To some New Yorkers, bankruptcy is a very scary word. To those individuals, it may mean failure or it may mean a loss of control. Even many people who have never had to consider the repercussions of filing for bankruptcy have negative associations with the term. What few people fail to recognize is that personal bankruptcy can have many benefits as well.
Whether a person files for Chapter 7 bankruptcy or Chapter 13 bankruptcy he will be required to undertake different responsibilities to account for his assets and liabilities. He will either sell off or liquidate items of property to pay off creditors or he will be permitted to reorganize his debt into payments that he can reasonably manage. Both paths create can create work and some difficulty for those who choose to take them; both also, however, end with the individuals getting out from under their overwhelming financial obligations and finding ways to discharge their debts.
The Law Office of Ronald V. De Caprio has helped clients throughout the years find legal solutions to their financial troubles. The firm recognizes that filing for bankruptcy is a difficult decision for its clients to make. It has provided knowledgeable assistance to its clients and has helped them to make good decisions based upon their personal and financial situations.
Engaging in any form of legal work can be scary to those unfamiliar with the processes. Bankruptcy filings can be intimidating not only for their detailed requirements but also because of the negative associations may attach to them. If you are struggling to understand whether filing for bankruptcy is right for you, more information is available on our Chapter 7 Consumer Bankruptcy page.