Find a Bankruptcy Lawyer in Rome, New York

Find the right Bankruptcy attorney in Rome, NY

Bankruptcy in Rome, 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 proper 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 Rome, 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 Rome bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Rome, New York

In Rome, 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 Rome, 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. Varied 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 Rome 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 contracts 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. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being executed, this plan must be approved by a majority 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 Rome Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Rome lightly. Before making any such decision, it would be highly advisable to contact an accomplished Rome bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Rome

Rome, New York is a city in Oneida County. As of the 2000 Census, Rome's population was about 35,000 people.

Starting with the Revolutionary War, and continuing for many years thereafter, the city of Rome was referred to as "Fort Stanwix" - because that military installation was the only building in the area at the time. The town changed its name to "Rome" sometime in the 1800s, though the exact time of this name change, and the reasons for it, are unknown. It is presumed to be named after the modern Italian city of Rome, or perhaps the ancient empire of the same name.

Construction of the Erie Canal, which eventually connected the Atlantic Ocean with the Great lakes,began in Rome, and led to its industrial ascension, thanks to the Canal's role in the industrialization of America. Today, Rome is home to one of the last examples of an unique natural habitat: sand plains. The Rome Sand Plains are a mosaic of sand dunes, peat bogs, and hardwood forest, creating a huge amount of biodiversity. The sand plains are a major draw for tourists, especially nature enthusiasts.

If you live in Rome, New York, and find yourself facing a legal problem, a Rome, New York attorney can help. Rome, New York lawyers are ready to handle just about any legal issue you might be facing.

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