Or Staten Island, New York with many years of experience lets you wipe away debt, prevent collection on old debts thanks to a close familiarity with Bronx, NY bankruptcy and federal procedures that not every novice filer has.
According to the NY bankruptcy law firm Lebedin Koffman, LLP, there are certain assets that creditor involved in a debt collection suit cannot claim due to the function of “exemptions.”
Certain benefits and public assistance payment plans cannot be seized or garnished by a collector in a NY bankruptcy filing, including but not limited to:
- Public assistance
- SSI
- Spousal support
- Veteran’s benefits
- Child Support
- Railroad retirement benefits
- Worker’s compensation
- Private and public pensions
- Social security
- Unemployment insurance
- Black lung benefits
- Retirement Savings Accounts
- Trust principal payments.
The advantage for the consumer is that a binding judgment ordering you to pay money will be wiped away and made void due to the priority that a NY bankruptcy filing has on the judgment.
Also, the NY Bankruptcy Code exempts certain private property from collection after bankruptcy is filed:
- Household goods, including appliances, clothing and furniture
- Necessary medical equipment (wheelchairs)
- Cell phones, radios, computers and TVs
- Personal items (art or jewelry under $1,000)
- Tools of the trade (used for work less than $3,000)
- Spending cash (below $1,000)
It is a time of panic and uncertainty when a consumer is trying to find the light at the end of the “tunnel of debt.” A skilled, trusted and modestly priced NY bankruptcy lawyer can provide a streamline legal service of filing a NY bankruptcy petition using all of the exemptions and protections of consumer’s assets under federal and New York State laws.
II. Getting Legal Advice From A NYC, Greater New York State, Or Long Island, NY Bankruptcy Law Office For Fresh Start In Life, And Ensure Gradual Re-Payment Of Debts
According to the Middletown, NY bankruptcy specialists of Hayward, Parker & O’Leary, Esqs., the defining feature of filing for bankruptcy is reaping the benefits of the automatic stay. Bankruptcy Code § 362
Another tool useful for debtors is a “discharge injunction” that applies not only to current debts, but ones that have been discharged, or erased. Bankruptcy Code § 524(a)
Let NY bankruptcy experts Lieber & Lieber, LLP and The Law Offices of Robert M. Fox, shield yourself from receiving dunning phone calls and letters at your work and home at all hours of the day, relentless and ruthless collection agencies, and be protected from the long shadow cast on your finances by creditors in your life breathing down your neck.
III. Legal Advice and FAQs: Value Of A New York, New York Bankruptcy Lawyer’s Legal Services
The finest New York bankruptcy lawyers serving New York and the tri-state New Jersey area, such as the New York and New Jersey-based Walzer Law Group, P.C., and Walden- and Monticello-based- Jacobowitz and Gutis, LLP, often are trained at the best law schools in New York, or other states and around the country, become your personal advocates in a time of peril and stress in your life in providing legal assistance.
With a firm grasp of the technicalities creating an optimal debt reorganization, liquidation or restructuring plan, New York City and New York State bankruptcy lawyers help defend lenders and debtors in the greater New York state accomplishing the needs of protecting assets and maximizing collection efforts through chapter 7 bankruptcies and chapter 13 bankruptcies.
IV. Speaking To A Chapter 7 Bankruptcy Lawyer Serving New York To Safeguard Personal Properties, And Collect From Debtors To Keep Your Business Afloat
Many premier Brooklyn bankruptcy lawyers and law firms take on consumers’ bankruptcy cases to allow them avoid foreclosure and valuable possessions, and not fall into a downward descent of despair creating an urgent cry for help in the form of debt relief from burdensome credit card debts and collection agency pressure.
For instance, the Melville-based Ronald D. Weiss, P.C., offers an important stop-gap service that advocates for you in NY bankruptcy court to overcome whatever financial difficulties you have to minimize stress and worry.
A downtown New York City-based Charles Juntikka & Associates, LLP, and other outlying New York firms such as the NYC firm The Law Office of Abel L. Pierre, P.C., will gives you solace in knowing your valuable real estate and assets are safe from collection, and are not fearful of harassing tactics to force debtors to make payments not legally owed.
V. Forming an Attorney-Client Relationship To Workout A Solution: Call a Manhattan, Brooklyn or Long Island, NY Chapter 13 Bankruptcy Lawyer Today for a Free Bankruptcy Case Evaluation and Free Consultation
Once introduced, you and the Manhattan, NY bankruptcy law firm will form a bond of trust and confidence known as the attorney-client relationship.
Unless where there is a disclaimer of not forming this formal relationship, you can look to your lawyer to solve your foreclosure problem or debt riddle, among other legal questions a lawyer in NY bankruptcy claims and related practice areas of debt collection defense and consumer rights.
With directories of New York Queens, Brooklyn and Manhattan, NY bankruptcy firms serving New York, Lawsuit.org, beyond State Bar of New York association, or New York University state law library, or New York bar office, will help you pinpoint the right firm serving New York that has a free initial consultation to file bankruptcy to save money from collector’s grasp, and be protected immediately from mounting debts that threaten financial instability and breakdowns in marriage and relationships.