Consumer Bankruptcy Lawyers in Mount Vernon, New York

Find the right Consumer Bankruptcy attorney in Mount Vernon, 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. Since it's a product of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in New York will be the same as anywhere else in the country. Individual courts in Mount Vernon, New York will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Mount Vernon, New York

There are 2 main types of consumer bankruptcies in Mount Vernon, New York: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of some of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some types of debt, however, can't be discharged in Chapter 7 Bankruptcy in Mount Vernon, New York. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Mount Vernon, New York

In Mount Vernon, New York, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, it would be a good idea to consult a local bankruptcy Attorney in Mount Vernon, New York. Your Attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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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.