The current economic situation throughout the U.S. has created many financial setbacks for both individuals and businesses. While filing bankruptcy is never an easy decision, in many cases it provides the right solution to achieve a fresh start.

I have spent close to three decades focusing exclusively on bankruptcy matters for individuals and businesses anywhere in the Eastern and Southern Districts of New York (that includes all 5 boroughs of the City of New York), Long Island and New Jersey.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is available to individuals who earn less than the state median income. There is no repayment plan in Chapter 7. A trustee is appointed to liquidate non-exempt property and the proceeds are paid to creditors. New York has very generous exemption laws, so most individuals can exempt most or all their property. Businesses can also file Chapter 7. Chapter 7 is appropriate for a business that does not want to continue to operate. I am a board certified attorney in both business and consumer bankruptcy and I can guide you through the entire process.

Call our New York office for a free consultation at 718-769-6352 or 212-292-9005.

Chapter 11 Business Bankruptcy

Chapter 11 Bankruptcy is an option open to all businesses, without regard to size or any debt limitation. It enables companies to restructure secured debt, reduce unsecured debts, and continue in operation. It is a very complex process which must be custom tailored to suit the needs of your specific business. The goal of Chapter 11 is to propose a plan of reorganization which allows the business to restructure secured debts, reduce the amount due to unsecured creditors, extend the length of loans, move to a better or less expensive location, liquidate or give back unneeded equipment and a host of other options for returning profitability to a struggling business. If the Plan of Reorganization receives the vote of enough creditors and is approved by the Court, the newly re-ogranized business continues operations as restructured through the Plan. Our attorneys who will bring years of experience and expertise to guide you through this complex process, and will fight for your rights.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is available to individuals and sole proprietorship business within certain debt limitations. Chapter 13 permits debtors to reduce and restructure many debts through a three to five year repayment plan. Chapter 13 also permits individuals to keep non-exempt property which would be sold by a trustee in Chapter 7 by paying their creditors the value of that property through a Chapter 13 plan. It also allows people to pay mortgage arrearages, back child support and taxes.

Our lawyers will stand for you and guide you through the difficult times of debt resolution – whether by debt settlement or bankruptcy. Don’t lose another night of sleep in fear of mounting bills and non-stop creditor calls at your home and job.

Call us today and consult with our New York attorneys Law Offices of Marina Shepelsky, P.C. as to the right course of action in your personal situation – 718-769-6352 or 212-292-9005.