The reasons why Long Island residents consider filing for personal bankruptcy are varied and diverse. In many cases, a person’s need for bankruptcy takes him or her by surprise because the events leading up to the bankruptcy are completely unexpected. Filing for bankruptcy – despite being a difficult decision – can be very beneficial for people who are suffering severe financial hardship prior to filing and desperately need debt relief and a fresh start.
Chapter 7 bankruptcy is a common type of personal bankruptcy because it generally discharges the majority of the person’s debts. This discharge can provide great relief for people struggling under severe debt with insufficient financial resources to ever be able to repay those debt obligations. It is important to remember and understand, however, that filing for Chapter 7 bankruptcy does not provide a discharge of all debts.
If you are suffering a financial hardship due to unemployment, unexpected medical bills, disability, or other challenging circumstances, we can help you decide if filing for bankruptcy is the right move to make in your particular situation. Making the decision to file for bankruptcy requires a careful analysis of each individual’s circumstances that allows you to weigh the pros and cons of filing. At Macco & Stern, we help facilitate this decision-making process by ensuring that you have the information you need in order to be able to make an informed decision.
One of the first things that you can do if you are considering bankruptcy is to look at the types of debt you have that are causing financial strain. Student loans, tax obligations (including federal, state, and local), child or spousal support, court fees, any fines or penalties previously imposed by the government and a few other kinds of debt are not dischargeable in a bankruptcy. For this reason, if these are the financial obligations that are causing you hardship, then bankruptcy might still be appropriate considering your other types of debt.
If, like many local residents, you are struggling with debts resulting from credit card bills, loans, medical bills and other types of dischargeable debt, filing for bankruptcy could provide the opportunity you need to eliminate debt and start anew. Please contact our Long Island bankruptcy attorneys for an analysis of your financial situation and an explanation of how personal bankruptcy could work for you.