Is Filing Bankruptcy Right for Me?

Trusted Firm Serving Suffolk County, Nassau County & All of New York

Determining whether bankruptcy is right for you can be a challenge because the answer is rarely straightforward. The way bankruptcy affects one person’s financial situation might differ greatly from how it will affect another’s.

If you are considering bankruptcy, bring your case to the Law Office of Seni Popat. With years of experience guiding clients through the bankruptcy process and finding effective alternatives, our Queens bankruptcy attorney can help you make the right decision for yourself, your loved ones, and your future.

During a complimentary case evaluation, we can consider all the following factors:

• Your debt. Medical debt, credit card debt, unpaid utility bills, and other types of unsecured debt are typically wiped out in bankruptcy. Child support, most taxes, criminal fines and penalties, and (usually) student loans are a few examples of debts that bankruptcy will not discharge. Our attorney can help you determine whether bankruptcy can eliminate most or all of what you owe.
• Your assets. Whether you file Chapter 7 or Chapter 13 bankruptcy, you will need to consider whether state or federal bankruptcy exemptions can cover what you own. In Chapter 7, these exemptions will protect your assets from liquidation. In Chapter 13, the value of your nonexempt assets must be paid through the course of your 3-5-year repayment plan. Our goal, when we help clients file bankruptcy, is to maximize your debt discharge, protect your property, and reduce what you need to repay.
• Your income. Your income plays a role in what type of bankruptcy you can file. If you make more than the median income for your household size in your state, you may not qualify for relief under Chapter 7. Chapter 13 could be a viable alternative, but you will need to make monthly payments for several years before receiving a debt discharge. Your income will play a role in the size of your Chapter 13 monthly payment, as well.
• How soon you need relief. Have you been threatened with foreclosure, repossession, or a lawsuit? Are creditors and debt collectors calling you repeatedly, demanding that you send money you simply don’t have? When you file bankruptcy, the court issues an order called the automatic stay, which halts all collection activities for the duration of your case. If your goal is to obtain relief from debt collection as soon as possible, bankruptcy may be the right move.

How Does Bankruptcy Affect Secured Debt?

Even if bankruptcy doesn’t discharge your debt, it might still be a viable option. For example, mortgage debt and automobile loans are secured by collateral, which is why bankruptcy generally cannot eliminate what you owe on your house or car.

However, because of the automatic stay, bankruptcy gives you several months or years to catch up on what you owe. If you are caught up by the time your case ends, the threat of foreclosure or repossession generally disappears.

In limited cases, a bankruptcy court may cramdown (reduce) an auto loan to the fair market value of the vehicle. It can also eliminate second and/or third mortgages under certain conditions. These options are only available through Chapter 13 bankruptcy.

Why the Law Office of Seni Popat?

Many bankruptcy firms are like mills, filing petitions as quickly as possible with help from paralegals and assistants. Clients rarely get one-on-one attention from their attorneys, who are only interested in filing as many cases as possible.

At the Law Office of Seni Popat, however, our Queens bankruptcy lawyer provides the services our clients deserve: direct attention, personalized recommendations, and guidance from beginning to end. If bankruptcy is right for you, we can help you meet every requirement, file every document without error, and advance your best interests from beginning to end. If a bankruptcy alternative would better suit your circumstances, we will not hesitate to help you explore and implement other debt-relief options.

We have offices conveniently located in Glen Oaks, Deer Park, Hicksville, and Brooklyn.

Related Blogs

• Stop Believing These 10 Common Bankruptcy Myths
• The 6 Most Pervasive Myths About Bankruptcy
• What Are the Pros & Cons of Chapter 7 vs. Chapter 13?

Ready to put our attorney’s extensive experience to work for your case? Schedule your free consultation by contacting us online or calling (718) 340-3385 today.