Find a Bankruptcy Lawyer in Carmel, New York

Find the right Bankruptcy attorney in Carmel, NY

Bankruptcy in Carmel, New York is a court procedure through which a person or business who is unable to pay their debt is able to have some of their debt legally cleared, 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 honestly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Accordingly, it might be a good idea to consult with a Carmel, New York bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Carmel could prove invaluable.

Types of Bankruptcy in Carmel, New York

There are 3 bankruptcy options that are typically used in Carmel: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Carmel, New York are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are completely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other form of bankruptcy most often used in Carmel is Chapter 13. It allows a person to pay off their debt over a prolonged period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being executed, this plan must be approved by a majority vote of participating creditors.

During the Chapter 11 process, a business can normally continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Carmel Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Carmel is not one to be made easily, and it definitely should not be made without first obtaining the advice of an accomplished Carmel bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Carmel

Carmel, New York is a city in Putnam County, New York. As of the 2000 Census, its population is approximately 36,000 people.

Carmel, New York is home to the historic Putnam County Courthouse. It was built in 1814, and is still in use today, making it one of the oldest working courthouses in the United States.

Carmel is also the site of one of the many heroic sagas of the Revolutionary War, when Sybil Ludington rode through the area all night, warning of an impending British attack. She is often referred to as a female version of Paul Revere.

Carmel, New York is located about an hour's drive from New York City, the largest city in the United States, and many residents commute there for work.

Carmel, given its close proximity to the largest city in the country, is an option for families who want a quiet place to settle down, but don't want to keep the excitement of city life out of reach.

The legal profession of Carmel, New York is served by its close proximity to New York University, and Columbia University. Both of these universities have law schools which are considered to be among the best in the U.S. This means that the market in the area is very competitve for Carmel, New York lawyers.

If you have a legal problem, it's very likely that there is a Carmel, New York lawyer who can handle it.

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