After the current bankruptcy law went into effect in 2005, many people were left with the impression that bankruptcy relief was no longer available or too difficult to obtain. Nothing could be further from the truth. Bankruptcy is a formidable way for many hard working Americans who are facing difficult times to obtain a â€clean slate†and rebuild their future. Bankruptcy can happen to anyone, as every socioeconomic bracket faces unexpected challenges in life. During these trying times, bankruptcy filings are rising at unprecedented rates, as millions of Americans have been faced with massive lay-offs, unexpected injuries and chronic medical conditions resulting in insurmountable medical bills, or other circumstances that are beyond their control. In fact, this year it is expected that over 1,500,000 Americans will seek relief under the bankruptcy code and begin to rebuild their future. No matter the situation, people who find themselves overwhelmed by debt need some relief. Filing for bankruptcy continues to be a legal, safe and affordable way to start over. There are many immediate advantages to filing relief under the Bankruptcy Code. First, there is the relief of the debt itself and the stress related to the collection of the debt. A bankruptcy case can result in a â€discharge†of most or all of your debts. This means you are not legally obligated to pay off the debt any longer. Debts that can be discharged include, but are not limited to, credit cards, medical bills, unsecured loans, judgments, and certain types of taxes. In some bankruptcy cases you can actually reorganize your mortgage and car loans, taxes and others types of debts that may not be discharged. The court will also supervise the plan and the creditors have no choice but to participate. Another significant benefit of filing for bankruptcy is the automatic stay. This means that the court orders the creditors to stop calling and harassing for debt collection. The automatic stay also halts lawsuits, prevents garnishments, averts repossessions of vehicles, and stops foreclosures and IRS seizures. Furthermore, if a bankruptcy case is filed before a state court enters a judgment of possession, you can also prevent eviction from a past-due, mortgaged house. Finally, you can also prevent your driver’s license from being yanked for any number of unpaid fines. If you are seriously considering bankruptcy and you live in New York, you need to consult with an attorney who understands New York bankruptcy laws. Not all bankruptcy attorneys are the same. While the process appears complicated, New York bankruptcy lawyers at Doyaga and Schaefer will be able to help you understand your options and avoid making bad decisions. You get one chance to file bankruptcy right the first time. When bad things happen to good people, the New York bankruptcy lawyers at Doyaga and Schaefer are here to help. Stop the harassment, the worry, the financial stress. For a free same-day consultation, call 718-488-7500 or 516-656-7500, or visit our website at bigapplebankruptcy.com for more information.
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