FOR IMMEDIATE RELEASE
February 28, 2012
New York, New York – Financial difficulties can be caused by a myriad of issues. In some cases poor spending habits and a lack of financial knowledge can lead to overwhelming debt. Often, however, the crisis is caused by circumstances beyond your control; a sudden reduction in income, crippling medical expenses, divorce or some other personal or professional upheaval.
“Bankruptcy can be a devastating experience which takes a toll financially, personally and emotionally,” remarks Rob Solomon, an experienced bankruptcy attorney in NY. “People come into the process feeling hopeless. What they need to realize is that there is life after bankruptcy, and this is something the attorneys at our firm try to emphasize with each client.”
In 2005 Congress passed legislation reforming the US bankruptcy laws in an effort to discourage abuse of the system while continuing to offer an opportunity for debt relief and restructuring. Many of these changes have made the process increasingly difficult by shifting more responsibilities onto the debtor. “The courts now require the clients to not only prove they do not have the ability to pay back the debts, but they must also show that they have explored all other financial alternatives prior to filing for bankruptcy,” Mr. Solomon explains.
One of the major reasons people file for Chapter 7 relief, which results in a cancelation of debt, is because of an overwhelming amount of high interest credit card and consumer debt. A means test was added in 2005 which states that if a petitioner has an income higher than the average in his home state, his petition for complete debt absolution will be denied. A bankruptcy attorney in NY can help you take the necessary steps required prior to filing to understand and fulfill the new obligations. In addition, he will make an honest assessment of your income and liabilities in order to advise you which bankruptcy provisions are applicable to your case.
People who have a steady income but are behind on their debts and unable to catch up may benefit from filing for Chapter 13 restructuring. This is a popular choice with those who are behind on their mortgage and hope to save their homes or who are unable to qualify for Chapter 7. Many times the courts will allow you to keep your home under a repayment plan that stops the continual increase of penalties on currently late payments and incorporates a method for catching up a portion of the past due balance with each payment. In addition, interest and most principal may be eliminated on consumer debt, making it possible to pay off the outstanding balances. Mr. Solomon adds, “Many of our clients are now able to wipe out their second mortgage in Chapter 13 because their homes are underwater. This allows them to keep their homes.”
If you are considering filing for bankruptcy you should first contact a bankruptcy attorney in NY. Eliminate some of the stress from this turbulent time by employing a professional advocate to plead your case. “In our law firm,” Mr. Solomon states, “our goal is to reduce the greatest amount of debt while helping you retain the largest amount of assets.”
About Robert H Solomon
Robert H. Solomon, PC, received his undergraduate degree in Economics from the University of Pennsylvania with honors and his JD degree from Duke University School of Law. He has built a firm on Long Island, NY of qualified attorneys offering NY bankruptcy assistance since 1982. Listed in Marquis Who’s Who in American Law and Who’s Who in America, Robert H. Solomon and his associates help individuals and businesses with bankruptcy, repossessions, foreclosures, mortgage modifications and debt settlements. For more information, visit www.solomonlawyer.com.