Brooklyn Bankruptcy Lawyer

Providing Effective Debt Relief Solutions for Consumers in all Five Boroughs

Are you struggling to make ends meet in New York? Whether due to the coronavirus pandemic,  or some other unforeseen event or life circumstance, you’re not alone. The economic uncertainty of the times has put a tremendous financial strain on households of every income bracket. Since the outbreak of COVID-19, nearly two million New Yorkers have filed for unemployment and countless others are facing mounting medical bills. 

If you are being crushed under the weight of insurmountable debt, you may want to consider seeking relief through bankruptcy. Bankruptcy is not an admission of personal failure or defeat. 

Rather, it’s a proactive first step towards getting back on solid financial footing. 

Take advantage of a FREE initial consultation with an experienced Brooklyn bankruptcy attorney.

The Brooklyn Bankruptcy Center is a debt relief agency providing bankruptcy services to consumers in all five boroughs dealing with a wide range of financial hardships. Our bankruptcy attorneys provide compassionate support and top-notch legal counsel at every stage of the bankruptcy process. We are committed to helping you find the bankruptcy solution that is right for you and putting you on a path to a more secure financial future. We offer quality legal representation at affordable rates. 

Trusted, Proven Counsel in Difficult Times

The Brooklyn Bankruptcy Center has 15 years of experience handling Chapter 7 and Chapter 13 personal bankruptcy cases. You can rely on us to: 

  • Provide expert legal counsel and advice on which chapter of bankruptcy fits your needs
  • Leverage our familiarity with New York bankruptcy courts, procedures, and personnel to ensure the process runs smoothly
  • Assemble documents and properly file bankruptcy petition with the bankruptcy court
  • Represent you during proceedings in the Bankruptcy Court
  • Attend 341 Meeting of Creditors
  • Protect your valuable assets from creditors using state and federal exemptions 
  • Be available to answer questions 24/7

Is Bankruptcy Right for Me?

To help you assess whether you are a good candidate for bankruptcy, we’ve listed a few questions below. If you answer yes to one or more of the questions, we recommend scheduling a consultation to learn more about how bankruptcy may benefit your situation. 

  • Are you struggling to pay monthly household expenses like rent, food, and utilities?
  • Are you being harassed by bill collectors? 
  • Do you use credit cards to pay for living expenses?
  • Are you behind on mortgage and/or car payments? 
  • Have you received a foreclosure notice?
  • Are your wages being garnished? 
  • Do you have medical bills that aren’t covered by insurance? 
  • Have you been sued by creditors for unpaid debts? 
  • Are you dipping into your retirement funds to pay bills? 
  • Have you tried to negotiate better terms with lenders but with no success?

Get Instant Relief and Peace of Mind

There’s nothing worse than feeling like you’re being suffocated by debt. Bankruptcy allows you to catch your breath and hit the reset button on your finances. Furthermore, bankruptcy can: 

  • Stop harassing phone calls and letters from creditors 
  • Discharge most, if not all of your unsecured debts (Chapter 7)
  • Allow you to consolidate debt into a manageable repayment plan (Chapter 13) 
  • Stop foreclosure on your home
  • Stop garnishment of your wages and levies on your bank accounts
  • Prevent repossession of your vehicles
  • Restore or prevent termination of utility service 

Common Reasons People Go Bankrupt

While it’s true that every person’s financial situation is unique, there are a number of common reasons that lead people to choose bankruptcy. 

Loss of Employment

Losing a job can deal a devastating blow to one’s short and long-term financial security. Without a steady income, you may not be able to support yourself and your family. Many Americans live paycheck to paycheck and don’t have a financial safety net to fall back on. According to the COVID-19 Bill Pay Impact Report, nearly 70% of households do not have enough savings to last four months. 35% of households are unable to make it more than one month without running into a cash shortage. 

Medical Expenses 

In a study published by the American Journal of Public Health in 2019, 66.5% of bankruptcies in the U.S. were due to debt incurred from an illness or medical condition. Serious illness or injury can strike at any time — especially in the age of COVID. This is especially harsh for those without insurance. And even those who do have insurance have high deductibles and copays. 

Unexpected Emergencies

Loss of property due to theft or a natural disaster like a tornado, hurricane, fire, or earthquake, can cause financial ruin especially if it isn’t’ covered by insurance. 

Credit Debt

Too many Americans fall into the trap of spending money they don’t have, especially when credit cards are so readily available. Falling behind on credit card payments can lead to an increase in interest rates and the assessment of late fees. The creditor may hand your account over to a debt collector. Bill collectors will often stop at nothing to collect money from you including calling you at all hours of the day and night or sending threatening collection letters. In some cases, a credit card company will file a lawsuit in pursuit of the debt. 

Divorce

Getting a divorce can be costly. After dividing a marital estate in half, you may find yourself in a precarious financial situation. Legal fees, alimony, and child support payments can also take a toll on your bank account. 

Foreclosure

Falling behind on mortgage payments can lead to foreclosure. If you’ve already been foreclosed on, you may still owe deficiency on the mortgage. 

Poor Financial Management

New York is one of the most expensive places to live in the country. It also offers an abundance of entertainment and dining options. Poor budgeting and a lack of financial discipline can result in a downward spiral of debt.

Types of Bankruptcy in New York

The two most common types of bankruptcy for consumers who are experiencing financial hardship are Chapter 7 and Chapter 13 bankruptcies.

New York Chapter 7 Bankruptcy Filing Fee: $335 ; Duration of case 4-6 months

New York Chapter 13 Bankruptcy Filing Fee: $310; Duration of case 3-5 years