New York Bankruptcy Law Attorney

Settle Overwhelming Debt In Utica Or Cooperstown, NY

If you are considering bankruptcy, you are probably in a financial position where you feel overburdened by debt. Whether you are looking into bankruptcy for yourself or your small business, filing for bankruptcy can provide you with the financial relief you are seeking and help you find a path forward.

No matter which type of bankruptcy you need, it will be infinitely easier to navigate with the help of an experienced bankruptcy lawyer. Although there are different types of bankruptcy proceedings (including chapters 7, 11, 12, and 13), our bankruptcy law firm currently restricts itself to providing services for chapter 7 cases only.

How Do I Determine If Chapter 7 Bankruptcy Is The Best Option For Me?

If you are struggling with the amount of debt on your plate, chapter 7 bankruptcy could provide you with a solution to your financial trouble. Bankruptcy can be difficult and stressful, but it can also offer a fresh start to someone who really needs it.

Chapter 7 bankruptcy is commonly known as a “liquidation bankruptcy” because debtors must sell their property to pay off their debts. You may be able to protect and keep your home and other assets. However, the assets you are able to keep depends on many factors, like your income, debt load, and the amount of arrears (money you owe).

With chapter 7 bankruptcy, you can get your debts discharged so you are no longer responsible for paying them. Some of the debts you could have cleared with this type of bankruptcy include:

• Personal loans
• Medical bills
• Credit card debt
• Overdue rent and utility bills
• And more…

However, certain debts may be exempt from bankruptcy discharge, such as child support, student loans, or recent tax debt. Your bankruptcy attorney can help you understand whether the debts you hold would qualify for discharge under chapter 7.

In addition, there are certain eligibility requirements you must meet. For instance, your income has to fall below a certain threshold, or you have to pass a means test. You also cannot file for chapter 7 if you had a bankruptcy case dismissed in the last six months or have had your debts discharged in the last six to eight years.

Chapter 7 bankruptcy is not for everyone, but for certain individuals, it can be a life-changing decision. One of our knowledgeable bankruptcy law attorneys at Hobaica Law Office can discuss your situation with you and help you determine whether chapter 7 is the right step for you.

What Is The Chapter 7 Bankruptcy Process?

Before you can file, you will have to go through a credit counseling course from an agency approved by the court. Once your credit counseling is complete, you must file a petition with a bankruptcy court in your area to initiate the chapter 7 bankruptcy process. You must also submit documents regarding your financial situation along with your petition.

Once you file your petition, the court issues an automatic stay that stops creditors from trying to collect money from you. The court will then assign a trustee to your case. This person will be in charge of reviewing your documents and determining which assets to sell to pay your creditors. Your trustee may ask you to provide additional details or documentation about your case.

Examples of financial information you will need to provide to the court and/or your trustee include:

• A list of your debts and creditors
• Your income and expenses
• Any assets you hold, such as a home or car
• Your most recent tax return
• And more…

Next, you will need to attend a hearing run by your trustee, called the “341 meeting of creditors.” During this meeting, you will be expected to truthfully answer questions about your financial situation as it relates to your bankruptcy case.

After the meeting of creditors, you will be required to complete a second financial education course. Within a few months of your hearing, you will receive notification of the court’s decision regarding which of your debts will be discharged.

At Hobaica Law Office, we understand that filing for bankruptcy is a challenging step to take. However, we also recognize that sometimes it is the best option for those who are facing severe financial hardship. Our goal is to offer you the knowledge, support, and resources you need to simplify the bankruptcy process so you can take control of your finances.

Get Competent Support From A Bankruptcy Law Firm Today

If you are currently facing bankruptcy, it is important to remember that you are not alone. Many Americans struggle with debt, and filing for bankruptcy can be a difficult decision. With the help of an experienced New York bankruptcy lawyer, you can make the process much easier.

Whether you need a personal or small business bankruptcy attorney, Hobaica Law Office has you covered. With locations in Utica, NY, and Cooperstown, NY, our bankruptcy law firm can help you resolve your debt and get back on track financially. Contact us today to learn more about how we can help you with filing bankruptcy.