Consumer Bankruptcy Lawyers in Irondequoit, New York

Find the right Consumer Bankruptcy attorney in Irondequoit, NY

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts discharged. It should usually only be considered as an option of last resort, because it can have serious 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 product of federal law, bankruptcy will go through federal courts. Accordingly, the procedure for filing for bankruptcy in New York is basically the same as the procedure anywhere else in the United States. However, individual courts in Irondequoit, New York will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Irondequoit, New York

There are 2 common types of bankruptcy in Irondequoit, New York. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and essential personal items, like clothing. These assets are not available to creditors.

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

Chapter 13 Bankruptcy in Irondequoit, New York

In Irondequoit, New York, Chapter 13 is quite different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your particular situation. Chapter 13 Bankruptcy involves a court setting up a modified payment plan, which allows the debtor to pay off most or all of his debts over a longer period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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

This depends entirely on the facts of your particular case. If you have a decent amount of steady income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 might be the best option for you. If most of your property is exempt, and you don't have much steady income, Chapter 7 might be the best option.

In any case, you should talk with a local Irondequoit, New York bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Irondequoit

Irondequoit is located in Monroe County, New York. It has a population of 51,692 per the 2010 census. It is large suburb of Rochester.

Popular sites include Helmer Nature CENTER, Irondequoit Bay Outlet Bridge, Parkside Whispering Pines, Rochester Canoe Club, Seabreeze Amusement Park, and The Flats.

Many attorneys have established practices in the suburb. Therefore, residents and businesses can rest assured because their legal needs can and will be taken care of.

Famous residents include David Walker, Cal Ripken Sr., Sean Lahman, Don Holleder, and Steve Gadd.

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