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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.

Common Questions About Bankruptcy

  1. How much does it cost to file bankruptcy?
  2. How to file bankruptcy in New York?
  3. What is the bankruptcy means-test?
  4. How will bankruptcy effect my credit?
  5. Who is the best bankruptcy lawyer in New York?
  6. Can I get a credit card, car, or mortgage after bankruptcy?
  7. Who is an affordable bankruptcy lawyer in Brooklyn?
  8. Can I keep my house if I file bankruptcy?
  9. I filed bankruptcy in the past, how long do I need to wait to file again?
  10. What are the alternatives to bankruptcy?
  11. What is a non-dischargeable debt in bankruptcy?
  12. Can I choose which credit cards to include in bankruptcy?
  13. Differences between filing chapter 7 and chapter 13 bankruptcy.
  14. Filing bankruptcy for income taxes.
  15. Qualifying for Chapter 7 Bankruptcy.
  16. Why hire our Lawyers for Bankruptcy in Brooklyn?
  17. Can I File Bankruptcy From Abroad?
  18. File Bankruptcy For Medical Bills.
  19. Discharging social security debt in bankruptcy
  20. Overview of the Automatic Stay in Bankruptcy.
  21. How to Cancel a Bankruptcy After It's Been Filed
  22. Consequences of Filing For Bankruptcy
  23. Pros and Cons of Bankruptcy
  24. Can I discharge student loans in bankruptcy?

Visit our FAQ if you have more questions about bankruptcy.

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. Regardless of whether you are overwhelmed with medical bills, credit cards, or other debts, 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.

Our office understands that some client's may have special circumstances requiring certain attention from their bankruptcy attorney. We are committed to assisting each and every client in meeting their particular needs.

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Contact us today to learn more!

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