When Is Bankruptcy A Good Option?
Receiving bankruptcy protection has become more difficult for consumers after passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Despite changes in the law, bankruptcy remains a viable option for individual consumers and business owners overwhelmed by debt.
An attorney at our firm can help you determine your rights as a debtor and help you decide if bankruptcy is the right decision for you.
Chapters Of The Bankruptcy Code
We can assist you with any of the following bankruptcy matters:
- Chapter 7: Defines liquidation and discharge of debt for the individual debtor.
- Chapter 13: Sometimes called mini reorganization or mini Chapter 11, defines the procedures required for establishing a three to five year repayment plan for individuals.
- Chapter 11: Defines bankruptcy procedures for business liquidation or reorganization.
- Creditors Proceedings: Upon the filing of a bankruptcy petition, an automatic stay of further lawsuits or collections proceedings against the debt goes into place. We help both small and large businesses seek relief from stay. We also represent creditors in hearings of creditors and other individual and business bankruptcy actions.
If you are facing overwhelming debt and are considering bankruptcy, speak with an experienced bankruptcy attorney to provide you with the information and legal counsel you need to make a decision.
Get Answers To Your Bankruptcy Questions
At the Auerbach Law Group, P.C., we can help you decide whether your situation calls for liquidation bankruptcy or a reorganization plan. We can also help you avoid bankruptcy through a negotiation of outstanding obligations with your creditors may resolve your financial situation. If you are considering personal or business bankruptcy, connect with us today to talk to a highly qualified New York bankruptcy lawyer experienced in debtor/creditor law. Please contact our offices or call 914-686-7171.