Chapter 7 and Chapter 13 in Brooklyn

As hard as you worked and everything you have tried to reduce and eliminate your growing debt, nothing has worked. It happens even to the most diligent and dedicated souls. It seems as if the financial gods are mad at you and refuse to give you one single break.

 

You certainly won't be the first person to file for a Brooklyn bankruptcy and you won’t be the last. The first thing you need to do is cut yourself a break and contact a good bankruptcy attorney. He or she will be able to help you through this process as painlessly as possible and advise you on your Chapter 7 and Chapter 13 bankruptcy options. So you don't walk into the conversation blind, here are a few of the features of each.

• Chapter 7 bankruptcy
• Chapter 13 bankruptcy
• life after a Brooklyn bankruptcy

Chapter 7 bankruptcies are the type most people think of when they think about bankruptcy. This kind of Brooklyn bankruptcy has helped thousands of people rebuild their financial life and to start over. It is important to note that this kind of bankruptcy isn't for everyone. In a Chapter 7 bankruptcy, the court liquidates your non-exempt assets. Chapter 7 discharges (eliminates) most debts. A good bankruptcy attorney can help you protect as much as property as possible while eliminating as much debt as possible.

If a Chapter 7 bankruptcy doesn’t work for your situation, a Chapter 13 bankruptcy under Brooklyn law may be the answer. Chapter 13 isn't a form of liquidation. Rather it is a debt reorganization. Instead of selling off non-exempt assets, the court works to reorganize your debt into a manageable payment that a court ordered trustee handles for you. One of the advantages of a Chapter 13 bankruptcy is it stops the harassing phone calls and stops any foreclosure action on your home. Once your debts have been paid, you are given bankruptcy discharge papers and the whole thing is over.

 

Either way you go, a Chapter 7 or a Chapter 13 bankruptcy are there to help you start again. Life after a Brooklyn bankruptcy usually looks a lot sweeter than it did before the bankruptcy action. You now have a chance at a fresh start and financial security.