Have financial problems or hardships caused you to consider bankruptcy? Are harassing creditor calls, wage garnishments, frozen bank accounts, or the thought of losing your home weighing heavily on your mind?
If you are reading this page, you have probably been struggling to find a way to reduce your debts, but haven’t been successful in keeping creditors from hounding you. You may have considered bankruptcy before, but were hoping that you could work things out on your own. And, you may have even felt a little embarrassed to speak with someone about it…but don’t worry, you don’t have to do this alone.
With criminal debt settlement, a creditor oftentimes agrees to lower the outstanding debt of an eligible account by 30% or more, so you can pay off your debt.
We have successfully negotiated with virtually all of the large creditors and student loan lenders. We will use our vast experience negotiating with creditors to achieve the lowest possible settlement on your behalf.
Debt settlement is sometimes referred to as debt negotiation or debt arbitration, and also debt consolidation. It can be a strong alternative to bankruptcy depending on your particular circumstances.
A debt settlement plan is a comprehensive financial and strategic plan to eliminate your existing debt through proper financial management and through the settlement of your debt at reduced amounts. Debt settlement is a low-cost approach to unsecured debt management and elimination. Our debt settlement services include, but are not limited to a negotiations with your creditors to settle your debts for amounts significantly less than what you currently owe. Our debt settlement services typically result in a reduction of your principal balances.
A bankruptcy filing will appear on your criminal credit report for 10 years. However, not being able to make payments on high debt has already had an impact on your credit report, so bankruptcy may not make a big difference. You can start rebuilding your credit immediately after filing.
There are three types of bankruptcy cases that are typically filed: chapter 7, 13, and 11. Individual consumer debtors generally choose between two forms of relief afforded by the Bankruptcy Code – chapter 7 and chapter 13.
In a chapter 7 case, an individual debtor receives a discharge of personal liabilities for dischargeable debts, in exchange for the liquidation of all non-exempt assets.
In a chapter 13 case, a debtor commits to repayment of a portion of his or her debt in a payment plan in exchange for retaining non-exempt assets and receiving a broader elimination of debt than is available under chapter 7.
Chapter 11 cases similarly use plans to satisfy debt through periodic payments to creditors and/or a sale of assets. While individual consumer debtors also may file a chapter 11 case, chapter 11 cases tend to be more costly and complex to prosecute and tend to be utilized primarily by business and high-income debtors.
Unless an involuntary bankruptcy case is commenced against a debtor, bankruptcy is a voluntary yet complicated process. Most cases implicate both federal and state law. Moreover, if a particular case involves specialized issues of law, it may require varying areas of legal expertise.
What are the pros and cons of filing bankruptcy?
Chapter 7. In chapter 7 you eliminate debt, but if you have non-exempt assets you may lose them.
Chapter 11. In chapter 11, you get the same relief that you obtain in any bankruptcy chapter, but without an asset or debt cap which gives you more breathing room. However, chapter 11 is more complicated, time consuming and expensive. This chapter is most frequently utilized by businesses that have assets to protect.
Chapter 13. In chapter 13, you will be able to keep your assets, but you are required to pay your creditors back a percentage of what is owed, according to your particular situation.
Does filing bankruptcy really stop garnishments, protect your house and get rid of debt?
Generally yes, but if you are a repeat filer within a specific time period there may be restrictions.
Do you have specific bankruptcy questions that have not been addressed above? It is important to understand your criminal rights. NY bankruptcy attorney can help you explore your options, advise you of your rights and counsel you on whether filing bankruptcy is appropriate in your individual situation.
Although bankruptcy can help consumers obtain credit card debt relief, some don’t qualify because they previously filed chapter 7 within the past 8 years, or have more to lose than to gain from filing.
There are many pros and cons to consider before making a decision. For instance, in debt settlement situations the forgiveness of a debt is considered taxable income, where in a bankruptcy it is not.
If you decide to pursue debt settlement, Stephen Bilkis and Associates will act as your agent to negotiate a reduction in interest rates, principal and or repayment terms allowing you to avoid filing and involvement with the courts. In many cases, a debt settlement attorney will deal directly with creditors taking you out of the line of fire.
Have debts such as credit card balances, bank loans, court judgments or medical bills caused financial difficulties for you, your family or your business? You are not alone. In these troubled economic times, many people throughout the country have experienced financial hardship, and have considered filing personal bankruptcy.
If you are dealing with financial problems, bankruptcy filing may be able to provide you with a fresh start by eliminating credit card debt and helping you put financial issues behind you. In a typical case, an individual debtor usually receives a prompt release of personal liabilities for dischargeable debts in exchange for the liquidation of non-exempt assets.
We will help you determine if filing personal bankruptcy and specifically a bankruptcy is the right choice for your individual situation. Her warm and understanding approach, combined with years of experience handling bankruptcy cases, helps to put your mind at ease, and put you back on the road to financial health.
The Chapter 7 process. A chapter 7 bankruptcy is often filed by people who can’t keep up with minimum payments on their credit cards, and do not have considerable assets to protect. In most circumstances the paperwork can be completed in one day, as long as all required documentation has been provided. Once a case has been filed, it takes approximately 6 months for a client to receive their official discharge notice. About one month after filing, Rachel will attend the mandatory 341 meeting of creditors with you.
To be eligible to file a chapter 7 case, you must take a credit counseling course before filing. Once you have filed, in order to be eligible for a discharge of debt, you must receive court approved debtor education. In order to properly prepare the petition we will need your last 6 months of pay-stubs or other income verification in order to analyze whether you will pass the means test. Chapter 7 cases are subject to random audit by the office of the United States Trustee. If you have filed a previous chapter 7 proceeding, you will have to wait 8 years before filing another one.
Most people who come to us for legal advice inquire about changes to the bankruptcy laws. With her up to date knowledge of the current Bankruptcy Code, we will give you her professional opinion on your eligibility under the new law.
Filing personal bankruptcy may be complicated and finding a good bankruptcy lawyer is important. In choosing Brooklyn, NY chapter 7 bankruptcy you will not only have a strong advocate for your rights, but a caring professional who will help reduce the stress of dealing with your financial problems.
Our New York Criminal Defense Attorney at Stephen Bilkis and Associates will assess your situation, advise you of your options and help you determine whether filing bankruptcy, seeking credit card debt relief or reducing debts is most appropriate in your individual situation. Visit our offices located around New York Metropolitan, including Corona for free legal consultation or call 1.800.NY.NY.LAW or 1.800.696.9529 to schedule an appointment.