The Automatic Stay Protects Debtors Pursuant to 11 U.S.C. 362 of the Bankruptcy Code, when a debtor files a bankruptcy case, an injunction is automatically imposed to bar creditors from starting or continuing collection efforts against the debtor. This is referred to as "the automatic stay." The injunction is one of the fundamental debtor.
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This post will focus on characteristics of chapter 11 Brooklyn bankruptcy and chapter 11 New york bankruptcy cases filed in 2016. The BAPCPA Report only includes cases filed by individual debtors with primarily consumer debts, so the information presented here may not be indicative of typical chapter 11 cases.
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The Benefits of Filing for Bankruptcy. Upon successful completion of the bankruptcy process, eligible debts are either discharged (under Chapter 7) or reorganized into a repayment plan (under Chapter 13) so you are capable of resolving debt problems without future debt worries. The New York bankruptcy lawyers at the Law Offices of David I.
More Products/Services. NYC Chapter 13 Bankruptcy Attorney Chapter 13 bankruptcy allows debtors to keep their property by reorganizing debts into a manageable form. Under Chapter 13, debtors pay off all or most of their bills according to an established payment plan supervised by a bankruptcy court.
What is a New york chapter 7 bankruptcy? filing for bankruptcy gives a fresh start to financially strapped individuals. In a Chapter 7 personal bankruptcy, all credit card debts and "unsecured" debts are eliminated and it gives you a chance at a new life.
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