Bankruptcy can be one of the most stressful experiences a person can go through — but you don’t have to go through it alone.
Rattet Pasternak has been representing individuals in bankruptcy for decades and has developed an excellent reputation among bankruptcy trustees and Courts for our knowledge of the law and result-oriented approach.
Our team will work with you to prepare your bankruptcy petition and guide you through the entire process until you receive your discharge (the Federal Court Order which relieves you of your debts). We will explain the entire process to you and stand by your side throughout it all, ensuring you get the maximum benefit from the bankruptcy and get the relief you are entitled to under the law.
There are two different bankruptcy options available to individuals, chapter 7 liquidation and chapter 13 reorganization;
- A chapter 7 liquidation is typically pursued for those clients who have no assets of any substantial value and have accumulated debt which they have little or no hope of paying off. Chapter 7 is typically a simpler and shorter process, often requiring only one court appearance which our clients are well prepared for in advance. Chapter 7 can provide a way to walk away from burdensome obligations such as a home or vehicle you can no longer afford or a loan with payments that have become impossible to sustain. [attach link to Bankruptcy Information sheet].
- A chapter 13 reorganization is typically utilized for those clients who have assets that they want to retain such as a home with substantial value, a business or other investments. This process allows you to consolidate your debts into one monthly affordable “trustee” payment, payable over a 36 to 60 month period. At the conclusion of your payment obligations, you will receive a discharge and be relieved from the remaining balance on most of your debts. It is also possible, in certain circumstances, to eliminate a second or third mortgage on your home if the value of your home has dropped significantly.
Through either of these bankruptcy options, we can also assist you in trying to modify your home mortgage with the assistance of the Bankruptcy Court through a program called “Loss Mitigation.” Under this program, the Bankruptcy Judge will help facilitate the negotiation between you and your lender, with our guidance, and with the end goal of reducing your monthly payment to make it more affordable and help you get back on your feet.
For more information about debt consolidation and our consumer bankruptcy department, please call our office at (914) 381-7400 or go to www.westchesterhope.com.