Tue. Apr 16th, 2024
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Some subtle changes have been introduced in bankruptcy laws and the legal documents per se is a hefty task to go through for a commoner, even a person does, he might miss out on some critical clauses which can protect him from creditors.  After the president- Bush signed the ‘Bankruptcy Abuse Prevention and Consumer Protect Act’ in the way back 2005, the law has gone through a complete overhaul. But the ability of an individual to secure delft relief and protection from the creditor remains the same. There many service providers in New York City who offer to counsel and help every way possible to protect borrower any potential financial threat. The platform ‘midtown bankruptcy’ is no different.  The firm has signed up the best bankruptcy attorney in brooklyn who will counsel and try to lay out the best possible strategy for the individual seeking debt relief.

The first step

To start off firstly the borrowers have to schedule a consultation with a bankruptcy lawyer, then the lawyer will figure out under which chapter a particular individual can file bankruptcy. Lawyer’s prerogative is to get the best possible relief for the borrower and make sure the borrower is able to protect his assets after discharging the debts.

Provisions under Chapter 7
Touted as “fresh start” Chapter 7 Bankruptcy is a debt relief instrument to assist individuals and families who have been overwhelmed with some uncontrolled, unsecured debt, which could be credit debt or anything related to the medical bill and personal loan. Midtown Bankruptcy could be the savior for them as they have the best bankruptcy lawyer brooklyn at the moment.

Upsides of filing chapter 7 

The process doesn’t take much time individuals and families can be totally out of debt over a period of three months. It also gives the luxury to individuals to protect their personal property, and of course as it provides the individuals with a fresh new start. Filing for chapter 7 in New York bankruptcy set up, protects individuals from wage garnishments and not to forget it protects individuals from all the collection efforts, usually, all the personal debts are wiped clean over the period of three months. To be eligible to file under chapter 7 individuals have to pass the means test, as well as attend the mandatory credit counselling.

The Process

Usually, it’s expected from the borrower who is filing under chapter 7 to liquidate their assets and pay the creditors as much as possible well before the remaining debt is cleared. But, there are many ifs and buts, they are many ways to fill in the dots, an experienced bankruptcy attorney in brooklyn could be the best investment for the borrower at that juncture. The attorney can suggest the possible measure to take to safeguard the most valuable assets a borrower possesses.

Provisions under chapter 13

Chapter 13 is usually touted as “reorganisation bankruptcy” is a debt relief structure to help out married couples and individuals who are under severe debt burden, but they have to have a large chunk of money to be qualified for chapter 13 bankruptcy, must have some substantial equity in real estate to apply under chapter 13.

If borrower’s goal is to keep the house intact, then hiring a New York bankruptcy attorney could be way out, he can help them strategies which assets to liquidate and which not to make sure borrowers manages to save his/ her house. Under Chapter13 borrowers have to subscribe to a repayment plan, repayment plans between 3 to 5 years. Once the period expires, the rest of the debt is cleared after deducting few fixed charges. With experienced attorneys and area expertise, “midtown bankruptcy” is one of the market leaders who have made their mark helped many individuals and families!

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