Find a Bankruptcy Lawyer in Syracuse, New York

Find the right Bankruptcy attorney in Syracuse, NY

Bankruptcy in Syracuse, 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 fitting 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).

Accordingly, you should speak with a good Syracuse, New York bankruptcy lawyer. Your Syracuse bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional evaluation as to whether or not it's a good option, given your specific circumstances.

Types of Bankruptcy in Syracuse, New York

There are 3 bankruptcy tactics that are commonly used in Syracuse: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Syracuse, New York are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other form of bankruptcy most frequently used in Syracuse is Chapter 13. It allows a person to pay off their debt over an extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

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 Syracuse Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Syracuse is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Syracuse bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Syracuse

Syracuse, New York is the county seat of Onondaga County, New York. It has a population of about 145,000 people.

The first Europeans to settle the Syracuse area were French missionaries, who arrived in 1615. Before and during the Civil War, Syracuse, New York became a major center for the abolitionist movement, and was an important stop in the Underground Railroad. During this period, many Syracuse, New York lawyers who were opposed to slavery helped ensure that the constitutional rights of freed and escaped slaves were protected.

Modernly, Syracuse is home to Syracuse University, which is a major research institution. Syracuse University has a well-known and prestigious law school. Many of its graduates have gone on to become highly successful Syracuse, New York lawyers.

If you are a resident of the Syracuse, New York area, and are facing a legal problem, or believe that your legal rights have been violated, you should not hesitate to speak with a Syracuse, New York attorney as soon as possible.

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