When an individual finds themselves in an overwhelming financial situation in Rockland County, they may feel as though there is no way out. For many people, the thought of filing for bankruptcy is daunting because they don’t realize how much of a relief it can actually be. When a consumer is faced with impossible debts, bankruptcy can allow them to get a fresh start and even find financial success down the road. Some of the reasons that people often file for bankruptcy in New York State include because of overwhelming debt from medical issues, loss of employment, fraudulent subprime mortgages, among many others.
There are two types of debt that a consumer may be able to file: Chapter 7 and Chapter 13. When thinking about filing, the individual will have to take a means test to determine which option they are eligible for. While these options have different requirements and outcomes, both can be of great relief to debtors.
A Chapter 7 bankruptcy allows a person in debt to liquidate some of their assets in order to pay off debts. A Chapter 13 bankruptcy can allow a person to create a debt repayment plan over 3 or 5 years and discharge the remainder.
If you have questions about consumer bankruptcy, contact our firm today.
Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.