Types of Bankruptcy
Discharge Debt Through Chapter 7 Bankruptcy
Bankruptcy Protection and Debt Relief in Central New York
A Chapter 7 bankruptcy, also known as liquidation, allows individuals to discharge most or all of their unsecured debt in order to get their financial situation under control. Dischargeable debt includes credit cards, medical bills, utility bills and even some types of unpaid taxes. While people who own homes, cars or other large assets may lose them to foreclosure or repossession, for those who are current with their rent or mortgage payments, Chapter 7 bankruptcy may be a helpful solution to financial problems.
At the Orville & McDonald Law Firm, we help people file for Chapter 7 bankruptcy to get the debt relief they need. Our firm has over 25 years of experience helping clients find the solutions that will get them back on track. We can guide you through the process and protect your rights.
The Chapter 7 Bankruptcy Process
After meeting with attorney Peter A. Orville or Zachary McDonald and their staff to determine if Chapter 7 bankruptcy is the right option for you, you will file several forms with the bankruptcy court to begin the proceeding. These forms will list income and expenses, any assets you own, any debts that you currently owe and any property transactions that you conducted over the past two years or more.
After filing these documents with the court, you will meet with your lawyer and a bankruptcy trustee at a meeting of creditors to review your forms and answer any questions that the trustee may have about your case. (If all is approved, you will be informed that all of your debt has been discharged, and the case is over.)
For more information on Chapter 7 bankruptcy, feel free to contact our firm today. We can answer your questions and schedule an appointment for a free initial consultation to discuss your situation.
Make Responsible Choices in Chapter 13 Bankruptcy
Experienced Bankruptcy Attorney in Binghamton, New York
Under a Chapter 13 bankruptcy, a person who wants to hold onto a home, car or other large asset may be able to do so while making debts much easier to pay off. In a Chapter 13 bankruptcy, a debt repayment plan is created to repay a specified amount to creditors for a period of three to five years. At the end of the three to five year plan, all eligible debts are discharged.
The process of Chapter 13 bankruptcy is similar to the process of Chapter 7 bankruptcy, but with some noticeable differences. When you come in to our office at Orville & McDonald Law, we will help you prepare and file several forms with the bankruptcy court that list your income, expenses, assets, debts and property transactions for the past two years.
You will also file a proposed repayment plan, which will describe how you will repay the debt over the three to five year timeframe, and what amount you will pay. A bankruptcy judge will need to approve your plan, and if you remain current until the end of the three to five year plan, the remaining balance will be discharged.
Avoid Foreclosure and Repossession
While there are benefits and drawbacks to pursuing a Chapter 13 bankruptcy versus Chapter 7 bankruptcy, one of the main advantages to Chapter 13 bankruptcy is the ability to avoid foreclosure on your home mortgage and repossession of automobiles and other large assets. Other benefits of Chapter 13 bankruptcy include:
- You can file for Chapter 13 bankruptcy at anytime, even if you recently discharged your debt under a Chapter 7 bankruptcy.
- You have debts, such as tax debt, that cannot be discharged under Chapter 7 bankruptcy.
- You have co-debtors on loans. In Chapter 13, creditors may not seek payment from co-debtors. (+++)
In both Chapter 7 and Chapter 13 bankruptcies, filing will protect you from the harassment of creditor letters and phone calls. We will help you understand the process and let you know which option is best for your individual situation.
Contact us today to let an experienced lawyer help you discharge your debt through Chapter 13 bankruptcy. We have over 25 years of experience helping families and individuals repair their financial situation and get themselves back on track.