Manhattan Bankruptcy Attorney

Nearly 1,000 Bankruptcy Cases Handled — Let Us Help You Get a Fresh Start, Free of Debt!

Making the decision to declare bankruptcy can be difficult, but filing can offer a fresh start for people faced with crushing debt and little means to pay it off. Every individual, married couple, and business has the legal right to file bankruptcy in the event that they become unable to pay their bills and feel crushed under the weight of accumulating debt. For many, bankruptcy can be a fresh start after tough financial times. At Roman & Associates, we can help you determine your best option for debt relief, negotiate with creditors, and represent you in bankruptcy court. We will lend a compassionate hand to your situation and help you out of your financial mess.

Schedule an initial consultation online or at (888) 643-2460 to learn more. Se habla español.

Who Should File Bankruptcy?

From the moment you file bankruptcy, you’re granted an automatic stay while the court considers your eligibility for discharge or reorganization of debt. This stay prevents creditors from making any further collection attempts, and your home will be protected from foreclosure proceedings until your debts are discharged by the federal bankruptcy court. 

In New York, certain assets are also exempt, including: 

• certain amounts of equity in your car and home;
• most of your clothing, furniture, and household items;
• items you need for your job; and
• benefits like child support, Social Security, retirement funds, and other forms of public assistance.

Bankruptcy has many benefits, but it’s a serious step and should only be taken once alternative options have been considered. 

Bankruptcy may not be the best option if you:

• have debts that aren’t dischargeable, such as child support, student loans, and criminal fines;
• are likely to get into debt again soon after your discharge;
• have non-exempt property that you don’t want to lose;
• have mostly exempt assets and income; or
• have not filed your income tax returns.

Our firm will examine your situation to determine if you should pursue bankruptcy. 

We help clients with:

• Debt analysis: Before advising you on your bankruptcy options, we do an in-depth evaluation of your income, debts, and other expenses. Based on these results, we can determine whether a feasible plan can be worked out with creditors to restructure your debt.
• Negotiations: Lenders and loan servicers have an interest in preventing defaults, since bankruptcy often defeats their ability to collect. We work with creditors on plans for debt consolidation, restructuring, and loan forgiveness.
• Loss mitigation programs: If you are threatened with foreclosure, we negotiate with mortgage holders for a realistic loan modification plan that allows you to keep your home while repaying the debt over a longer time period.

If bankruptcy is ultimately the right choice for you, we will fully explain the process and the effects that it will have on you, now and in the future. 

We will also help you determine which of the three bankruptcy offerings from the U.S. Bankruptcy Code fit your situation best:

• Chapter 7: Also known as liquidation, Chapter 7 bankruptcy requires selling off the debtor’s assets to satisfy as much of the debt as possible before the rest of it is wiped out. Either federal or state exemptions can be used to protect certain kinds of property.
• Chapter 13: Known as a wage earner’s plan, Chapter 13 allows people with stable incomes to pay off part of their debt in installments, usually over three to five years. It is often a good solution for people facing foreclosure, because it lets them keep their homes.
• Chapter 11: Commonly called reorganization, Chapter 11 is a way for a financially distressed business — even a sole proprietor — to stay in operation while keeping creditors at bay. The business operations may be turned over to a trustee appointed by the court while debts are repaid under a creditor-approved plan.

Whichever form of relief is decided upon, our firm can assist with pre-bankruptcy planning to identify and categorize your assets so we can determine possible exemptions and your priorities for debt relief. We also help with post-bankruptcy planning by devising strategies to get you back on a firm financial footing and repair your credit.