Understanding the Bankruptcy Process in Queens
Queens Bankruptcy Attorney
The bankruptcy process is designed to assess your financial situation and come up with a solution that will help pay off debt, satisfy creditors, and keep you from accruing more debt you cannot pay. Every case is unique, so a Queens bankruptcy attorney can help you through the process and answer your questions confidentially.
Queens Bankruptcy Process
When working with a Queens bankruptcy lawyer, the firm will be able to review your debt, your disposable income, and other factors to find the best plan of action for you. After discussing your financial situation with your attorney, you must take a means test and a credit counseling class before filing a petition with the court. When your petition is filed, an “automatic stay” is issued, which stops foreclosures, repossessions, debt collection activities, wage garnishments, and other legal processes.
Once you know the type of bankruptcy you qualify for, you can start the process of liquidating non-exempt assets (Chapter 7 bankruptcy) or restructuring your debt into a suitable payment plan (Chapter 13 bankruptcy) that meets the needs of you and your creditors. During this time you also need to take debtor education course from an FTC-approved agency; this can be completed anytime during your bankruptcy case. Completing this course allows the court to issue a debt discharge once the case concludes.
A Fresh Start
The bankruptcy process may seem overwhelming – it has many steps and procedures that must be followed carefully in order to achieve a successful case. Fortunately, you are not alone. The Law Offices of Bruce Feinstein, Esq. are incredibly knowledgeable and can guide you through every step of your bankruptcy, from taking a means test to filing a petition to finding credit counseling. The firm will also be there for you after bankruptcy if you need resources for managing your finances.