Find a Bankruptcy Lawyer in Mount Vernon, New York

Find the right Bankruptcy attorney in Mount Vernon, NY

Bankruptcy in Mount Vernon, 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 eliminated, or "discharged." This theoretically allows the debtor to move on with a clean slate. Bankruptcy should be treated as an option of last resort, and should not be viewed as a convenient way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to obtain loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

Therefore, it is prudent to consult with an experienced Mount Vernon, New York bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Mount Vernon bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Mount Vernon, New York

There are three basic bankruptcy schemes that are most commonly used in Mount Vernon: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Mount Vernon, New York will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the eligible property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will usually be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other commonly used bankruptcy system in Mount Vernon 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. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Mount Vernon Bankruptcy Lawyer Help?

The need to weigh all the options and consider the costs and benefits of filing for bankruptcy in Mount Vernon cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Mount Vernon bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Mount Vernon

Mount Vernon, New York is a city in Westchester County, and borders The Bronx, a borough of New York City. It has a population of approximately 69,000 people, making it the 8th most populous city in New York state.

For a city of its size, Mount Vernon, New York is extremely diverse, with dozens of different ethnic groups comprising a significant percentage of the population. Owing to this, the city's motto used to be "A City That Believes," an allusion to the dozens of places of worship in the city, covering about 25 different denominations.

Of particular note is the city's Brazilian Community. It comprises more than 10% of the city's population, and is heavily concentrated in a large neighborhood which is characterized by many businesses and restaurants that cater to the community. The Brazilian community's presence in Mount Vernon can actually be felt back in their hometowns, in Brazil. Because most immigrants come to American to make more money, which they can send back to their families. This money has significantly increased the standard of living in several towns in Brazil.

The city's legal community of Mount Vernon reflects the city's diversity. Mount Vernon, New York lawyers can handle just about any case that might walk into their office. If you have a legal problem, you shouldn't hesitate to contact a Mount Vernon, New York lawyer today.

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