Most people resort to taking loans to cope up with hard economic times. Whenever money obtained from business or employment is not sufficient, loans become an alternative. However, money obtained from borrowing must be repaid, and when the repayment fails it has its own consequences. When a person fails to repay a loan until it accumulates to a bad debt, an insolvency suit to declare him or her bankrupt must be sort to prevent prosecution. In such cases, hiring a Bankruptcy attorney NY is imperative to handle such issues.