What is Chapter 7 Bankruptcy? What is Chapter 13 Bankruptcy? What does it Mean for Me?
Are you considering filing for bankruptcy in New York? You may be facing foreclosure, overwhelming debt and angry creditors on a daily basis. Unfortunately, there are many myths surrounding bankruptcy. Don’t believe them.
The credit industry has misled people into thinking that bankruptcy does not work, that it is a shameful act, that you will lose all your property, or that you will never get credit after filing for bankruptcy. Nothing could be further from the truth.
- Bankruptcy remains a very real and affordable option for people struggling with debt. Every day, thousands of people utilize bankruptcy laws to save their homes, cars, bank accounts and wages.
- There is nothing shameful about filing for bankruptcy. If the laws were created to help you in times of financial stress, why not use them? Major corporations use bankruptcy when they have to. Why shouldn’t you?
- You will not lose all of your property if you file for bankruptcy, even if you file under chapter 7 (liquidation) rather than chapter 13 (reorganization). New York law protects specific assets, including equity in your home, personal property, clothing, and more. In fact, it is extremely rare to lose any property in a bankruptcy proceeding.
- You may be more likely to get credit after filing for bankruptcy. This is because after eliminating your debts, you become a better credit risk simply because you no longer owe money.
New York Bankruptcy Information
Find out more about bankruptcy, including chapter 7 and chapter 13, what to expect, and what type of bankruptcy may be right for you. We serve clients throughout southern New York State, including Orange County, Dutchess County, and Ulster.
Law Office of Taran M. Provost, PLLC
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Poughkeepsie, NY 12601
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Mahopac, NY 10541