NYS Bankruptcy
If you are struggling with finances in a serious way, you may be considering filing for NYS bankruptcy. Here are the benefits and preparation tips for filing bankruptcy.
NYS Bankruptcy | The Benefits
I’m often asked what the benefits are for filing a chapter 7 bankruptcy. A chapter 7 bankruptcy is a full bankruptcy where you can discharge that in your retiring. Typically, a chapter 7 bankruptcy is going to eliminate unsecured creditors and at the same time allow you to re-affirm, continue to pay on secured creditors such as mortgages and car loans. Benefits of a chapter 7 bankruptcy are substantial to the indenter, first of all you are able to eliminate the unsecured debt, you’re able to take care of the garnishments and eliminate those, take care and eliminate the harassing phone calls that you are receiving on a daily basis and at the same time, I am often to protect most, if not, all of your assets. A chapter 7 bankruptcy, even though it’s a full bankruptcy where you discharge that, does not mean that you lose everything. Many assets are exempt under the NYS bankruptcy code.
NYS Bankruptcy | The Preparation
If you’re considering filing a chapter 7 or even a chapter 13 bankruptcy, there are certain things that you can prepare in advance to meeting in our office. The documents that we’re going to need to have and we’re going to be asking for will be your tax returns for the past 2 years, pay stubs that you’ve received over the past 2 or 3 weeks. We’re also going to be asking for information with regards your creditors. Now many people lose track over a period, and maybe we have to order a credit report in order to make certain that we fully understand what your obligations are. We’re going to need to have the copies of your titles to the car, we’re going to want to see your driver’s license and social security card, and if you have any secured creditors, mortgages, leads on vehicles. We want to see with information regards to those. Account statements showing your current balance, a statement showing what is owed on the vehicle, those could be very, very helpful.
If you need help with NYS bankruptcy, please call our Buffalo bankruptcy lawyer for a consultation.
