Bankruptcy is a common phenomenon in New York. When debts keep piling up and you have no way to pay them off, filing a bankruptcy seems to be the last and the safest option. In such a scenario, you should immediately contact expert New York bankruptcy attorneys. He will guide you on the several codes in bankruptcy that an individual or a corporate firm can avail.
The most common chapters in bankruptcy are Chapter 7 and Chapter 13. We will discuss Chapter 13 bankruptcy code that allows for “debt restructuring”. Generally, those who have a steady source of income and also have the capability to repay their debts in near future are advised to declare bankruptcy under Chapter 13.
So, what are the general advantages of Chapter 13 bankruptcy? There are several benefits of Chapter 13 bankruptcy. Let us examine some of the most important ones.
Legal protection for creditor harassment: Once you apply for a Chapter 13 bankruptcy, you will get an approval for legal protection from the debt collection agencies and creditors. This means that after granting a Chapter 13 petition, it is illegal to harass a debtor for clearance of debts.
Freedom from debts: Bankruptcy code under Chapter 13 clears almost every type of unsecured debt. However, for secured debts there has to be a reclamation shortage for clearance.
Debt restructuring: A great feature of Chapter 13 code of bankruptcy is that it allows restructuring of debts. As a result, a debtor, going through financial issues, can heave a sigh of relief.
Foreclosure elimination: eliminating the chances of foreclosure is one of the key benefits of chapter 13 code of bankruptcy. A debtor is required to present a repayment plan to the court for approval. However, it is challenging for a person to carry on with the legal procedures under Chapter 13. In such a scenario, New York bankruptcy attorneys can provide the proper guidance regarding the court proceedings.
One must plan carefully while selecting a bankruptcy attorney New York. There are three basic things you should keep in mind.
Ensure that your lawyer is qualified and check the lawyer’s certifications before you hire him.
Ensure that your New York bankruptcy attorney has adequate experience and won several such cases
Check that the fee your lawyer is charging is affordable. This is because you are already going through a major financial turmoil.
Filing bankruptcy can be a welcome change to a debt-laden life if you visit experienced NewYork bankruptcy lawyers. For the best and affordable services, visit us at: http://www.thenybankruptcyattorney.com/
Sohini Bagchi is a search engine optimization (SEO) content specialist based in India. She is writing for Asha Infotech. Asha Infotech is a Creative Digital Agency seo services India. You can also get providing seo tips and Web Design