New York City Bankruptcy Lawyer
Personalized Service, Experienced & Team-Centered
Are you swimming in debt, unable to meet your financial obligations each month, and suffering from the stress of it all? Overwhelming debt is one of the most difficult and worrisome situations in which you can find yourself. You may be facing those annoying and harassing calls and letters from creditors and collection agencies, wage garnishment, repossession, bank attachments, or foreclosure. The insecurity and anxiety about how to overcome your financial dilemma can lead to sleepless nights, family tension, panic attacks, and more.
Many people are reluctant to even consider the idea of bankruptcy but, for some, it may be the quickest and best legitimate solution. Established and acknowledged by both state and federal government, its goal is to eliminate most of your unsecured debt and give you a fresh financial start. At Vilella Law, we can walk you through the options available under the U.S. Bankruptcy Code and take legal action on your behalf to initiate the process. Together, as a team, we can navigate the entire proceeding to help bring you to the other side where you can begin again with a clean slate. With over a decade of experience, we have helped countless individuals in the New York City area find the relief they need.
Is your debt overwhelming? Contact or call (212) 577-9328 to reach our New York City bankruptcy attorneys at Vilella Law to arrange a FREE consultation today. Find out about the debt relief options that can work best for you.
Various Types of Bankruptcy
You may be facing insolvency for one or more of a variety of reasons. These include an illness or injury leading to large medical bills, a job loss or reduction in hours/pay, a divorce or separation, death in the family, some other unexpected large expense, or simply due to poor financial management. Whatever the situation, you are not alone; in fact, statistical organizations have reported more than 750,000 personal bankruptcies filed nationwide in 2019.
Bankruptcy options are available for both individuals and businesses. They include:
- Chapter 7: The fastest and most common type of filing; it clears debt through liquidation of your nonexempt assets (assets subject to the legal proceeding). You must qualify through a means test that proves that your income does not exceed the median income in your state for a household of your size or that you have little or no disposable income to be able to repay your debts.
- Chapter 13: Which involves a reorganization of your debt by negotiating with your creditors; a repayment plan is then created to pay off all of your secured debt and a portion of your unsecured debt over a three- to five-year period after which any remaining unsecured debt is forgiven.
- Chapter 11: Used mainly for businesses and corporations which allows you to continue operating your enterprise after reorganizing through downsizing, selling off assets, or negotiating with creditors. A payment plan to repay creditors over a set period of time is then created and executed; also beneficial for individuals who do not qualify for a Chapter 13 or who have high-valued assets like real estate that they wish to retain.
Unsecured debt is any debt unsecured by collateral, such as credit card debt, medical and dental bills, personal or payday loans, utility bills, and other personal debt. These are the debts that will eventually be discharged through bankruptcy. Certain other debts, however, cannot be discharged, such as alimony, child support, student loans, tax liens, or debt incurred through fraud, personal injury, or wrongful death.
The benefits of bankruptcy are numerous. Once you file, an automatic stay issued by the court prohibits any of your creditors from contacting you which puts a stop to wage garnishment, repossession, lawsuits, and even foreclosure. A Chapter 7 can be accomplished in as little as four months, ending your financial ordeal and putting you back in control of your life.
“They listened, advocated, and kept me informed through every step of my case. I am very pleased with the quality, sensitivity, and broad legal expertise of Vilella Law. I could not be more satisfied with their services.”- Demetris T.