New York Bankruptcy Law Firm Guides Clients Through Chapter 7 or Chapter 13

Rochester Chapter 7 and Chapter 13 Bankruptcy Attorneys Help Clients Make a Fresh Financial Start

Over the past several years, many New Yorkers have become overwhelmed by debt and fallen behind on their bill payments. Federal law gives such people the right to file for personal bankruptcy, which affords them the opportunity to erase most or all of their debt and gain a new financial start.

Types of Bankruptcy

There are a number of bankruptcy options, but the two most popular with consumers are:

Chapter 7

Chapter 7 bankruptcy, also known as liquidation, allows a debtor to discharge most of their debt and still keep some of their exempt property — although the bankruptcy trustee will sell their non-exempt property and use the proceeds to pay off creditors. Some debts are dischargeable, or may be wiped out in a Chapter 7 bankruptcy, including credit cards and other unsecured debt. However, others cannot be erased, such as alimony, child support, student loans, fraudulent debt, and certain tax debt.

Chapter 13

Chapter 13 bankruptcy, also known as reorganization, gives debtors with regular income the opportunity to reorganize their debt and create plans to make manageable payments over 36 to 60 months. The major advantage to filing for Chapter 13 bankruptcy for those with stable income is that they will be allowed to keep non-exempt property that would otherwise be liquidated in a Chapter 7 bankruptcy.

Contact a Genesee County Bankruptcy Law Firm Today

If you have questions about bankruptcy, New York lawyer Robert A. Schwartz has been assisting clients in Rochester and throughout Genesee County with Chapter 7 and Chapter 13 bankruptcies for more than 30 years. Contact our firm online or call 585-763-0500 to schedule your initial consultation today.