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A Brief Bankruptcy Overview

We focus on helping individuals return to prosperity through the filing of personal bankruptcy under Chapter 7 or Chapter 13 of the Bankruptcy Code. Our clients seek effective debt relief when debts such as the following overwhelm their ability to repay:
    » Credit card debt
    » Mortgage debt
    » Car loans and leases
    » Medical bills
    » Matrimonial debt
    » Tax debt
    » Student loans

Chapter 7 or Chapter 13 may be appropriate for individuals who own small businesses that are in trouble, as well as for consumers who are inundated with debt. Even high income earners may often be eligible for bankruptcy, as determined by the required means test that takes into account income, assets and debts.

We also help businesses get protection from creditors by filing for a reorganization under Chapter 11 of the Bankruptcy Code. The following are brief explanations of Chapter 7, Chapter 11 and Chapter 13 bankruptcy filings.

Chapter 7 — Personal Bankruptcy Debt Liquidation

Chapter 7 is a form of debt relief by which you may eliminate most forms of unsecured debt such as credit cards, medical bills and personal loans. In many cases, you can keep your home, car and other personal belongings. We may be able to use Chapter 7 to accomplish the following:
    » Stop harassing calls from creditors
    » Stop garnishments on wages
    » Eliminate repossession of assets
    » Avoid Judgment Liens against a residence or personal asset

Filing Chapter 7 is a way for you to begin re-establishing your credit by reducing your debt-to-income ratio. With little or no remaining debt, lenders may feel that you will be better able to repay your debts in the future.

Chapter 13 — Personal Bankruptcy Reorganization

Chapter 13 is a debt repayment plan through which you consolidate your debts over a three- to five-year period. The filing of a Chapter 13 prevents your creditors from seeking to collect on debts from you as same are included in the Chapter 13 Plan. Debts that are generally consolidated in a Chapter 13 are mortgage arrears, balances on vehicle loans, student loans, credit card debts and other unsecured debts. Some of the things that can be done through filing under Chapter 13 include:

    » Halting a foreclosure on your house, buying time for you to explore options other than to foreclosure, such as loan modification
    » Keeping your home (if your budget allows you to stay current on payments), while catching up on mortgage payments in arrears over a three- to five-year period with little or no interest
    » Consolidating student loans
    » Saving your car or other vehicle
    » Lowering your auto payments
    » Protecting co-signers
    » Avoiding judgment liens
    » Avoiding junior mortgages

Chapter 11 — Business Debt Reorganization Bankruptcy

It can be to the advantage of debtors and creditors alike to let a troubled business reorganize its debts under the protection of a bankruptcy court. With breathing space, and a reasonable amount of time, debts can be repaid.

Reorganization provides debtors with a greater opportunity to retain their assets if they agree to pay off their debts according to a plan approved by the bankruptcy court. In cases where Chapter 11 may not be warranted, the firm can aid a business in working out the claims of its creditors.

If you are looking for experienced bankruptcy lawyers who will listen to you and will present to you all of your options to enable you to choose the best path for your financial success, please do not hesitate to
contact us here or call us. Schedule a complimentary bankruptcy evaluation by an experienced
Dutchess County bankruptcy attorney.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.