Bankruptcy Attorney Bronx

Working with Individuals and Businesses Experiencing Financial Problems in the Bronx and the Surrounding Areas

The Bronx is New York City’s northernmost borough, situated north of Queens and Manhattan and south of Westchester County. With a population of roughly 1.5 million people, Bronx County (which is coextensive with the borough) is the ranks third in the United States for population density.

Like anywhere else in the country, people who live in the Bronx occasionally experience financial problems, often as a result of completely unavoidable circumstances. Some of the more common reasons that people in the area fall behind on their bills include the following:

• Accidental injuries
• Economic slowdowns
• Changes in the marketplace
• Job loss
• Illness
• Divorce
• Poorly performing investments
• Increased interest rates

Fortunate for people who are having trouble paying their bills, the U.S. Bankruptcy Code provides people and businesses a way to eliminate their debts and obtain a fresh financial start. As a result, anyone having a hard time keeping up with their monthly bills should discuss is or her options with a bankruptcy attorney in the Bronx as soon as possible.

A Bronx Bankruptcy Lawyer Handling Chapter 7, 11, and 13

There are various types of bankruptcy available under the law, all of which have different characteristics. The type of bankruptcy that is right for you depends on certain issues, including whether you are pursuing an individual or business bankruptcy, the types of debts you have, your income, and your financial goals.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common type of bankruptcy for which people file in the United States. It is available to both consumers and businesses and involves the liquidation of the debtor’s non-exempt assets. The proceeds of the liquidation are used to pay off debts, and most debts that are leftover at the conclusion of the bankruptcy are discharged. Chapter 7 can be used to eliminate may types of debt, including the following:

• Medical bills
• Credit card debt
• Certain tax debts
• Auto loans
• Personal loans

Importantly, the majority of Chapter 7 bankruptcies are “no asset” bankruptcies, which means that the filer does not have any assets that are reachable by the court. As a result, most debtors obtain a discharge without having to give up any of their personal belongings.

Chapter 11 Bankruptcy

Chapter 11 is a type of bankruptcy that us most often utilized by business but is available to individuals as well. It is a type of reorganization bankruptcy in which the debtor enters into a court-approved payment plan in order to pay down debts. As long as the debtor stays with the plan, he or she is protected from any collection activity from creditors. In Chapter 11, the debtor acts as his or her own trustee, which can be complicated and onerous.

Chapter 13 Bankruptcy

Chapter 13 is another type of reorganization bankruptcy that tends to be more attractive to the consumer than Chapter 11. Notably, Chapter 13 is NOT available to corporations and partnerships – but if you are a sole proprietor, you may be able to file to eliminate business debts. In Chapter 13, the debtor enters into a court-approved payment plan and makes monthly payments to a bankruptcy trustee who then distributes the funds among creditors. While the debtor is “in” Chapter 13, he or she is protected from collection activity.

Call a Bronx Bankruptcy Lawyer Today to Discuss Your Options

If you are having trouble paying your bills, you should speak to an attorney as soon as possible. To schedule a free case evaluation with a lawyer, call the Law Office of Ronald D. Weiss, P.C. today at 631-271-3737 or contact us online.