Holiday spending and deals can frequently result in bills that seem insurmountable. Collection efforts and bills may seem overwhelming and cause significant stress. Fortunately, for many families and individuals bankruptcy may be on option to receive a fresh start. To learn the benefits of bankruptcy and whether it is recommended for your situation, contact the Brooklyn NY bankruptcy lawyers from Ursulova Law Offices.
What does bankruptcy entail?
Bankruptcy involves identifying a person’s assets and debts and determining methods to pay portions of certain debts, while preserving certain assets to allow a person a fresh start. Through bankruptcy, debts may be discharged and the creditors are barred from pursuing further collection efforts. This allows the debtor to receive relief from creditors.
In bankruptcy, some assets will be utilized to pay off certain debts. However, the law allows for some assets to be exempt from collection. This exempt property allows you to maintain some basic property and assets, to assist you in starting over financially.
When is bankruptcy a good option?
Because bankruptcy may only be pursued once in a person’s lifetime, it is important to file only when the circumstances so justify. To determine whether now is the right time to file a bankruptcy action, you should consider many factors including:
- The nature and extent of debts
- Your assets
- Any anticipated debts in the future
- Your earning capactiy
- Your age and medical condition
- Your personal and family needs
Attorneys from a bankruptcy defense law firm in Brighton Beach can assess your situation and advise as to whether bankruptcy would be appropriate.
Our Brooklyn NY bankruptcy lawyers are experienced and can provide advice about your situation. The team at our bankruptcy defense law firm in Brighton Beach can represent and guide you through a bankruptcy to receive relief. Contact Ursulova Law Offices to learn more about how bankruptcy may benefit you.
