Bankruptcy Lawyer Brooklyn
Michael F. Kanzer & Associates, P.C. is a Brooklyn New York Law Firm that has helped over 500 individuals discharge their debts under bankruptcy law for the past 23 years specializing in Chapter 7 Bankruptcy, Chapter 11 Bankruptcy, Chapter 12 Bankruptcy and Chapter 13 Bankruptcy.
What Is Bankruptcy, and When Is It Appropriate?
Bankruptcy involves a formal process to reconcile or legally discharge the responsibility of paying financial obligations to creditors when someone has fallen so far in arrears with bill payments that it is unlikely that they will recover. The purpose of bankruptcy is to allow individuals and families financial relief so that they can reclaim a normal standard of living without losing everything they own.
Years ago when creditors were considered more “fair” and banking practices were better regulated, filing for bankruptcy was looked upon as being a “personal failure”, or perhaps even a “character flaw” for having poor financial management skills. These labels and attributions are no longer valid today.
With the predatory lending and beguiling financial practices engaged by many banks and corporations in today’s world, if you are in debt beyond a reasonable recovery, it may not be your fault at all! In fact, credit card companies and other lending institutions use bait and switch tactics, burying their disadvantageous terms in obscure fine print. Combine that with the fact that many credit contracts allow the creditor to change payment terms and interest rates at will, and the individual (you) are often backed into a financial corner with no feasible means to escape.
Consequently, bankruptcy nowadays is a legitimate defense to the unfair tactics used by big business. If you find yourself in the situation where escalating debt is compounded by one or more life-changing experiences (loss of a job, had a child, relocation, illness, personal injury, etc.), then the difficulty in paying your monthly bills can begin to spiral out of control.
- Are you only able to make the minimum monthly payments, but they don’t reduce your total debt?
- Do you find it necessary to make late payments for your mortgage or credit cards?
- Are you experience a sudden or unexpected change in financial status which causes concern?
- Do you frequently run out of money before you run out of month?
- Are you facing an upcoming decrease in income due to retirement, downsizing, or disability?
If you answered “yes” to any of these questions, the time to work out a financial plan is NOW, while you still may have enough resources available to minimize the impact of creditors disrupting your life.
If your situation is even worse and you are in the midst of foreclosure, harassing debt collectors, utilities being shut off, or perhaps even lawsuits pressed against you, please take immediate action by calling us, so we can help you stop the madness. Bankruptcy may be the appropriate answer.
If you are interested in setting up a free consultation with an experienced, knowledgeable, and highly skilled Brooklyn NY Bankruptcy Lawyer in the Brooklyn area, please contact Michael F. Kanzer & Associates, P.C. at 718.769.7200.