Most people in New York probably only hear about the negatives when it comes to filing for personal bankruptcy protection. But, it is a mistake to forget that this process is in place to help those who are struggling with overwhelming debt burdens. The positives of the process can oftentimes outweigh any negative impacts on your financial situation.
For example, by filing for bankruptcy protection you will be able to stop any type of wage garnishment that is occurring in regards to your paycheck. Having that money back in your pocket can be an immediate financial benefit. For those who have creditors hounding them around the clock, bankruptcy also puts a stop to such harassment – giving you some peace of mind as you go through the bankruptcy process.
But, ultimately, the real benefit of filing for bankruptcy protection is the discharge of most of your debt obligations once the process is completed. And, the reality is that many of your assets will likely be exempt from the bankruptcy process, meaning that you may come through it all keeping more of your personal property than you might expect.
Explore the pros and cons
At our law firm, we understand that New York residents have concerns about how, exactly, a bankruptcy filing might impact their own unique financial situations. We do our best to answer those questions and guide our clients throughout each step of the bankruptcy experience. For more information about how we might be able to help with your debt and financial challenges, please visit the bankruptcy overview section of our law firm’s website.