The Benefits of Filing for Bankruptcy in New York State

With the major implications that come with bankruptcy, you may be hesitant when determining whether filing is the best move to make. However, contrary to popular belief, there are many benefits associated with filing for bankruptcy. Follow along to learn whether you should take the plunge, and how a seasoned Suffern bankruptcy attorney at the Law Offices of Allen A. Kolber, Esq. can offer our services and answer any questions you may have regarding the process.

Under what circumstances would I benefit from filing for bankruptcy?

You should undoubtedly consider filing for bankruptcy if you find yourself in an emergency situation, such as in the event you are facing a foreclosure sale, warrant of eviction, or bank restraint involving a large sum of money. Ultimately, the following are warning signs you should look out for before it is too late:

  • Creditors have obtained judgments against you or your company.
  • One of your bank accounts has been frozen.
  • Your personal wages are being garnished.
  • It is beyond your ability to pay down your credit card bills or medical bills.

What are the benefits of filing for bankruptcy in New York State?

Put simply, filing for bankruptcy in New York State may allow you financial relief. Commonly, people file for bankruptcy to stop a foreclosure on their home. This is because an automatic stay will be triggered by filing for bankruptcy, which means that creditors will have to cease all collection activities.

An additional benefit is that filing for bankruptcy may put a stop to threatening calls, emails, and letters from collection agencies. That is, bankruptcy will stop all debt lawsuits from creditors until the case is resolved.

And if your wages are being garnished, filing for bankruptcy can put an end to this, because it can discharge a significant amount of debt. In other words, bankruptcy allows you to work out a repayment plan that will allow you to get your finances in order.

All in all, filing for bankruptcy will give you a fresh start. With all this being said, it is also beneficial to retain the services of a talented Suffern New York bankruptcy attorney who will stand by your side. Our understanding of the details of bankruptcy law affords us the ability to deal with collection agencies, creditors, and all other entities on your behalf, and overall, gives you a significant leg up throughout this process. To get started on this, contact our firm today to schedule your free initial consultation.

Contact our experienced New York firm

If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.