5 Things Bankruptcy Cannot Do
There are many popular misconceptions about bankruptcy. According to the knowledge and experience of bankruptcy attorneys in New York and Long Island, it can be a panacea for individuals struggling to pay their financial debts, utility bills, etc. It can do many things to help bring their financial life back on track.
But it cannot do everything for you. Therefore, an experienced bankruptcy attorney would advise you to know about what it cannot provide.
* It is not a tonic you need for improving your financial health. You should know this right out of the box.
* It does not work for every individual.
* It does not eliminate certain rights of “secured” creditors.
* It does not allow you to discharging every type of debt.
* In case a relative has co-signed the loan, he/she does not get protection from your debts.
Are you thinking about filing a petition for bankruptcy because you are not able to pay your debts and bills? You are advised to get in touch with The Law Firm of Vaughn, Weber and Prakope, PLLC, serving the entire New York City and Long Island area, to know precisely what bankruptcy can and cannot do for you.