What is Bankruptcy All About?
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New York & New Jersey Bankruptcy Lawyers

What is Bankruptcy All About?

Bankruptcy is about starting over. It is about ending the cycle of debt collector calls and putting the credit nightmare behind you. Each person reaches a decision to file bankruptcy for different reasons. Some have had business failure, others have lost their job or have gone though a difficult physical or emotional period. Hospital stays can be very expensive. Medical bills can mount up to many hundreds thousands of dollars. It seems that there is no where to turn. Yet, there is.

The U.S. bankruptcy Laws have been making it possible for people to get rid of unwanted debts and start a new life, leaving their most perplexing problem behind. For some people, filing a bankruptcy case will give them the breath of relief that they have been searching for. Bankruptcy results in the grant of a discharge of debts to an individual or a couple.

A discharge is the forgiveness of personal liability for debts, which have been incurred prior to the filing of the case. With few exceptions, immediately upon filing the petition, creditors are prohibited from suing a debtor, obtaining a judgment, or collecting for debts, which have been discharged and will have no claim on the future income of assets of the individual who has filed for bankruptcy relief as a debtor.

We Provide Customized Solutions for All Your Financial Needs

Chapter 7: We can help you eliminate most or all of your personal debt while keeping a almost all of your personal property.

Chapter 13:If you have a stable income, we can help you reorganize your debt and create a plan for you to repay all or part of the debt over a three- to five-year period. All late mortgage installments are included in this plan. Unsecured debts are usually paid off pennies on the dollar.

Home Foreclosure: As soon as we file foreclosure activities will stop and we will work with the bank to set up a repayment plan for mortgage arrears.

Loan Modification: If you are not able to meet the terms of your current home mortgage we can work with the bank under "Obama's HAMP program" to renegotiate a better rate and more convenient monthly payment.

How Can Filing Bankruptcy Help?

If you are being harassed by creditors, in jeopardy of losing your home to foreclosure, or worried about vehicle repossession, filing bankruptcy can help by stopping all debt collection efforts almost immediately. Under the U.S. Bankruptcy Law By law, as soon as a bankruptcy petition is filed with the court, foreclosure activity, collection calls, and automobile repossessions must stop until the bankruptcy process is finished. During the bankruptcy process you will not receive any harassing collection calls. You �will be able to remain in your home and keep your car.

How Does Filing Bankruptcy offer Debt Relief?

Depending on the type of bankruptcy filed, debt relief can be provided in one of two ways. In a Chapter 7 bankruptcy unsecured debts are fully discharged, leaving you with no further obligations to make payments on unsecured debts like credit cards, medical bills, signature loans, etc. In a Chapter 13 bankruptcy, a court approved payment plan is set up based on the amount that a debtor can pay on a monthly basis without suffering undue hardship.

Can Bankruptcy Help Me to Stop Foreclosure?

With the escalating number of New York and New Jersey foreclosures, many homeowners are turning to filing bankruptcy to avoid foreclosure. In both Chapter 7 and Chapter 13 bankruptcies, a foreclosure action will stop with the filing of the bankruptcy petition. In a Chapter 7 bankruptcy, you can avoid foreclosure by getting caught up with missed installments shortly after the completion of the process. In a Chapter 13 bankruptcy you can avoid foreclosure with a new payment schedule approved by the Bankruptcy court.

The bankruptcy code provides several ways of avoiding New York and New Jersey foreclosures when an experienced bankruptcy attorney handles the process. In some cases you can have your subordinated home loans (second mortgage, home equity loan) either completely discharged or drastically reduced by applying an aspect of the bankruptcy code known as "lien stripping."

New York and New Jersey foreclosures can also be resolved by getting your loan modified through the government program known as the Home Affordable Modification Program (HAMP). HAMP can be applied for before, during or after a bankruptcy. Loans modified through HAMP can result in lowered monthly payments and even reduced principle balances.

Why Should I Hire a Bankruptcy Attorney and not do it myself?

Most every step in filing bankruptcy provides difficulties to debtors trying to navigate the process on their own. These difficulties include:

  • To decide whether Chapter 7 or Chapter 13 is best for your situation.

  • Determining the assets which you can keep under both bankruptcy processes

  • Proper completion of the means test

  • Getting the benefits presented in the bankruptcy code

  • Making sure that all of your rights are protected during and after the bankruptcy process

Only an experienced bankruptcy attorney can make sure that all these difficulties are overcome and you bankruptcy petition results in the most favorable outcome for you and your family. No matter what your situation is today, successful completion of the bankruptcy process can get your debts under control and give you a new beginning and a fresh start.

Completely Free Initial Consultations

We provide free bankruptcy consultation. We take the time to sit down with you, answer your questions, carefully review your situation and provide for your options at no cost to you.

While our principle offices are located in Newark, New Jersey and New York, NY we provide legal services throughout New York and New Jersey.

For a free consultation with the Moses Apsan, Esq. to find out how filing bankruptcy can solve your debt problems, call today at 1(877) 873-8510.

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    Moses Apsan and his staff, based in New York City and Newark, NJ provide exceptional legal services throughout the world, in all aspects of immigration to the United States, including non-immigrant (temporary visas), immigrant visa (Green Card) and deportation defense. In addition Mr. Apsan, has been practicing Bankruptcy law and Divorce laws for over 35 years, He was the President of the Federal Bar Association, New Jersey Chapter (1997-2002). He speaks Portuguese and Spanish..