BANKRUPTCY LAW SERVICES AT DALBIR SINGH & ASSOCIATES, P.C.

At Dalbir Singh & Associates, P.C., we understand that individuals can face overwhelming debt due to various circumstances such as job loss, medical expenses, or a reduction in income. If you find yourself in such a situation, bankruptcy may provide a solution. Our dedicated team of bankruptcy attorneys is here to assist you in navigating the complexities of bankruptcy law and guide you towards a fresh financial start.

Filing for bankruptcy typically begins with the debtor submitting a petition to the bankruptcy court. Whether you are an individual, a married couple, or a corporation, our attorneys can help prepare and file the necessary documentation on your behalf.

The majority of bankruptcy cases are filed under Chapter 7, which is known as liquidation bankruptcy. In Chapter 7, your non-exempt assets are sold to repay your existing debt. However, you are allowed to keep certain exempt property, as outlined in the Exemption Chart. If your income disqualifies you for Chapter 7, Chapter 13 may be the alternative. In Chapter 13, you are required to repay a portion of your debt over a specified period.

We understand that deciding to file for bankruptcy can be a challenging decision, often made during difficult times when financial circumstances are at their worst. Bankruptcy is often triggered by factors like unemployment and medical bills. It is important to note that filing for bankruptcy does not mean you will never be able to access credit again. Banks and lenders have developed programs specifically for individuals who have filed for bankruptcy. In fact, we have assisted clients who, years after filing, have successfully purchased their first homes. Bankruptcy offers a fresh start rather than being the end.

Whether you are in New York or any other state, bankruptcy law is a federal law designed to assist individuals and businesses facing financial difficulties. Our New York bankruptcy lawyers are dedicated to helping individuals move beyond their financial turmoil and obtain a fresh start.

The process of filing for bankruptcy in New York involves our bankruptcy lawyers preparing a petition to be filed in the Federal Bankruptcy Court. This petition includes detailed information about your assets, debts, creditors, income, expenses, and other financial details. Once the petition is filed, the Federal Bankruptcy Court grants an automatic stay, which prohibits creditors from engaging in collection activities. This means creditors cannot harass you, file lawsuits, foreclose on your property, freeze your bank accounts, garnish your wages, or send threatening letters or calls.

If you are married, it is not mandatory for your spouse to file for bankruptcy alongside you. The decision to file jointly should be evaluated based on the specific circumstances of your case.

While a bankruptcy filing can be reflected on your credit report for up to ten years, it does not mean you will be unable to obtain credit in the future. Many credit card and mortgage lenders do not automatically disqualify applicants solely based on a prior bankruptcy filing. Additionally, if you are already behind on bills, your credit rating may already be poor.

We offer bankruptcy services under different chapters of the bankruptcy code:

Chapter 7: When unforeseen circumstances have led to overwhelming debt, Chapter 7 allows for the liquidation of non-exempt assets to repay creditors. Our attorneys can guide you through this process.

Chapter 11: Designed for businesses, Chapter 11 allows for debt relief while retaining control of assets and possessions. This chapter permits the continuation of business operations while the court proceedings are ongoing.

Chapter 13: Chapter 13 is an option for individuals and families struggling with financial difficulties. It provides a structured plan for repaying a portion of the debt over a specified period, helping you regain control of your finances.

To initiate the bankruptcy process, we offer an initial free half-hour consultation to assess your eligibility and determine the complexity of your case. During this consultation, it is important to bring the following documents:

• Photo ID (Driver's License or State Issued ID)

• Social Security Card

• Recent Paystub

If you are considering bankruptcy, contact Dalbir Singh and Associates, P.C. today at 212-428-2000. Our office is conveniently located at 40 Wall Street, Floor 25, New York, NY 10005 in the Financial District. We are available to assist you five days a week.

Contact Dalbir Singh and Associates, P.C. today to schedule a consultation with one of our skilled attorneys specializing in Bankruptcy. Our team of experienced lawyers will carefully evaluate your unique circumstances, provide a clear explanation of the eligibility requirements, and offer you comprehensive legal representation to your Bankruptcy Case. Don't hesitate to reach out to us now to receive the personalized attention and expert guidance you need for the best possible outcome.