Here’s How You Can Get Debt Relief In New York City

We all have faced months when finances are awry, but dealing with loans and debts for a consistent period is a totally different thing. With the woes in the global economy and personal issues, huge percentage of people in New York City do deal with debt issues at varied points of time. One of the options is to check for bankruptcy, but that requires a lot of understanding. If you are thinking of using bankruptcy for debt relief in New York City, here are some of the pointers you need to know.

1. 1. Every situation is a unique one, and it is good to understand if bankruptcy is a solution for you. To be precise, this is a good choice for people having a long list of debts, but there are many aspects that need to be considered. For example, do you have considerable assets? If yes, the entire planning has to be done well.
2. 2. The simplest way to determine if bankruptcy is a good idea is to talk to a lawyer. There are many legal firms that just deal with bankruptcy cases. However, before you go to a lawyer, you need to ask yourself a few questions. Do you have a long list of overdue payments and credit card debts? Do you have debts that have been pending for while? Are you dealing with foreclosure on your home? In short, do you have overwhelming debt amounts that cannot be handled? If yes, you may choose to for bankruptcy to get some relief.
3. 3. If you have a lot of unsecured debts, Chapter 7 bankruptcy might be the thing for you. Under Chapter 7 bankruptcy, you can discharge a lot of your debts, including personal loans, credit card payments and medical bills, except for student loans and other support payments. This clearly gives a clean slate to start with finances again.

4. However, not everyone qualifies for this. If you have issues with this kind of bankruptcy, Chapter 13 might be the next choice. For people who don’t qualify for Chapter 7 Bankruptcy New York, Chapter 13 allows them to have a great plan for repaying the debts in a planned manner over a period of time, usually between 3 and 5 years. It is essential to know the options well, because it can impact your financial standing in a big way.

Finally, it is essential to choose an experienced bankruptcy lawyer for the task. Keep in mind that a lot of things depend on his advice, and you would want someone who is well known to the procedure. As mentioned, there are quite a few known legal firms in NYC, but you have to make sure that you are getting the best possible advice. Check the official website of the concerned law firm and ask them as many questions as you want in the first meeting. In all likeliness, you wouldn’t be charged a fortune for the initial meeting, and you can decide on their services following the discussion.