BANKRUPTCY LAWYER BROOKLYN
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William Waldner Bankruptcy Attorney, Brooklyn NY
When Is It Appropriate to File for Bankruptcy?
Years ago, when creditors were thought to be more “fair” and banking operations were more controlled, declaring bankruptcy was seen as a “personal failure” or even a “character fault” due to inadequate financial management abilities. These identifications and labels are no longer valid.
Chapter 7 Bankruptcy Brooklyn
When you file for chapter 7 bankruptcy in Brooklyn, you are instantly protected from creditors and wage garnishment, and your personal debts are usually dismissed (wiped clean) within three months of filing. You must pass the means test and attend credit counseling to qualify for chapter 7 bankruptcy in Brooklyn.
Typically, chapter 7 bankruptcy requires a person to liquidate their assets in order to repay their creditors as much as possible before the remaining debt is wiped clean, but there are many exceptions, and hiring an experienced Brooklyn bankruptcy lawyer is your best bet for eliminating credit card debt, medical bills, and personal loans while keeping valuable assets such as your house, car, sentimental heirlooms, or property.
Chapter 13 Bankruptcy Brooklyn
Chapter 13 Bankruptcy, also known as “reorganization bankruptcy” is a form of debt relief intended to help married couples or individuals who are overwhelmed with debt, but make too much money to qualify for chapter 7 bankruptcies, or who have substantial equity in real estate.
If you are behind on your mortgage payments, retaining the services of a Brooklyn Bankruptcy attorney to assist you in filing Chapter 13 can prevent foreclosure and keep you in your home. With Chapter 13, you repay a portion of your debt to your creditors interest-free over the course of 3 to 5 years. With a few exceptions, such as student loans, your remaining debt is discharged when the repayment period expires. The benefits of Chapter 13 bankruptcy include debt reduction, a manageable repayment plan, and the ability to keep non-exempt assets that would normally be liquidated in Chapter 7 bankruptcies.
High Quality, Low Cost Bankruptcy Attorney Brooklyn
To better serve to clients, William Waldner dedicates his law practice solely to bankruptcy cases, offering clients unparalleled experience and expertise in personal finance and debt relief. Unlike other Brooklyn bankruptcy attorneys who delegate the bulk of their services to paralegals, William Waldner personally handles every aspect of each case. This decreases costs; increases quality and can ultimately save clients thousands of dollars in attorney fees, restitution to creditors, and protection of personal property.