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The consumer filing for bankruptcy or considering filing for bankruptcy

Chapter 13 Bankruptcy vs Debt Settlement

debt settlementAt my practices in Brooklyn and Long Island, I have represented thousands of people through financial crisis, and although the individual set of circumstances differ, there are a few common themes.  In fact, I’ve found that when most people are faced with mounting bills and desperately want to get out of debt, they want to pay!  They first start to haphazardly send in minimum payments – maybe a few dollars more – until they come to the realization that their debt is not decreasing and all of their hard earned money is going to interest payments and late fees. Their desperate search for a solution then turns toward a comparison of Chapter 13 bankruptcy and debt settlement companies. There are real differences between debt settlement and Chapter 13 bankruptcy. The trick to learning what is in your best interest is getting a free consultation with a qualified attorney and getting past the myths about bankruptcy and analyzing the two different options.

 

Nicole R from Suffolk County was dead set against bankruptcy until she got tired of throwing away her money and was driven into my office – Doyaga & Schaefer.  Nicole and her husband had previously filed a Chapter 7 bankruptcy.  After their bankruptcy, they had a child and bought a home.  But when Nicole lost her job as a video editor, their family amassed $70,000 in credit card debt.  Nicole was tough and had lots of great questions.  We discussed all her concerns and she ultimately made the decision to abandon her effort through debt consolidation and file for Chapter 13 bankruptcy.  Below are some of her concerns:

Will I Get Fired If I File For Bankruptcy?

Bankruptcy DiscriminationAs a single woman living in Ozone Park, Queens, Jocelyn M. was petrified that if she filed for Bankruptcy everyone she knew would find out. The fear of public embarrassment prevented her from addressing her credit card problems. The amount of collection calls steadily increased and so did her anxiety. Desperate for a cheap way to address her credit card bills she investigated how Bankruptcy could improve her situation.

 

Jocelyn met with the attorney at Doyaga & Schaefer who assured her that it was her legal right to seek a discharge in Bankruptcy and that it was illegal for an employer to discriminate against her. In real life terms she was comforted by the reality that the fresh start bankruptcy provides is looked at far more positively than large unpaid bills and aggressive creditor lawsuits. It all made sense to Jocelyn, a debt free life is nothing to be embarrassed about.

 

Jocelyn received her discharge. Her employer of 2 years never found out she filed for Bankruptcy. But even if he did Jocelyn was now confident that he would agree that people, especially a trusted hard working employee deserves a second chance.

Does My Chapter 13 Payment Change With My Income?

The decision to file for bankruptcy is not one to take lightly. With the multiple bankruptcy plans available and the changes to bankruptcy law that occurred in 2005, it is important to be an informed about options from various scenarios. If you are considering filing for bankruptcy but have concerns about what may happen should your income change, here is an overview of the facts.

What Is A Chapter 7 Bankruptcy?

During these uncertain times, many hard-working Americans find themselves overwhelmed by financial problems. It can happen to the best of people, no matter what tax bracket they qualify for. If you or anyone you know find yourself in these circumstances, it is crucial that all options of relief are considered. However, most people find that filing for Chapter 7 bankruptcy is the best alternative for financial relief.

How It Works

The Benefits of Bankruptcy

After the current bankruptcy law went into effect in 2005, many people were left with the impression that bankruptcy relief was no longer available or too difficult to obtain. Nothing could be further from the truth.

The Myths of Bankruptcy

Like most formidable situations, bankruptcy has earned its reputation based on very few truthful facts and too many false embellishments. The majority of the myths about bankruptcy have begun since the current bankruptcy laws went into effect in 2005. But have no fear, once you know the facts, filing for bankruptcy is not nearly as terrifying as it first appears. Here are some of the most common myths about bankruptcy and what you need to know before you clean your slate.
 
Myth #1: It is difficult to file for bankruptcy.
 

Four Questions To Ask a Bankruptcy Lawyer Before Signing

Bankruptcy law has gone through many changes in recent years, which makes a good lawyer more important than ever for a successful bankruptcy case. It is also important to be fully informed about what a prospective lawyer can offer and what to expect from them. If you are talking to a bankruptcy lawyer, here are four questions to ask them before signing a contract:
 

 

Who Files Chapter 13 Bankruptcy?

In October 2005, the laws which govern Chapter 13 bankruptcy changed. One of the more significant ways the law changed dealt with the eligibility requirements for filing for Chapter 7 and Chapter 13 bankruptcy.

What Happens If I Don’t Make My Chapter 13 Payment?

No one plans on dramatic financial changes, but they happen. When changes do arise to an individual in Chapter 13 bankruptcy, they might be misled into believing there is no other option than sticking to their schedule of set monthly payments. But they might be surprised to find that Chapter 13 bankruptcy has a great deal of flexibility.

Stop Repossessions with Bankruptcy: How Your Vehicle Can Survive The “Repo Man”

In these difficult times, with thousands of people losing their jobs every month, it can be hard to keep up with all the expenses, especially when the bills keep coming. Falling behind on payments for a vehicle happens to the best of us. Sometimes life deals you adversity like an unexpected medical bill, a work related layoff or some other situation that no one plans for in the budget. You don’t have the money for it, but if you put off the car payment, you can get the bill paid, and hopefully can catch up on the car payment next month.

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