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108-18 Queens Blvd,
4th Floor, Suite 3
Forest Hills, NY 11375
A business or an individual can declare bankruptcy once they have ascertained that it has become impossible to pay off one's creditors. It can give you a chance to start over from a financial point of view, as most of debts are relieved after bankruptcy as been filed.
Chapter 7, or liquidation bankruptcy, means that your "estate" – i.e., your assets – is sold in order to pay off your creditors. A reorganization bankruptcy can also involve the selling of assets, but more often than not you can retain a majority of your assets while your creditors' needs are assessed.
Reorganization bankruptcies can be filed under the following guidelines:
Contact us today to learn more about your options under the current bankruptcy laws. We're here to help.
I'm sure you have many questions. For a FREE CONSULTATION, please call us at 718-258-1500 x210 and we will be more than glad to offer you our advice.