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Long Island Bankruptcy Attorney
BANKRUPTCY LAWYER IN LONG ISLAND NY
For over 10 years, Michael F. Kanzer & Associates, P.C. has helped well over 500 individuals file for bankruptcy and discharge the debts that have plagued them. We are a law firm Long Island bankruptcy attorneys.
What is Bankruptcy?
Bankruptcy is a formal process that enables filers to eliminate and/or repay some or all of their debts under the federal Bankruptcy Code. Bankruptcy's purpose is to allow financial relief for individuals and families so they can experience a normal living standard, and not lose everything they worked hard to own.
Previously, creditors were looked upon as fair and there were better regulated banking practices, so those who filed for bankruptcy may have viewed themselves as personal failures with poor financial management skills.
If you see yourself this way, don't. The stigma is no longer a valid one. Banks and corporations today engage in many predatory lending and financial practices, and if your debt cannot be wiped out beyond a reasonable recovery, you may not be at fault. Credit card companies and other financial companies use bait and switch tactics, such as burying their terms and conditions in fine print. Add this to creditors being allowed to change payment terms and interest rates at will, and you're backed into a corner of financial peril with no way out.
Unlike the way it used to be, bankruptcy in Long Island NY is now a valid defense to unfair tactics used by big businesses. If your increasing debt is compounded by life experiences ‐ like the loss of a job, birth, moving, illness, injury, etc. – then the problems in paying your bills on a monthly basis can quickly spin out of control.
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