Thanksgiving and Bankruptcy: 6 Things to Be Thankful For
Bankruptcy is a term that often has a negative connotation. Losing everything to a bankruptcy is a worst-case scenario. However, bankruptcies are actually helpful tools in the legal world. Take a look at the top 6 things to be thankful for when you declare bankruptcy with Brooklyn bankruptcy lawyers.
- Relieving the Bank Account From Garnishment Woes
When you’re struggling with paying the bills, creditors can garnish your wages and bank account. This scenario is extremely stressful, but bankruptcy lawyers in Brooklyn NY can solve this situation. Under legal protection, creditors can no longer take up to 25 percent of your earnings. In fact, their collection processes must immediately halt. Your only action is hiring a lawyer who knows the New York laws.
- Securing Key Assets
A common misconception about bankruptcy is losing everything to the court. In fact, a knowledgeable bankruptcy lawyer Brooklyn will actually protect your key assets. Your home, vehicles and other items that are deemed basic assets can remain your property. The courts understand that you must still live a reasonable life with shelter and a vehicle to drive to work. Other assets might be protected too if the court understands their critical importance in your life. Discuss the items that you want to keep with your lawyer. This professional can create discharge papers that are designed to protect you from further strain by eager collectors.
- Reducing Tax Bills
Withholding taxes from your paycheck is necessary to pay the government each year with income taxes. If you’ve had tax problems in the past, the penalties and interest can add up to more than the bill was in the first place. Declaring bankruptcy can reduce these tax bills. Speak with your lawyer about legal protection. Discharging all of this debt may not be possible, but a reduction is almost always an option. Lawyers can work with tax collectors to figure out a fair settlement. Handling this situation on your own may not work out in your favor without bankruptcy.
- Curing Constant Phone Calls
When you owe a lot of money to one or more creditors, their collection agencies will call on a regular basis. Some calls end up being made several times a day. Work with a bankruptcy lawyer in Brooklyn to stop these calls. Hire a lawyer, and collectors cannot call you anymore.
These calls alone might be causing unnecessary stress in your mind. They can come in at work or home. You may offend your supervisors with these embarrassing calls. Your trusted lawyer stops them with legal documentation and bankruptcy protection.
- Taking Control of Unsecured Debt
Unsecured debt is any amount that doesn’t have a direct asset associated with it. Credit-card debt and medical bills are two examples of unsecured debt. If these bills are drowning your finances, a Brooklyn bankruptcy lawyer can free you from collection calls. In some cases, it’s possible to discharge all of this debt through bankruptcy. Your lawyer will discuss the finer points of your case before going to court.
- Protects the Household From Utility Shutoffs
Be thankful that utility shutoffs aren’t allowed under this legal process. From the moment that you hire a bankruptcy lawyer Brooklyn NY, any utilities that are servicing your home are off limits to bill collectors. Let the electricity and natural gas flow like normal. You can prepare the Thanksgiving meal without worrying about a power outage. Bankruptcy law protects you from further collections, which includes shutting off any critical utilities.
Contact our professionals at Ursulova Law Offices today. Our team can help you through the bankruptcy process. Be more than thankful this holiday season with debt relief that lasts for years to come.