Bankruptcy in New York

Should I file for bankruptcy?

Bankruptcy is usually considered a last resort option. You should only file for bankruptcy after careful consideration of your options. If it is the best way to deal with your financial problems, filing for bankruptcy may be for you. This article cannot explain every aspect of the bankruptcy process. If you still have questions after reading it, you should speak with a bankruptcy lawyer.

What is bankruptcy?

Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, until your debts are sorted out according to the law.

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Bankruptcy is a legal proceeding that can eliminate an individual’s legal obligation to pay many kinds of debt, including credit card and medical debt. Bankruptcy can also stop, at least temporarily, an eviction or foreclosure...

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