Bankruptcy in New York

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Filing for bankruptcy is a huge financial
decision, and there are many aspects to consider.
As a person dealing with multiple debts, your
situation is always unique. Before you can think
of bankruptcy as an option, it is always good to
talk to a lawyer in detail.
The laws related to New York can be different and
there may be a number of things worth
considering.
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First things first, you need to find a New York
bankruptcy lawyer. There are many legal firms and
lawyers who only deal with bankruptcy, and you
can expect to get very genuine services from
them. To choose a good firm, ask them a few
questions. How many cases have you handled so
far? Can you deal with the complicated situation
of my case? Do you have the time and resources to
devote to the case? What are the charges of your
services? These are just some of the questions
worth asking.
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Your bankruptcy lawyer will ask a few questions
after he has taken the case. However, before that
happens, you need to know if bankruptcy is a
choice in the first place. Do you have too many
overdue payments? Are you dealing with multiple
bills, debts and credit card payments without any
resources? Is your home at risk due to
foreclosure? Has someone or any of the lenders
filed a suit against you? Every case is
different and your lawyer will decide on the
course of action, based on your answers.
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Most people dont know many aspects about
bankruptcy, but you have to find the basics about
Chapter 7 and Chapter 13. In Chapter 7
bankruptcy, it is possible to get discharged from
unsecured debts. Your unsecured debts include the
bills related to personal loans, credit card and
even medical bill payments. However, there are a
few exclusions, including student loans.
While Chapter 7 bankruptcy allows the person to
start afresh, not everyone is qualified for the
same, mainly when the concerned person has
significant assets. With Chapter 13 bankruptcy,
one can start a fresh payment plan using the
assets, lasting anywhere between 3 and 5 years.
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When you talk to your lawyer, it is best to be as
honest as possible. Keep in mind that there are
many considerations, and one must inform the
lawyer about suits, debts and related facts. If
you have any questions in mind, talk to your
legal team in detail.
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