Bankruptcy Attorneys in New York City
Facing a serious financial situation can be overwhelming. Knowing where to turn when bankruptcy is around the corner can be stressful. It is important to retain quality legal support to help you make educated decisions about the path forward. For individuals, there are two general bankruptcy options; Chapter 7 & Chapter 13 Bankruptcy. For businesses, the matter is practically the same with the choices of Chapter 7 and Chapter 11 Bankruptcy. Whether you are an individual or a business, there are ways to avoid bankruptcy, depending on your situation. Discussing your financial problems with an attorney and your accountant is a good decision. Zimmet Law Group, P.C. provides New York City and the surrounding suburbs with quality legal services regarding bankruptcy and the alternatives. Our firm is dedicated to helping each client get through tough times and back on track towards financial stability. Contact Zimmet Law Group, P.C. for a consultation to discuss your legal matter.
Individuals and families facing bankruptcy have two general options for debt relief through the bankruptcy code. Chapter 7 bankruptcy provides debt relief through the liquidation of assets. The ones who file for this type of bankruptcy must pass the means test according to the county where they reside. If eligible, the trustee will gather nonexempt property in order to pay as much of the unsecured debt as possible. When complete, all dischargeable debt should be wiped away. It is important to note that, with the right plan in place, most people can keep their home, car, and personal possessions. Chapter 13 functions to restructure unsecured debts into a manageable plan. Over 3 or 5 years, a filer can manage debt by extending the life of a loan and making smaller payment amounts, working to overcome debt and become financially stable again.
Owning and operating a business is a monumental task. Making it profitable is another story altogether. Businesses who face financial troubles also have options for debt relief through the bankruptcy code. Businesses with debts that outweigh assets and have little to no profit may need to consider Chapter 7 bankruptcy. Chapter 7 bankruptcy will liquidate assets to pay as much of the debts as possible. Unfortunately, many of these situations end with a business closing. Chapter 11 bankruptcy is similar to Chapter 13 consumer bankruptcy in the sense that the business will restructure debt, reduce overhead, and cancel unnecessary contracts. For many, this is an optimal choice because the business gets to stay open and work towards becoming profitable again.
Contact Zimmet Law Group, P.C.
Zimmet Law Group, P.C. is an experienced bankruptcy law firm providing knowledgeable and effective legal services to clients in and around New York City. Our attorneys are dedicated to your legal matter. It is important to discuss your options with an accountant and bankruptcy attorney in order to make the best decisions possible for your financial situation. To discuss with our firm, contact Zimmet Law Group, P.C. today.