Pursuing bankruptcy does not mean giving up all possessions

| Apr 8, 2016 | Bankruptcy Exemptions |

Filing for bankruptcy is not synonymous with becoming destitute. In fact, bankruptcy is a legal method of gaining financial freedom, all while preserving enough wealth on which a filer may live after the proceedings are completed. In New York, individuals who are interested in learning about their options for filing for bankruptcy can speak with bankruptcy attorneys, like Ronald V. De Caprio to better understand how consumer bankruptcy may work for them.

For example, under one of the most common forms of personal bankruptcy, a filer is not required to sell off his possessions. In fact, he is able to use his income and earnings to create a plan through which he is able to satisfy his outstanding debts and loans.

Liquidation is an option for those who wish to reduce their assets and eliminate their debts in a relatively short period of time. Even when going through liquidation, however, a bankruptcy filer is able to retain certain pieces of property through the exemptions available in state and federal law.

Attorney, Ronald V. De Caprio, works with his bankruptcy clients to educate them on the different types of bankruptcy available, as well as the provisions in the law that help them protect items of property that they will need as they move their lives forward. Starting one’s financial life over after bankruptcy can be a challenge, but successfully choosing the right form of bankruptcy for an individual and making the most of available exemptions can help a person begin that journey on the right foot. To learn more about working toward financial freedom and attorney Ronald V. De Caprio’s legal practice, please visit his firm’s website on bankruptcy.

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