New York Bankruptcy Attorneys Help Clients Start Fresh
Understanding law firm explains debt relief options
Making the decision to declare bankruptcy can be difficult, but filing can offer a fresh start for people faced with crushing debt and little means with which to pay it off. At Roman & Associates, PLLC, in New York, we can help you determine your best option for debt relief, negotiate with creditors and represent you in bankruptcy court.
Guiding you through the various processes
Filing a bankruptcy petition creates an automatic stay of all collection activity while the court considers your eligibility for discharge or reorganization of debt. And there are often ways to protect much of your property while settling accounts with creditors and restoring your creditworthiness. We also help our clients with:
- Debt analysis — Before advising you on your bankruptcy options, we do an in-depth evaluation of your income, debts and other expenses. Based on these results, we can determine whether a feasible plan can be worked out with creditors to restructure your debt.
- Negotiations — Lenders and loan servicers have an interest in preventing defaults, since bankruptcy often defeats their ability to collect. We work with creditors on plans for debt consolidation, restructuring and loan forgiveness.
- Loss mitigation programs — If you are threatened with foreclosure, we negotiate with mortgage holders for a realistic loan modification plan that allows you to keep your home while repaying the debt over a longer time period.
If bankruptcy is ultimately the right choice for you, we fully explain the process and the effects that it will have on you, now and in the future.
Choosing the right form of bankruptcy
These are the types of relief available under the U.S. Bankruptcy Code:
- Chapter 7 — Also known as liquidation, Chapter 7 bankruptcy requires selling off the debtor’s assets to satisfy as much of the debt as possible before the rest of it is wiped out. Either federal or state exemptions can be used to protect certain kinds of property.
- Chapter 13 — Known as a wage earner’s plan, Chapter 13 allows people with stable incomes to pay off part of their debt in installments, usually over three to five years. It is often a good solution for people facing foreclosure, since it lets them keep their homes.
- Chapter 11 — Commonly called reorganization, Chapter 11 is a way for a financially distressed business — even a sole proprietor — to stay in operation while keeping creditors at bay. The business operations may be turned over to a trustee appointed by the court while debts are repaid under a creditor-approved plan.
Whichever form of relief is decided upon, our attorneys will assist with pre-bankruptcy planning to identify and categorize your assets so we can determine possible exemptions and your priorities for debt relief. We also help with post-bankruptcy planning by devising strategies to get you back on a firm financial footing and to repair your credit.
Schedule a free initial phone consultation with a qualified bankruptcy lawyer
Filing bankruptcy can be complicated, but at Roman & Associates, PLLC, in New York, we provide responsive legal assistance and protect your interests. Call 212-323-7428 or contact us online to schedule your free initial phone consultation today. Evening and weekend appointments are available.