Find a Bankruptcy Lawyer in Binghamton, New York

Find the right Bankruptcy attorney in Binghamton, NY

Bankruptcy in Binghamton, New York is a court proceeding through which a person or business who is unable to pay their debt is able to have some of their debt legally absolved, or "discharged." This theoretically allows the debtor to move on with a clean slate. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are truly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Accordingly, you should speak with a good Binghamton, New York bankruptcy lawyer. Your Binghamton bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional opinion as to whether or not it's a good option, given your particular circumstances.

Types of Bankruptcy in Binghamton, New York

In Binghamton, New York, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Binghamton, New York will be about the same as anywhere else in America. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other normally used bankruptcy system in Binghamton is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.

A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.

How Can a Binghamton Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Binghamton is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Binghamton bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Binghamton

Binghamton is the county seat of Broome County in the state of New York. With a population of 47,000, it is considered the cultural center of the "Greater Binghamton" area, also known as the "Triple Cities" metropolitan area. It was settled as early as 1802 and officially incorporated as a city in 1867. Currently Binghamton is known for being a city with a rich history of technological innovation. The city is the birthplace of companies like IBM, Link Simulators, and Dick's Sporting Goods. Binghamton University is also located nearby and is an important contributor to the economy and educational atmosphere of the Triple Cities area.

Residents of Binghamton enjoy the city's many urban and rural trails, which are suitable for bicycling and walking. One of the more popular urban trails is the Downtown and Northside River Walk, which winds past many of the town's main attractions. Binghamton also boasts a number of fitness and recreation facilities.

Notable Binghamton residents have included musical composer Frederick Ayres and author Liam Murphy. Binghamton has also made several appearances in many films, TV shows, and books.

Lawyers practicing in Binghamton, New York typically file their cases in either the Binghamton City Court or the Broome County Courthouse. The Binghamton Supreme Court Law Library has proven to be of great assistance for many Binghamton lawyers. Binghamton lawyers practice in a wide variety of legal fields and topics.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY