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When should I file bankruptcy in New York?

When should I file bankruptcy in New York?

One of the things that nearly everyone feels stressed about at some point or another is their financial security. When an individual is suffering from significant debt that seems impossible to repay given their current circumstances, they may want to consider filing for bankruptcy. Bankruptcy is not something to jump into lightly but for those who are faced with regular collections calls and growing debts, it can be the fresh start they need.

According to the American Bankruptcy Institute, there are several signs to look out for that might mean it is time to get in touch with a bankruptcy attorney. These signs include the following:

  • The individual’s bank account has been frozen
  • The individual’s wages are being garnished
  • The individual can not pay back their medical bills or credit card bills
  • The creditors have placed judgments against the individual

It is important to consider the benefits and downfalls of filing for bankruptcy. While filing can have a negative impact on one’s credit score for a few years, it can easily be built back up. Many people find that bankruptcy gives them the opportunity to find financial security in the future.

If you are considering bankruptcy, contact our firm today.

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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