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Federal bankruptcy law (Title 11 of the United States Code, otherwise called the “Bankruptcy Code”) was enacted to allow the honest debtor, who is unable to meet his/her financial obligations, to obtain a fresh start for their finances by legally recasting their liabilities.

Bankruptcy law accomplishes this goal of a “fresh financial start” by providing debtors with a legally enforceable mechanism through which they may: (1) eliminate, reduce and/or extend most debts, and (2) protect themselves, subject to certain qualifications, during the bankruptcy case, from pursuit and harassment by their creditors.

At the same time that bankruptcy law seeks to give relief to the debtor, it is also the goal of bankruptcy law to deal equitably with a debtor’s creditors by: (A) protecting the creditors against fraud, (B) treating similarly situated creditors in an equal manner, (C) providing a mechanism whereby the debtor must disclose information about assets and income to verify their eligibility for a case; and (D) providing the creditors with constant notice and an opportunity to be heard during the bankruptcy case.

Please call us at (631) 271-3737, or e-mail us at weiss@ny-bankruptcy.com for a free consultation to discuss such legal options in greater detail.