2002 Route 17m, Suite #12, Goshen NY 10924
 
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Bankruptcy Services in New York and New Jersey


 
 

What Type of Bankruptcy can Benefit You the Most


If you are struggling financially and creditors are harassing you, filing for bankruptcy can provide you immediate relief. Bankruptcy laws prevent creditors from harassing you, repossessing your vehicle, garnishing your wages, seizing your bank accounts and foreclosing on your home. Filing a Chapter 7, Chapter 11 or Chapter 13 case could be the first step toward taking control of your finances and rebuilding your credit. At M. Cabrera & Associates, PC, we know how to deal with insolvency, and we guide you to a fresh financial start.
 

We Provide a comprehensive understanding of the guidelines and procedures when filing for bankruptcy in New York and New Jersey.


Filing for bankruptcy protection is an important decision. The law is complex, and the bankruptcy procedures can be confusing. It is important to discuss your options with a qualified debtor's attorney to determine whether you should file:
 
 
lawyer with clients - bankruptcy defense in Goshen NY
 
Chapter 7 — In a typical Chapter 7 filing, the debtors discharge or eliminate most or all debts and keep most of their assets. Chapter 7 is the most common type of bankruptcy for consumers.
Chapter 11 — Chapter 11 is used mainly by corporations that wish to stay in business and reorganize their debts. Under rare circumstances, individuals who don't qualify for either Chapter 7 or Chapter 13 may be able to obtain relief under Chapter 11.
Chapter 13 — In a typical Chapter 13, the debtors keep most of their assets and pay back some or all debts over a period of three to five years under a plan of reorganization.
 
At M. Cabrera & Associates, we review your individual circumstances and help you determine which type of bankruptcy would be the most beneficial to you and your family.
 

What are the pros and cons of declaring bankruptcy?


We believe it is important for individuals to fully understand the advantages and disadvantages of filing for bankruptcy. Below is a summary, but please contact us to discuss your unique situation:
 
Benefits of bankruptcy
As soon as you file your bankruptcy petition, an automatic stay goes into effect. (A stay is a court order that halts debt-collection efforts by creditors.) This means all the harassing telephone calls stop, lawsuits come to a halt and you have a forum in which to deal with all of your creditors at once. Additionally, many of your debts are discharged or canceled in bankruptcy. So when your case successfully concludes, you are no longer responsible for the discharged debts.
 
Disadvantages of bankruptcy
The primary downside to filing a bankruptcy case is the negative impact it has on your credit score. The bankruptcy will appear on your credit reports for 10 years.
 
We walk you through the bankruptcy process and ensure that you are fully informed about how your filing affects you now and in the future.
 
If you or a loved one is considering filing for bankruptcy, contact M. Cabrera & Associates, PC for a free consultation at 845-531-5474.