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Peter M. Hobaica, LLC
2045 Genesee St.
Utica, NY 13501
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2045 Genesee St.
Utica, NY 13501
29 Pioneer Street,
Cooperstown, NY 13326
Do you find yourself drowning in debt after a job loss, divorce, prolonged illness or series of unexpected expenses? If so, you have options. Chapter 7 or Chapter 13 bankruptcy might be right for you.
Bankruptcy protection exists to help people get a financial fresh start. Have you delayed filing for Chapter 7 or Chapter 13 bankruptcy protection because you were unsure exactly what bankruptcy was intended to do or perhaps you were not aware of how to begin?
Our attorneys understand that there is no such thing as a standard bankruptcy case; every case is unique.
Money problems can be caused by a variety of different reasons, including divorce, prolonged illness, job loss, the failure of a business or the death of a loved one. Call us today to arrange your free initial consultation.
- Wage Garnishment
- Credit Card Debt
- Medical Bills
- Personal loans
Seek debt relief and management options now. You can put an end to harassment from your creditors by contacting a skilled bankruptcy lawyer to find out more about options. Our experienced attorneys offer free consultations and the kind of legal guidance that can bring you peace of mind.
Q. What is the difference between a Chapter 7 and a Chapter 13 Bankruptcy?
A. Chapter 7 is the most straightforward form of bankruptcy. It causes unsecured debt to be wiped out and may leave secured and priority debt in place. Examples of unsecured debts include credit cards, medical bills and signature loans. Examples of secured debts: major appliances, furniture, jewelry, automobile loans, mortgage loans. Chapter 13 is more flexible than a Chapter 7 bankruptcy. It is a reorganization of debts. It is available to individuals and couples who have regular income. It takes into consideration the future earnings of the debtor(s) and gives them the opportunity to restructure their debts using these earnings.
Q. How do I know which bankruptcy is right for me?
A. The Chapter you will be able to file will depend on your income. If it is more than the median income in New York State, then you will need to file a Chapter 13. If it is less than the median income in New York State, then you will be eligible to file a Chapter 7.
Q. Do I have to file jointly with my spouse if I am married?
A. Your spouse will not be affected by your bankruptcy if they are not responsible (did not sign an agreement or contract) for any of your debt.
Q. Will any one know that I have filed bankruptcy? It’s kind of embarrassing to admit.
A. Bankruptcy filings are public records. However, under normal circumstances, no one will know you filed. Even most of the newspapers have stopped publishing lists of individuals who have filed bankruptcy. The stigma that once accompanied bankruptcy has largely disappeared, particularly in today’s harsh economic climate.
Q. Will I ever be able to get credit again?
A. Yes! Many credit card companies offer “secured” credit cards where a debtor puts up a certain amount of money in an account to guarantee payment. In most cases, you are probably a better credit risk after bankruptcy than before, since your debt to income ratio will be much better.
Q. What debts are erased in a bankruptcy?
A. Most unsecured debt is erased in a bankruptcy except for: child support, alimony, student loans, income tax debt or debts for personal injury or death caused by drunk driving.
Q. Does filing for bankruptcy stop creditor harassment?
A. Absolutely! Once you have filed for bankruptcy, something called an “automatic stay” goes into effect. This means that creditors must immediately stop all collection efforts. In fact, they can be penalized if they continue to contact you after they are made aware of a bankruptcy filing.
Q. Is it expensive to file for bankruptcy?
A. No; especially considering what you potentially face if you don’t file, the filing fees are quite reasonable. The filing fees are between $310.00 and $335.00, depending on the Chapter filed. The legal fees may vary, depending on the complexity of the case.
Don’t Face Bankruptcy Alone. Contact Us Today.
Find out the facts about Chapter 7 and Chapter 13 bankruptcy. Bankruptcy protection is there to help people just like you who have too much debt to handle.