Law Offices of

Boris Nikhman

Tel:(718) 554-0523

Fax:(718) 928-9701

2903 Ocean Avenue, Brooklyn, NY 11235

277 Broadway, suite 701, NY, NY 10007

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Bankruptcy Can Help Those Unable to Pay Debts

Personal bankruptcy law is frequently the only shield for someone that has a large amount of debt due to medical bills, credit cards and lots of other kinds of unsecured debt who are suddenly unable to meet those expenses.

For personal bankruptcy law advice call us now at 718-554-0523/646-727-5016 We offer a free initial consultation

If you live in the Brooklyn or NY area and are having financial issues such as those above, then it may be time to talk to a Brooklyn bankruptcy lawyer. Bankruptcy isn’t a sentence of never being able to get credit again, in fact, no matter what some people may tell you, it can actually be the start to a new path to the future.

Three are two main types of personal bankruptcy law: Chapter 7 and Chapter 13. An easy test can help you to figure out which of these types of bankruptcy that you may qualify to use to get out of debt.

Chapter 7 involves liquidating a debtor’s assets in order to pay your debts. Oftentimes this is the type of bankruptcy that people chose if they don’t have many assets since there would be little or nothing to liquidate. This is because they may just have things like a primary house, a car, some furniture or their clothes, which are considered necessities and may or may not be lost.

Brooklyn applicants who don’t have much cash after they take care of necessities to pay for their unsecured creditors may fit into a Chapter 7 category so just about all of that debt can be eliminated, or as it is called in bankruptcy, it will be discharged. However, be aware that school loans that were secured through the Federal Government can’t be discharged.

In order to get a Chapter 7 bankruptcy, a person must take a means test to see what their debt to income level is, as well as meet with a special credit counselor. The whole procedure doesn’t take long and can be done in just a few weeks. And best of all, the bill collectors aren’t allowed to call or write or otherwise get in touch with the filer.

Chapter 13 is chosen by people who want to try to keep their home’s equity or other assets. They usually have a regular source of income, can pay for their everyday expenses, but still have problems paying off their unsecured financial obligations or credit cards./p>

By using Chapter 13 a filer is able to retain any assets they have and put together a repayment plan that lasts three to five years. This is presented to a trustee and then is distributed to pay off creditors. This time frame is called a stay.

Filing for a personal bankruptcy could be a good idea if your debts were caused by doctor and hospital bills, tax bills, credit cards, or other kinds of unsecured obligations. Be sure to contact us right off and we will make sure that the creditors stop calling you. We can get you going in the right direction and help you to begin anew and have a better credit rating in the future.

If you have lots of debt that you think will require 10 or more years to get paid, or if your credit is already shot, then we can help you to learn how to repair it after the bankruptcy is done.

So, for advice on personal bankruptcy advice, be sure to contact our office and set up a free first consultation.

For personal bankruptcy law advice call us now at 718-554-0523/ 646-727-5016 We offer a free initial consultation