New York Qualifications for Bankruptcy

Frequently asked questions from debtors often include: Should I file for Chapter 7 or Chapter 13 bankruptcy? What are the alternatives to bankruptcy? Let it be known that as an individual in society today, it is perfectly normal to question the difference between the two types of bankruptcy and to wonder if there are even any alternatives.

Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy

Chapter 7 bankruptcy involves the full liquidation or cancelation of most or all of an individual's debt. In some instances, a collector will liquidate some of the debtor's assets as well in order to fund the repayment of their creditors. Chapter 13 bankruptcy on the other hand, deals with a creditor payment plan, including a full plan drafted to have a debtor pay off a creditor over an allotted period of time.

Other alternatives to bankruptcy can include short sales, loan modifications, a deed in lieu, debt negotiation, and debt litigation, just to name a few. For a full list of alternatives to bankruptcy, contact a New York bankruptcy attorney at Price Law Group today. An experienced and competent attorney for debt relief at our firm will be able to go over in debt all aspects of bankruptcy so there are no surprises. They will stand at your side when you file your bankruptcy or chose an alternative to bankruptcy.

For all of your debt relief inquiries, contact a New York bankruptcy attorney at Price Law Group today.