Is Bankruptcy Right for You?
Information from a seasoned Bronx bankruptcy lawyer
Deciding to file for bankruptcy is a difficult choice to make — even if you are struggling to pay your bills on a monthly basis and find yourself overwhelmed with debt, you must still come to terms with the impact bankruptcy will have on your daily life. While it is an intimidating option to consider, bankruptcy may ultimately be beneficial if you wish to reduce your debts and build a healthy financial future for yourself.
Factors to consider
You must be honest with yourself and make sure you include all your debts when assessing your financial circumstances. Also, make note of factors that affect your debts, such as whether you have a co-signer on a loan or mortgage and find out if your debts are even eligible to be eliminated through filing for bankruptcy.
Bankruptcy may be your wisest option if you:
- Cannot budget yourself out of debt within the next five years
- Cannot pay more than the minimum payment on your credit card bills
- Have received letters or phone calls from collection agencies
- Have suffered a severe financial setback, either through losing your job or becoming seriously injured
- Do not have any co-signers who would be forced to pay off bills if you file to have dischargeable debts wiped
- Only have unsecured debts
If you decide to file
Carefully examine your options if you are eligible to file for bankruptcy under multiple chapters. Your individual circumstances will dictate your filing, but in general Chapter 7 bankruptcy is useful for individuals or families with limited incomes and few assets of great value. Chapter 13 bankruptcy has greater benefits for those high net worth individuals who have substantial non-dischargeable debts or assets, such as real property, they wish to avoid liquidating.
Attorney Gregory Messer has more than 30 years of experience working with consumers in bankruptcy-related matters throughout New York City. Mr. Messer can meet with you to evaluate your financial situation and determine whether bankruptcy is your best course of action or if debt consolidation may help you find relief.
For additional assistance
Contact the Law Office of Gregory Messer online or at 718.717.2368 to schedule a free initial consultation. Our office is located across the street from the U.S. District Bankruptcy Court in Brooklyn and is close to the Borough Hall and Court Street subway stations. We serve residents throughout Brooklyn, Bronx, Manhattan, Staten Island and Long Island.
To ensure every client's filing receives the attention it deserves, we are an appointment-only law firm with flexible hours adjustable to fit your needs.