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How Can Bankruptcy Change My Life?

How Can Bankruptcy Change My LifeFiling for bankruptcy is a major step for individuals to take.  While there’s a lot of myths and misinformation about the effects of bankruptcy, I’ve seen that it change the lives of my clients for the better.


For example, Elena K’s was receiving call after call from debt buyers such as Asset Acceptance, Midland Funding and Portfolio Recovery.  These companies were doing what they do best: charging interest and fees and aggressively attempting to collect the debt. One of the creditors even went so far as to hire Malen & Associates from Westbury to sue her, while another creditor obtained a judgment with the New York City Marshal Bruce Kemp. Confronted with creditor calls and a garnishment, Elena’s life was as stressful as it could get.

 The married mother of two was worried how much her life would change if she filed for bankruptcy. Her son needed a speech therapist and her daughter loved gymnastics. She wondered if bankruptcy court force them to stop those activities.

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:

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