Find a Bankruptcy Lawyer in Rochester, New York

Find the right Bankruptcy attorney in Rochester, NY

Bankruptcy in Rochester, 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 Rochester, 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 Rochester bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Rochester, New York

In Rochester, New York, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Rochester, New York will be similar anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other common bankruptcy scheme used by consumers in Rochester is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.

A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.

How Can a Rochester Bankruptcy Lawyer Help?

Filing for bankruptcy in Rochester is a very important decision, and should not be made lightly. Before filing, one should consult with a good Rochester bankruptcy attorney for advice.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Rochester

Rochester is the second largest regional economy in the State of New York and the seat of Monroe County. They city's had a number of different names bestowed upon it such as "the World's Image Centre," "the Flour City," "and more recently, "the Flower City."

Annual Festivals like the Rochester International Jazz Festival, Rochester-High Falls International Film Festival, ImageOut, Lesbian Gay Film Video Festival, and the Lilac Festival are all attractions bring an average of 500,000 visitors to the city. Many of them take place at the Dryden and Little Theatres. The St. Patrick's Day, Rose Festival, Irish, Greek, Gay Pride, Puerto Rican, and Cold Rush Winter Celebration parades are held in the downtown district of Rochester.

Additional tourist attractions include the George Eastman House International Museum of Photography and Film that is the World's oldest photography museum and the Blue Cross Arena at the War Memorial which is the main venue for hockey and lacrosse events. The Blue Cross Arena is home to the Rochester Americans hockey team, Rochester Razorsharks basketball team, and the Knighthawks lacrosse team. The Blue Cross Arena was elected the location for the NCAA Division I Men's ice hockey league and was host to the 2007 NCAA Men's Division I Ice Hockey East Regional.

Residents of Rochester enjoy access to a number of bar certified local lawyers. Rochester lawyers regularly practice in local courts and many have specific areas of expertise. If you've been injured, have an immigration issue, or even just want to secure your will, Rochester lawyers can advise you on different options of which you may not be aware.

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