Chapter 7 bankruptcy can excuse unsecured debt like medical bills and credit card balances, giving you a fresh start. Whether the problems are due to job loss, illness, divorce or loss of a spouse, that pile of debt can be completely discharged by the courts.

Chapter 13 bankruptcy business bankruptcy lawyers can stop foreclosure, wage garnishment and repossession. You can continue to work, provide for your family, pay your bills and keep your assets. The courts can work out a 3-5 year plan for debt repayment consisting of one manageable monthly payment. An “automatic stay” protects you from further harassment by bill collectors and puts a stop to lawsuits and collection actions against you.

Chapter 11, or business bankruptcy, offers New York business owners debt relief through options ranging from total liquidation to a manageable debt reorganization plan.

Loan modification agreements with lenders can provide payment extensions, balance reductions, reduce monthly mortgage payments by decreasing interest rates, extend the term of a mortgage, switch interest rates from variable to fixed, and waive accrued interest and penalty charges. A long-term working relationship with many New York lenders permits Penachio Malara, LLP, personal and business bankruptcy lawyers to negotiate an attractive loan modification agreement that can stop bankruptcy.