By filing for a Chapter 7 Bankruptcy, you can eliminate unsecured debts such as credit cards, medical bills, and personal loans. In majority of cases, you will get to keep your home, your car and your personal belongings. You must be eligible to file for Bankruptcy and the criteria varies depending on the type of case you want to file. In order to be eligible for Chapter 7 Bankruptcy, your income, usually can be no greater than the medium income for New York State based on the size of your family. At Mishiyeva Law we can provide you with the following benefits:
Stop Wage Garnishments
Garnishments can take a bite out of your hard-earned wages or bank account and make it nearly impossible for you to pay bills, fill the gas tank, and afford the most basic necessities. Regardless of whether you can afford it or not, a portion of your pay every month gets docked - often over an old credit card debt, medical bill, or student loan. A Chapter 7 is one of the most effective ways to immediately stop garnishments. By filing a Chapter 7 Bankruptcy and putting a stop to the garnishment, you will be to provide for yourself and your family without having to worry whether the next month’s paycheck will be in someone else’s pocket.
Stop Creditor Harassment
Picture this: Creditors are calling your friends, family, and co-workers asking about your whereabouts. This is an embarrassing situation. If you retain Mishiyeva Law, PLLC., you can stop the above from happening or put an instant stop to it if it is already a reality. Let an experienced Bankruptcy lawyer deal with the creditors while you deal with life.
Stop Collection Efforts on a Co-signed Debt
If you cosigned for a friend or relative, and they have failed to pay that debt which has resulted in collection activity or a lawsuit against you, filing for a Chapter 7 bankruptcy can eliminate your liability for the cosigned debt, allowing you to be at ease.
Eliminate Repossession Debt
If your vehicle or a vehicle that you co-signed has been repossessed, then chances are you are still responsible for the balance on the car after it has been auctioned off. Upon repossession, the creditors sell the car at an auction to reduce their loss, usually the sale price being much less than the price you signed the contract for. You can remove the risk of lawsuits and wage garnishments arising from the deficiency balance by filing a Chapter 7 Bankruptcy.
Keep Some Debts
You are allowed to retain some credit cards or debts of your choosing. By “reaffirming” the debt, you promise to pay the debt that would otherwise be eliminated in the Chapter 7 Bankruptcy proceeding.
End Law Suits
If there has been a lawsuit filed against you to collect a debt, then rest assured that lawsuits are automatically enjoined upon the filing of a Chapter 7 Bankruptcy. You no longer have to be concerned with judgments being issued. The creditor is obligated to stop the lawsuit under Bankruptcy laws.
Rebuild Your Credit
Filing for a Chapter 7 Bankruptcy is one way for you to begin rebuilding your credit by wiping the slate clean. When you present little or no remaining debt, lenders may regain confidence that you will be better able to repay your debts in the future. Many people who file for a Chapter 7 Bankruptcy will finance and lease cars after discharge and may even receive offers for unsecured credit within a few months.
Call Mishiyeva Law, PLLC., today to set up a consultation with a compassionate, client oriented bankruptcy lawyer in New York City. Find out what your options are today.