In New York, bankruptcy offers a second chance for some consumers. Through this opportunity, consumers can prevent foreclosure and further damage to their credit. The first step to accomplishing this goal is to consult a lawyer to determine which credit-counseling programs are approved by the state. If you wish to start this venture, you should hire a Bankruptcy Attorney in Suffolk County NY by visiting the website or Contact them directly.
Benefits of Filing for Bankruptcy
Among the chief benefits you acquire by filing for bankruptcy is an automatic stay. This term of your case prevents your mortgage lender from seizing your home. The limits of this stay depend on which chapter you acquire. For instance, chapter 13 provides the longest duration which equates up to five years. The alternative which is chapter 7 offers protection for no longer than six months.
What You Should Know Before Filing
New laws apply to bankruptcy cases and could impose restrictions that are not beneficial to you. For example, you can only file for chapter 13 if you meet the income requirements. This implies that your income must be beyond the median for your county. Consumers who live in Suffolk County should have an income that is greater than $101,800. Any claimants who have an income lower than this value can file for chapter 7 only.
Reviewing Your Property and Assets
As you approach an attorney to file for bankruptcy, you should understand that if you don’t possess adequate property or assets, it’s unlikely that you can file for chapter 7. The overall goal for this chapter is to allow you to settle debts through proceeds generated by the sale of these items. Your preferred attorney assesses the market value for you to arrive at a value in which you could earn through these sales.
If you opt to file for bankruptcy, you may acquire a wealth of benefits, including protection against foreclosure. This allows you to remain in your home for a longer duration and possibly catch up any delinquent payments. You additionally prevent legal action from your creditors who agree to be included in the claim. If you wish to file now, you should contact your preferred Bankruptcy Attorney in Suffolk County NY today.