Those facing overwhelming debt often search for a solution for some time before bankruptcy becomes an option. Once these individuals begin to consider Chapter 7 or 13 as a possible solution, they must then contemplate a number of questions before making a decision. Examples include:
- Do the benefits of bankruptcy outweigh its disadvantages?
- Which type of bankruptcy is right for me?
- How will filing affect my credit history?
- Will I lose all of my property if I decide to file?
- Can I do it myself or do I need a lawyer?
Finding answers to these questions and other concerns over bankruptcy is critical in identifying the best course of action. The problem for many debt-strapped individuals in New York is that they do not know how to find answers tailored to their unique circumstances. We understand that it is not very difficult to find general information about Chapter 7 and Chapter 13 bankruptcies on the internet. However, such basic information may not address all of your concerns.
While a do-it-yourself approach to personal bankruptcy is certainly an option in some cases, it is important to understand the top benefits of legal help when making the decision to file. These main benefits include the following:
- A thorough exploration of all options, including bankruptcy, to address your debt
- Assistance determining which type of bankruptcy — Chapter 7 or Chapter 13 — is right for you
- Having someone knowledgeable about bankruptcy laws and filing requirements to address the paperwork
- Receiving authoritative information and advice about all elements of personal bankruptcy
In the end, the decision is yours, but getting the most accurate information can help you make the choice. To learn more about Chapter 7 and Chapter 13 bankruptcies, we invite you to explore the resources available on our website.