What Benefits Can I Expect from Filing for Bankruptcy in New York?

If you are looking into the process of filing for bankruptcy, it is likely that you are wondering about the benefits of this process. Continue reading to learn the most common reasons people take the plunge and file. If you have any additional questions, give our experienced bankruptcy attorney a call today to learn how we can help.

What are the benefits of filing for bankruptcy?

There are various benefits of filing for bankruptcy for thousands of Americans who seek bankruptcy to receive the financial relief they need. Depending on your situation, there are different benefits for each individual. One of the most common reasons that people file for bankruptcy is to stop a foreclosure on their home. Filing for bankruptcy will trigger an automatic stay. This means that creditors will have to cease all collection activities.

Filing for bankruptcy will also benefit individuals by putting a stop to threatening calls, letters, and emails from collections agencies. Bankruptcy will stop all debt lawsuits from creditors until your case is resolved. If an individual who is seeking bankruptcy has found themselves in a situation where their wages are being garnished, bankruptcy can put an end to this as well. The final benefit of bankruptcy is that it can discharge a significant amount of debt. Bankruptcy will allow individuals to work out a repayment plan that will allow them to get their finances back in order. With that being said, the main benefit of bankruptcy is that it allows individuals to have a fresh start.

Do I need an attorney?

It is recommended to retain the services of a bankruptcy attorney while filing for bankruptcy for a few reasons. Having an attorney in your corner who understands the details of bankruptcy law and how to deal with collections agencies, creditors, and all other entities you will encounter throughout this process can give you a significant leg up. Our experienced New York bankruptcy firm is prepared to help you today. We have assisted countless individuals with their bankruptcy process and we are prepared to take on your situation today. If you are ready to file for bankruptcy, give our firm a call to learn more about our services and how we can assist you. We are ready when you are.

Contact our experienced New York firm

Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. 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. We will have your back every step of the way.