New York families sometimes scramble for months or even years to pay down overwhelming debt before turning to professionals for help. Bankruptcy seems like an extreme move, but the legal process provides solutions that ultimately can lead to a fresh start. The more informed consumers are about personal bankruptcy the better they can compare the process against other forms of debt relief.
Multiple debt relief solutions are available for financially troubled individuals and businesses in New York. Bankruptcy courts offer debtors a fresh financial start through liquidation of assets or debt reorganization. An automatic stay issued by a bankruptcy court brings a halt, at least temporarily, to any form of debt collection.