Consumer Bankruptcy Lawyers in Carmel, New York

Find the right Consumer Bankruptcy attorney in Carmel, NY

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts absolved. It should normally only be considered as an option of last resort, because it can have significant long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in New York is essentially the same as the process anywhere else in the United States. However, particular courts in Carmel, New York will have particular rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Carmel, New York

There are 2 main forms of bankruptcy in Carmel, New York. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This normally includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is cleared. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Carmel, New York is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Carmel, New York

Chapter 13 Bankruptcy in Carmel, New York differs substantially from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Carmel, New York

The answer to this question depends strongly on your particular situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an accomplished local Carmel, New York bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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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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