Bankruptcy Lawyers in the New York Metropolitan Area
Defining Bankruptcy
At Anderson, Bowman, Wallshein PLLC, we see bankruptcy as a chance for people to start anew. Legally speaking, it is a court proceeding that offers individuals or businesses an opportunity to eliminate or restructure their debts. This process starts after you file a bankruptcy petition, which is then reviewed by a court. If the court finds that the debt is valid and meets certain criteria, it may discharge or restructure your debt, allowing you to move forward with a clean financial slate.
Before filing, you should determine that bankruptcy is truly the best thing for your situation. Although it could benefit you in many ways, you should not take bankruptcy lightly—and you ought not to proceed without consulting an attorney first. Should you turn to Anderson, Bowman, Wallshein PLLC, we can help you better understand bankruptcy, such as determining which type to file for and how to proceed. Along your journey, we can provide valuable counsel and advocacy, so you can avoid missteps and have your rights protected.
To learn more about how our bankruptcy attorneys in the New York metropolitan area could serve you or your business, call (608) 407-7602 or contact us online. Free consultations are available.
Not sure where to start? Get a free consultation with our experienced attorneys to discuss your legal needs. We’ll provide you with clear guidance and expert advice, with no obligation.
While there are several types of bankruptcy, two of the most common are Chapter 7 and 13. Below, we explore the things you ought to know about them:
Chapter 7
In our experience, this is the most common type of bankruptcy. In this proceeding, a trustee will liquidate certain property and assets to repay debt. Once you have completed the process, most qualifying debts get discharged.
We must note that some types of debt cannot be discharged, such as student loans and child support payments. Additionally, to file for Chapter 7 bankruptcy, you must pass New York’s means test. It is a way of determining whether you have enough disposable income to pay off your debt. If you do not pass the means test, Chapter 13 bankruptcy may be a better option.
Chapter 13
This form of bankruptcy allows you to restructure your debts and create a repayment plan over the course of three to five years. It is a good option for those who do not qualify for Chapter 7 or have significant assets they wish to protect from liquidation, such as a home or car. Under this chapter, you keep your property while making regular payments to creditors through a court-appointed trustee.
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“Sincere, Straightforward & Honest”
“It is so rare to meet attorneys with such care and focus on the case along with the high ethics and moral values!”
Yuliya T.
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“NYC developers trust SBAGK for exceptional service in transactions and litigation. Decades of detail-oriented, responsive legal expertise at your side.”
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“Exceptional Support for Your Real Estate Journey”
“Professional, attentive, and dedicated to your needs—Mr. Shiryak, Ms. Saha, and our team ensure a seamless real estate experience.”
Damalai D.
“Peace of Mind Through Expert Legal Guidance”
“Mr. Bowman and his team provided exceptional support with honesty, knowledge, and wisdom, guiding us through every aspect of our case. Forever grateful!”
Edgardo M.
“Professional, Patient & Honest”
“Mark Anderson is the BEST and I recommend this team with the highest stars possible.”
With 60+ years of combined experience, we excel in high-stakes personal injury, medical malpractice, and civil litigation cases.
Dedicated to Your Recovery
We’re committed to helping you rebuild your life, ensuring you receive personalized attention and the maximum compensation you deserve.
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Our firm has earned national acclaim for its success, but our focus remains on providing compassionate representation for our community.
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Your success is our success—our contingency fee model means you don’t pay unless we recover for you.
Which Type of Bankruptcy Is Appropriate for Businesses?
Chapter 7 can help small businesses discharge their debts and close operations. For larger companies or enterprises that want to continue, there is another option: Chapter 11. This type of bankruptcy allows businesses to restructure their debts and sustain operations. Generally, it is the most appropriate choice for companies that have a chance of regaining financial viability but need relief from debt.
The Benefits of Bankruptcy
Beyond discharging, lessening, or restructuring debt, bankruptcy can provide numerous benefits to individuals, families, and businesses alike.
These include the following:
Stopping creditor harassment: Once you file, creditors must halt collection efforts. This means no more phone calls, letters, or lawsuits.
Preventing foreclosure and repossession: Filing for bankruptcy can stop foreclosure or prevent creditors from repossessing property. In some cases, it may even allow you to catch up on missed payments through a repayment plan.
Ending wage garnishment: Bankruptcy can also stop wage garnishment, which is when creditors take a portion of your paycheck to repay debt.
Providing time to reorganize your finances: With Chapter 13 bankruptcy, you have three to five years to catch up on missed payments and reorganize your finances. This can allow you to get back on track and avoid future financial issues.
Protecting certain assets from liquidation: Depending on the type of bankruptcy, you may be able to protect assets from being sold off by creditors.
Questions About Bankruptcy in New York? We Have Answers.
Anderson, Bowman, Wallshein PLLC is a full-service bankruptcy law firm with a long track record of helping people in Long Island, Queens, and other parts of the New York metropolitan area find relief. If you are thinking of filing, put your confidence in us. Our attorneys can carefully assess your situation and provide honest, straightforward advice about your options for restructuring or discharging debt through bankruptcy. Then, we can guide you through the legal processes, looking out for your rights and offering actionable insights along the way. Our team understands the stresses you may be experiencing and is committed to providing the compassionate and personalized legal services you deserve.
Speak with one of our bankruptcy lawyers in a free consultation. Call (608) 407-7602 or get in touch online to schedule yours.
