When you are facing mounting and overwhelming debt, it can feel like your options are limited. Do you continue to struggle to make ends meet? Do you seek help from a debt consolidation company? Is bankruptcy right for you? The answers to these questions will of course vary depending on your circumstances. However, it is important to note that filing for bankruptcy is often the best alternative for taking care of debt and helping you get the fresh financial start you need.
At the law office of Paul B. Groman, we are committed to helping people throughout New York City get effective debt relief. We will thoroughly review your situation, help you explore your options and be there to guide you along every step of the way.
Your Bankruptcy Options
In general, there are two main options for people who are seeking bankruptcy protection. Chapter 7 bankruptcy, also known as liquidation bankruptcy, effectively discharges all of your outstanding debt. However, there are certain income requirements that must be met in order to qualify, and this option is usually best for people with very little assets or no steady source of income. Chapter 13 bankruptcy, also known as debt reorganization, will put you on a court-approved repayment plan that lasts for three to five years, after which any outstanding debt is forgiven.
Our debt relief lawyer, located in Downtown Brooklyn, will take a close look at your financial situation to help determine which chapter might best suit your needs. If it is determined that bankruptcy is not right for you, we can help explore alternative options such as loan modifications or short sales. Whatever path you decide you should take, you should know that we are committed to helping you get on the road to financial freedom.
Thinking of Filing for Bankruptcy?
If you are considering filing for bankruptcy or want to know if bankruptcy is right for you, speak with us. Contact our New York bankruptcy attorney online or call 718-852-1196 to schedule an appointment to discuss your situation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.