Bankruptcy Expected to Rise to Near-Record Levels in New York and Across the Nation

With economic times worsening and the personal finances of millions of people throughout New York and across the United States being stretched thin, filing for personal bankruptcy is becoming an unfortunate reality for people looking for a way out from under the strain of mounting debt and rising expenses. An estimated 1.5 million Americans are expected to file for personal bankruptcy in 2008, which would be a significant increase from the 826,732 who filed in 2007.

If you or a loved one is facing personal bankruptcy, the experienced, dedicated New York bankruptcy attorneys at Mark & Associates, P.C. can help. We will aggressively represent you and your family to achieve the best possible legal outcome in your bankruptcy case. Please contact Mark & Associates, P.C. today for a free consultation about your potential case. Call 1-866-50-RIGHTS (1-866-507-4448) or fill out the form at the right.

There are two types of personal bankruptcy filings, each with a specific purpose to assist debtors.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, also known as "straight bankruptcy," is often referred to as getting a "fresh start" or "wiping the slate clean" because it is a way to legally discharge (or cancel) past debts. In Chapter 7 bankruptcy, many debts can be forgiven. However, home mortgages, auto loans, child support orders, student loans and other personal debts generally may not be discharged under Chapter 7 bankruptcy.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a form of financial reorganization that in most cases allows a party to protect a home, car or other valuable asset from being lost in the bankruptcy. In a Chapter 13 filing, the debtor works with creditors to set up a payment plan to repay all or most of the debt over a period of years.