New York Bankruptcy Attorney
How is bankruptcy a form of debt relief?
When it comes to finding relief from overwhelming debt, the Law Office of Simon Goldenberg, PLLC is dedicated to helping clients find the best way to find relief. Bankruptcy is one means of debt relief that few people want to think about; however, in some situations it could be the most efficient means of obtaining a fresh financial start. The U.S. Bankruptcy Code offers consumers two ways to find debt relief through bankruptcy: liquidation bankruptcy and reorganization bankruptcy.
Types of Consumer Bankruptcy
Chapter 7 of the Bankruptcy Code is known as liquidation bankruptcy because anyone who qualifies must liquidate any nonexempt assets - sometimes their home or car - to repay as much of their debt as possible before the rest is discharged. Consumers can only qualify for Chapter 7 if they pass the means test, proving that their income is insufficient to afford any form of repayment. Chapter 13 of the Bankruptcy Code allows a consumer to negotiate a repayment plan with his or her creditors. Over the next three to five years, the consumer continues to make payments on the debt, after which time the remainder is discharged.
Learn More from a Debt Relief Lawyer in New York
At the Law Office of Simon Goldenberg, PLLC, we believe that each client is unique. As a result, we will customize your strategy to help you achieve your own personal goals for debt relief. We are relentless when it comes to helping our clients eliminate their excessive debts and we will go the extra mile to help you experience financial freedom. With our help, you could have your debts discharged through bankruptcy, thus allowing you to rebuild your credit and your finances from the ground up. Contact us today to learn more!