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New York Attorney Stephen B. Kass

(212) 843-0050

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March 3, 2011 By Stephen Kass

Bankruptcy: Why and When to File

The prospect of declaring bankruptcy can be a promising one, chock full of the possibility of erasing certain financial obligations, finally having peace at home without the incessant ringing of the phone and ominous creditors demanding payment and moving forward without devastating debt. At the same time, the process can be daunting, leaving extensive imprints on the financial aspects of life. Securing any kind of credit becomes difficult, checking and savings accounts become complicated and arduous to retain and common components of human life, such as purchasing a car or home, finding a rental or even getting insurance can be disheartening. In most cases, obtaining a bankruptcy lawyer is ideal in ensuring that the type of bankruptcy, reasons for the declaration and procedures are in the best interest of the client.

People declare bankruptcy for a myriad of reasons: overwhelming medical bills, lost wages that disallows the ability to honor financial obligations, to stop foreclosure on a property or to prevent repossession, stop harassing creditors seeking payment, to receive aid or additional time for student loan repayment or to end garnishments. Whatever the reason, bankruptcy is a serious, intensive process that is best completed with the help of an experienced lawyer.

There are two fundamental kinds of personal liquidation: Chapter 13 and Chapter 7; both forms must be filed in federal bankruptcy court and specific requirements must be reached before one is able to file. From the moment the chapter is filed, an immediate restraining order against any and all creditors is issued to offer security and safeguard against these bill collectors.

In a current time where the state of the economy is unpredictable and erratic at best, individuals are looking toward bankruptcy as an option more than ever before. Debts are piling up, the ability to retain and keep a job is becoming more and more difficult and financial obligations are mounting as is the inability to make regular repayments. The medical community continues to demand high payment for standard procedures;. Insurance companies persist with the demand for increased premiums and augmented co-pays and the American dream of homeownership has become tarnished with high insurance and property taxes, and the helplessness that ensues when a mortgage payment falls behind.

Lawyers are not a required component, but securing an experienced lawyer can offer increased security, veteran advice, and peace of mind when dealing with the complicated paperwork and court procedures. Bankruptcy and the decision to actually file is a personal one, but a choice that can be counseled and advised upon with the assistance of solid law representation. At the end of the day, personal situations, future prospects, financial obligations, and the desire for peace of mind become the underpinning for considering the insolvency process. How much those individual aspects of life are worth are in the hands of the person involved.

Filed Under: Bankruptcy, Chapter 11, Chapter 13, Chapter 7

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I highly recommend using Steve Kass as an attorney. I had a serious issue with the IRS involving real property, a company I built and sold, and multiple years of taxes which were unfairly and incorrectly assigned to me and had been hanging over my head because my efforts to negotiate...

Sean

Mr. Kass and his professional office staff helped me through every step of the way which without his expert guidance would not have been successful. Mr. Kass was able to a access my situation quickly and advise me. I highly highly recommend making an appointment with Mr. Kass

Vivian

I consider myself very lucky to have found Stephen B. Kass last year. We were drowning in credit card debt and were on the verge of filing bankruptcy. Mr. Kass was able to negotiate with all of our creditors and reduce the balances SIGNIFICANTLY. Within one year we are debt free

Alexandra

Stephen and legal staff provided superb, accurate, and detailed financial analysis. Stephen has an exquisite knowledge of financial planning and tax law, and was able to make tailored, individualized recommendations that have helped me tremedously with regard to long-term financial planning and resolution of tax issues. Office staff are skilled

John

I had a great experience with Stephen Kass. He took legally complicated case from another attorney and resolved it. Years later, when his assistance was needed, he responded right away, remembering every detail of the case. He is an expert in his field and great person to work with.

Victor

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