Chapter 7 and Chapter 13 Bankruptcy
Primary Bankruptcy Options
The two primary bankruptcy options for the individual consumer are Chapter 7 and Chapter 13 Bankruptcy. At Ackerman Fox, LLP, we will closely evaluate your situation and help you determine which approach will best resolve your current financial concerns and position you for the most secure financial future following the bankruptcy.
New York Liquidation Attorney for Chapter 7 Bankruptcy
Chapter 7 bankruptcy is individual liquidation bankruptcy. All consumer unsecured debt, medical bills and credit card debt may be discharged in the course of the bankruptcy, and you may no longer be responsible for them. Exceptions to this include student loans, most taxes and domestic obligations, such as child and spousal support. For many people, this is the fresh start they have been hoping for. While your credit may be damaged for a period of time, you no longer have to deal with the weight of overwhelming debt and have the opportunity to correct financial decisions for a more secure future; and you may be able to rebuild your credit in the future.
New York Lawyers for Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows the individual to pay back debt, and in so doing keep the property he or she owns through that debt, such as a home. You will be set up with a three- to five-year payment plan which reorganizes and restructures the debt that you have. This makes your debt and payments more manageable and offers a more comfortable approach to a fresh start.
This option also benefits the creditor who might not otherwise get that adequate payment for that property. We will work with creditors to make arrangements for an agreeable and manageable payment plan.
Both forms of personal bankruptcy result in an immediate court-ordered stop to all creditor calls and harassment, wage garnishment, home foreclosure and auto repossession.
Free Debt Evaluation