Most individuals ask “what is bankruptcy?” Many believe that bankruptcy is used when individuals make bad financial decisions. Although, yes that may be true, bankruptcy, is also a tool to help individuals get out of debt and start over. There are many different reasons why individuals file bankruptcy.
With the coronavirus pandemic going on, many business owners may be wondering how their business debts can be eliminated in a Chapter 7 bankruptcy. If you own a business, have debt, and can’t pay, filing bankruptcy can help you eliminate your personal liability. Keep in mind, however, that even if you are not personally liable for the debts, in a Chapter 7 bankruptcy, your business will still be liable for the debt. This is because the business is a sole proprietorship.
Many individuals are unaware that a bankruptcy attorney can help you get a loan modification. A loan modification can stop a foreclosure, lower your monthly payments, and allow you to stop suffocating in debt.
If you are thinking about filing bankruptcy, you are probably struggling to pay your debts and are wondering if “filing bankruptcy is a good decision?” Filing bankruptcy can give you room to breathe and help get you out of a financial disaster.
If you are looking to file bankruptcy in Staten Island, you have come to the right place. Individuals behind on bills look at filing bankruptcy in Staten Island as a way out. Filing bankruptcy is never an easy decision and having a Staten Island bankruptcy lawyer by your side, can ensure that your bankruptcy in Staten Island is handled correctly.
When signing the CARES Act into law, Congress left out protections for the most vulnerable individuals who are already in debt. Congress failed to provide any protection against debt collectors. Thus, individuals who owe money for past debts will be at risk to debt collectors looking to garnish their stimulus checks.
Recent studies have suggested that many veterans who were injured are living below the poverty line in New York and New Jersey. If you are a veteran, you may be wondering about the different bankruptcy laws that apply to you. Federal bankruptcy law gives veterans certain benefits if they have to file bankruptcy. Some of these benefits are for active duty members and compensation for disabled veterans injured in the line of duty. Prior to 2019, veterans benefits had to be relinqushed to the bankruptcy court. In 2019, the federal laws changed to allow protections to veterans’ benefits from creditors. This law is known as the HAVEN ACT which allows stronger protections to veterans’ filing bankruptcy.
If you are thinking about filing bankruptcy in Staten Island, you probably have heard many misconceptions about the personal bankruptcy process. One of the most common misconceptions that people hear about are that all debts are dischargeable in bankruptcy, Most debts are dischargeable, however there are some debts that are deemed “non dischargeable.” Debts that are non dischargeable in bankruptcy, include alimony child support, some tax debt, and student loans.
If you are behind on your mortgage payments and are looking to save your Staten Island Real Estate from foreclosure, you may be contemplating doing a loan modification. A loan modification is a special program that banks offer to help individuals with their mortgage payments.
If you are considering filing bankruptcy in Staten Island, you may be wondering “what can a Staten Island bankruptcy lawyer do for me?” Being behind on bills can be extremely stressful. If you are in a financial rut and considering filing bankruptcy, it’s natural to wonder if you should hire a bankruptcy lawyer to help you. You may think that by not hiring a bankruptcy lawyer to help you, you will be saving money. This is a costly mistake and can cause you an even bigger financial hardship. Hiring a bankruptcy lawyer to help you file your Staten Island bankruptcy can save you a lot of hassle and stress by ensuring that your case is handled properly.