When an individual or a business is struggling financially in New York City, they may be overwhelmed with thoughts about how they will ever pay back the debts they owe. In a lot of cases, the debts are so high that the individual truly believes that 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 become even worse if a creditor brings a lawsuit against the debtor. At this point, it is a good idea to start seriously considering bankruptcy. When an individual files for bankruptcy, they have the opportunity to discharge some of their debts.
If a debt is discharged, it means that the 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 is no longer permitted to try and 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.
If you are considering bankruptcy, contact our firm today to discuss your situation.
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.