When an individual or a business struggles financially in New York City, they may be overwhelmed with thoughts about how they will ever repay the debts they owe. In many cases, the debts are so high that the individual truly believes it will never be paid off because their financial situation will not allow it to. Of course, this brings a lot of stress and uncertainty to one’s life, especially when creditors repeatedly try to collect the debts to no avail. The situation can worsen if a creditor brings a lawsuit against the debtor. At this point, it is a good idea to start seriously considering bankruptcy. Individuals who file for bankruptcy can discharge some of their debts.
The meaning of a discharged debt clearly states that an individual no longer has to pay it back. Of course, this comes as a great relief to many people. It is also important to note that once a debt is discharged, the creditor can no longer try to get the debtor to pay it back. In fact, once a person files for bankruptcy, all collection attempts must cease immediately due to the automatic stay.
Contact our firm today to discuss your situation if you are considering bankruptcy.
The Law Offices of George Poulos is an experienced Workers’ Compensation, personal injury, and Social Security Disability law firm with offices in Queens and the Bronx. If you require strong legal representation, contact our firm today to schedule a free consultation.
