Dealing with too many creditors and loans? Check why hiring a New York bankruptcy attorney is a good idea.

2. Dealing with financial woes is never easy, and more often than
not, we have to make some serious tough decisions. Most people
don’t have detailed views of bankruptcy laws, and understanding
the complicacies can be overwhelming.
If you are in New York, the first thing to
do in a tough debt situation is to seek
legal assistance.

3. The question is whether you should file for bankruptcy
in the first place. Every kind of financial situation is
unique, and you will have to
start by finding a genuine
New York bankruptcy
attorney. Depending on
the facts of the case, he
will offer a clear view
of all the aspects.

4. Typically, most people consider bankruptcy
under circumstances. If you are being
harassed for overdue payments, facing
foreclosure on your home or any
property, dealing with car
repossession or have been sued,
you may consider filing for
bankruptcy.

5. Most people are concerned about the debts that can be discharged after
filing for bankruptcy. Now the state laws can vary, but in New York, you can
expect to get discharged from
credit card bills, personal
loans and medical bills
under Chapter 7 bankruptcy.

6. Your lawyer will typically tell you about both
Chapter 7 bankruptcy and Chapter 13
bankruptcy. Under Chapter 7 bankruptcy,
you will get rid of the unsecured debts and
can start afresh with your finances. On the
other hand, Chapter 13 bankruptcy is meant
for people who have significant assets, and
they will have to develop a special payment
plan, which will help in dealing with the debt
payments.

7. The entire bankruptcy process can be
really complicated, especially when
you are new to the concept. Keep in
mind that all the proper procedures
and steps must be adhered to, so that
all kinds of debts, especially the
unsecured ones can be disposed. While
it isn’t compulsory to hire a lawyer, it is
always a good idea to seek legal
assistance. This will only save time and
ensure that you haven’t missed any
aspect. Creditors can get nasty at
times, and it is a good idea
to move in a planned and
phased manner as
needed and required
by the law.