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Today’s economy has created many financial challenges for individuals and their families:

  • Job layoffs are occurring at an alarming rate.
  • The home foreclosure rate is higher than we have seen in our lifetimes.
  • Medical expenses are high, with insurance costs unaffordable for many families. As a matter of fact, recent reports state that one out of six bankruptcies is caused by expenses incurred as a result of medical emergencies.

Since the bankruptcy laws changed in 2005, many people now think that bankruptcy is no longer an option when facing financial problems. In fact, bankruptcy is still a very real option for many people.

Types of personal bankruptcy
Individuals have two bankruptcy options, based on their current employment and financial status:

  • Chapter 7 bankruptcy, also known as a liquidation plan, is generally the quickest and easiest form of bankruptcy. Under Chapter 7, you can keep many of your possessions and eliminate much of your debt. Individuals with little or no assets may qualify to file for Chapter 7 bankruptcy, which will provide the fresh start you need for a secure future.
  • Chapter 13 bankruptcy, also known as Wage Earner Bankruptcy, is usually the right choice when you are earning an income and meet other requirements. Under Chapter 13, you create a plan to repay all or part of your debt over three to five years. Under Chapter 13, you keep more of the possessions you worked so hard to acquire because you are repaying, rather than eliminating your debt. As you work through your plan, every day moves you closer to the fresh start you need to regain financial security.

Chapter 13 bankruptcy might be the right option for you under these circumstances:

  • Your income, after considering reasonable monthly expenses, permits you to put money toward your current debts, including allowing you to eventually fully pay priority claims such as back taxes and child support.
  • You want to retain the equity in your home.
  • You want to avoid repossession of your car.
  • You want to keep more of your property and assets than would be permitted under Chapter 7 bankruptcy.
  • You feel a moral obligation to pay down your debt.

Why you need a bankruptcy attorney
If you are experiencing financial troubles, the first step toward recovery is to contact an experienced bankruptcy attorney in your area to learn all your options. When you discuss the details of your situation with the Law Offices of Michael C. Adges in New York, you get a full range of services and advice:

  • First, we can help you determine if you have other options besides bankruptcy to get back on your feet. We know many other ways to retain your assets, including consumer debt consolidation and working with your creditors to establish plans to reduce or eliminate debt.
  • If bankruptcy is the best solution for you, we will look at your current financial and employment status to advise you of the type of bankruptcy to file.
  • We will help you develop a complete financial accounting, which you will need to file your bankruptcy in court.
  • We will prepare and submit all forms and paperwork needed for filing bankruptcy. To expedite your case, we are set up to handle filings electronically.
  • We will represent you through the full bankruptcy filing process, from qualifying, through bankruptcy court. We follow all detailed requirements of your type of bankruptcy, including negotiating with creditors and all parties assigned by the courts.

Contact us
If you are facing a personal financial crisis and you need an attorney, contact the Law Offices of Michael C. Adges at 516-742-1741 or contact us online.