When Should I Begin Filing Bankruptcy?

filing for bankruptcyIn some situations, filing for bankruptcy helps avoid unfortunate circumstances. A Brooklyn bankruptcy law firm can provide more information. But for now, here are some situations in which you might want to file bankruptcy as soon as possible.

1. You Want to Block a Garnishment
Filing Chapter 7 bankruptcy can prevent your wages from being garnished. For example, say you’re being sued for credit card debt. The creditor can file a lawsuit and obtain a court order and judgment to garnish your wages.

In most cases, bankruptcy will stop the garnishment. But some debts are hardly ever discharged in bankruptcy. For example, in New York, you’ll likely still owe student debts or the IRS even after bankruptcy. The Brighton Beach NY bankruptcy attorneys at Ursulova Law Offices can discuss this matter in further detail.

2. You’re Facing Eviction
Filing for Chapter 13 or Chapter 7 can stop an eviction. You’ll eventually have to pay the rent, but filing bankruptcy gives you more time to get the money. However, this applies only if the landlord doesn’t already have an eviction order. If the landlord has the court’s permission to evict you, then bankruptcy won’t stop it. That means you must file for bankruptcy as soon as you suspect you’re getting evicted. When your home is on the line, you need the counsel of Brighton Beach NY bankruptcy attorneys.

3. Your Car is Being Repossessed
Filing bankruptcy temporarily blocks car repossession. After your case is discharged, you’ll still lose your car unless you pay the debt or make a plan with the lender. Chapter 13 also allows you to keep your car under certain circumstances. You’ll have to pay the amount you’re behind through a repayment plan. And you’ll have to maintain regular car payments.

To File or Not
If you’re facing any of the situations mentioned above, bankruptcy is worth considering. A Brooklyn bankruptcy law firm such as Ursulova Law Offices can help you determine if bankruptcy is best for you. A professional attorney knows how to handle bankruptcy cases. Instead of doing it on your own, it helps to have legal counsel by your side.

Ursulova Law offices, P.C.

Contact Ursulova Law Offices, P.C. to find out how our NY Bankruptcy Attorneys can help you today. Our offices are located in New York, Brighton Beach, Brooklyn and Garden City.


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