Does Chapter 7 Bankruptcy Work in New York City?

If you are overwhelmed by debt and have done everything in your power to pay down your credit cards and toxic loans but are still underwater then bankruptcy protection may be for you.  You have a right to a second chance.  All too often we see good people in New York losing their cars, homes and retirement nest eggs when they could have filed for bankruptcy and protected these assets.  The stigma associated with bankruptcy relief is perpetuated by the very people that mean to keep you in debt and strip you of every last penny.  The only disappointment most bankruptcy clients feel is in not having come to an attorney sooner.


Millions of Americans file bankruptcy every year, and the basic idea of bankruptcy has been with us for centuries.  For any number of reasons it can become difficult or maybe even impossible for a person to repay their debts.  As a society we have decided that there should be some level of forgiveness for these people, and that forcing them to slave away for the rest of their lives in a futile attempt to repay an impossible debt is simply unjust.  Our government has created powerful laws to protect citizens from this situation and to ensure a second chance is available when people fall on hard financial times.  We understand that modern predatory lenders will use all sorts of tactics to increase interest rates, jack up payments or otherwise make it more difficult for a consumer to repay a loan.  Citizens need protection from toxic lenders and unforgiving bankers using these dishonest schemes.  Fortunately bankruptcy laws exists to stop creditor actions immediately and to eliminate toxic credit card debts and other unmanageable loan payments when you can no longer afford to pay them.


When you file for bankruptcy you are telling the court a few things: that you can no longer afford to pay your debts, that you have no significant non-exempt assets that could be used to pay down your debt, and that you need help to get out of your financial trouble.  New York State and Federal bankruptcy exemptions exist that will protect people’s basic property from creditors when they file.  Using these exemptions allows our clients to keep most of their possessions after the bankruptcy.  The “significant assets” that could be used to repay a creditor is really pertaining to assets or equities that are above the predetermined and very generous exemption amounts.  In other words, our clients almost always keep their homes and cars and most other belongings in bankruptcy if it is their desire to do so.


If you live in New York City get the facts for yourself from an expert.  Contact an experienced bankruptcy attorney that can show you the actual legal ramifications and likely outcomes to your filing for bankruptcy.  After the rumors and misinformation are cleared most clients quickly see that bankruptcy provides an incredible level of financial protection as well as a fresh start with zero debt whatsoever.


Worrying about the creditors breathing down your neck is bad enough.  If you’re underwater on your bills, get some help before you drain your bank accounts.  Contact the Law Offices of William Waldner online or by calling 212.244.2882 for a free consultation.  As of 9/31/16 we have a 99% Chapter 7 Bankruptcy discharge record in New York City and we strive to provide affordable bankruptcy assistance for all New Yorkers.


This article is intended for educational purposes only.  By reading this article no attorney-client privilege has been created.