Consumer Bankruptcy Lawyers in New Rochelle, New York

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

Chapter 7 Bankruptcy in New Rochelle, New York

There are 2 common forms of consumer bankruptcies in New Rochelle, New York: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 liquidates part 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 forms 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 basic 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 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 New Rochelle, New York is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in New Rochelle, New York

In New Rochelle, New York, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 Bankruptcy involves a court setting up an altered payment plan, which allows the debtor to pay off most or all of his debts over a prolonged 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 New Rochelle, New York

Chapter 13 is normally a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Regardless of your situation, you should speak with an attorney in New Rochelle, New York who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely outcomes of each one, allowing you to make a much more informed decision.

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Life in New Rochelle

Named by Money Magazine as one of their Top 100 Best Places to live in the United States, New Rochelle, New York has it all. The city, which is just a half hour train ride from the famous Grand Central Station is a New York gem to be enjoyed by residents and visitors alike. New Rochelle was first settled in the 1700's and it is a city that prides itself on its ethnic and religious diversity. New Rochelle was also the suburban neighborhood featured in the cult classic, Dick Van Dyke show. With views of the Long Island Sound from parts of the city, New Rochelle is home to just under 80,000 residents. With its close proximity to big city New York, New Rochelle has an abundance of fabulous lawyers to serve their local clients in issues ranging from family law to estate planning. New Rochelle lawyers are some of the best and brightest in their business. In addition to lawyers, New Rochelle also has many other professionals that add to the appeal of the city. On the cultural side, New Rochelle has lots of parks and museums for its residents to enjoy. No wonder New Rochelle is considered one of the best places to raise children. Not surprisingly, New Rochelle also has a nationally recognized public school system. New Rochelle has the nickname, "Home Town" because of the large number of single-family residential developments throughout the picturesque city.

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