Chapter 7 Bankruptcy Lawyers Serving Individuals and Families in The Bronx
A fresh start and financial freedom are obtainable with the help of caring, experienced New York bankruptcy lawyers
You work hard to make ends meet and provide for your family. Keeping up with monthly financial obligations is hard enough when things are going well, but a sudden event like a job loss, an extended illness, or an unexpected expense, can put you so far behind it seems impossible to catch up. Credit cards may seem like a lifesaver to be able to afford necessary items, but the ridiculous interest rates and charges only put you in a deeper hole every month.
Fortunately, there is a solution. From the founding of our country, laws have been in place to protect people in financial straits from losing everything they own and being thrown out on the streets. These laws offer a hand to people struggling with debt, to help them climb out of that financial hole and get back on their feet. Call the Kohn Law Firm and let our Bronx bankruptcy lawyers show you how to find relief through a Chapter 7 straight bankruptcy.
Rid Yourself of Unsecured Debt
In a Chapter 7 bankruptcy proceeding, the court can reduce or eliminate your unsecured debt, which includes debts such as credit card bills, medical bills, and even certain tax bills. Some people fear they will have to sell their property as part of a Chapter 7, but at the Kohn Law Firm, we conduct a thorough examination of your assets and finances to find all the best exemptions under either New York or federal exemptions from liquidation. In many cases, our clients are able to obtain a complete Chapter 7 discharge of their unsecured debt without having to sell or liquidate any of their property or assets at all.
If you have debt that is not dischargeable in bankruptcy, such as student loans or child support obligations, a Chapter 7 can free up your disposable income by discharging other debt so that you can afford to meet these obligations and avoid unpleasant outcomes like having your wages garnished or having a lien placed on your personal property.
Find the Solution that Works for You
If your household income is below the average in your area, you may automatically qualify for Chapter 7. If not, our bankruptcy lawyers will walk you through the Chapter 7 means test to see if you qualify. If it turns out that you are not eligible to file Chapter 7, we can still help you find effective, lasting debt relief through Chapter 13.
Chapter 13 Debt Relief from Dedicated and Experienced Bronx Bankruptcy Lawyers
Save your home, save your car, and achieve financial stability in just a few short years
A Chapter 7 bankruptcy is not the right solution for everyone who is struggling with the burden of overwhelming debt. For some, their biggest need is stopping a foreclosure on their home or a repossession of their car or other valuable property. Others simply do not qualify for Chapter 7 because of their income level or other assets. If you have a steady job and can afford to make small payments each month toward paying off your debt, the Bronx bankruptcy attorneys at the Kohn Law Firm can help you save your home, save your car, and achieve financial freedom in as little as three years in a Chapter 13 bankruptcy proceeding. Read on to learn more about the benefits of Chapter 13, and contact the Kohn Law Firm for a free consultation with a dedicated and experienced bankruptcy lawyer in the Bronx.
Unlike Chapter 7, a Chapter 13 proceeding does not require you to sell off any property, so you don’t have to worry about whether or not all of your property is covered by an exemption from liquidation. Instead, all of your creditors and debts are brought together in one place where they may be adjusted as you develop a payment plan to pay off those debts over a three or five-year period. Your monthly payments are calculated based on your disposable income so that you will be able to afford and keep up with the payments and stick with the plan. At the end of the plan period, any remaining debts can be eliminated.
If you are behind on your home mortgage payments, even if you are facing foreclosure, a Chapter 13 can put a stop to any foreclosure by allowing you to roll any missed payments into your Chapter 13 payment plan, bringing you current on your mortgage. A Chapter 13 can also be used to remove second mortgages or cram down mortgage balances so that the amount you owe more accurately reflects the actual market value of the home.
Get Back on Track with a Chapter 11 Reorganization
Our Bronx bankruptcy lawyers can put you back on a path to financial security
For individuals who might otherwise file for consumer bankruptcy, Chapter 7 or Chapter 13 is not always available or may not be the best option. For instance, some consumers have too much income to qualify for Chapter 7, or too much debt to be eligible for Chapter 13. Others may have a large amount of non-exempt assets that could be lost in a Chapter 7, or high-value assets they wish to retain, while still preferring a discharge of debt to a repayment plan.
In a Chapter 11, individuals can find a way to reduce or eliminate debts, stretch out the time required to repay any remaining debts, and reorganize their finances so that monthly obligations are manageable and realistic. Contact our office to see if you may benefit from a Chapter 11 filing.
Stop Creditor Harassment and Take Back Control of Your Finances
Bankruptcy provides what is known as the “automatic stay.” When you file for bankruptcy, all attempts at debt collection are supposed to immediately stop. This includes harassing phone calls or letters from creditors or bill collectors, as well as unwelcome visits to your home or place of business. The automatic stay also prevents or stops other activities such as wage garnishments, liens, foreclosures and repossessions. The pressure put on people who are behind on debt causes a great deal of stress and anxiety, and may push them to make the wrong decisions. Filing for bankruptcy gives the consumer breathing room to relax and make the best decision for dealing with unmanageable debt – a solution that benefits the consumer in the long run.
Find the Best Solution for Your Debt Relief with the help of our Experienced and Dedicated Bronx Bankruptcy Attorneys
Is Chapter 7, Chapter 11 or Chapter 13 your best option? Is bankruptcy even right for you, or would you benefit instead from negotiating a debt settlement or loan workout? Every person’s financial situation is unique, and the right solution for you should be determined only after a thorough consultation with knowledgeable and experienced bankruptcy attorneys. This is a service we provide at the Kohn Law Firm, along with representation and assistance throughout the completion of your bankruptcy matter. For effective, lasting debt relief tailored to your specific needs, contact the Kohn Law Firm in the Bronx at 718-409-1200.