Consumer Bankruptcy Lawyers in Syracuse, New York

Find the right Consumer Bankruptcy attorney in Syracuse, NY

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts excused. It should typically 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. Distinct courts in Syracuse, New York will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Syracuse, New York

There are 2 typical forms of consumer bankruptcy in Syracuse, New York: Chapter 7 and 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This typically includes homes, vehicles, insurance policies, and retirement accounts. These do not need to be sold.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Syracuse, New York is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Syracuse, New York

Chapter 13 Bankruptcy in Syracuse, New York differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in an adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

Chapter 13 is typically a good option for people who have a steady 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 steady income, Chapter 7 might be more beneficial.

Whatever your situation, you should speak with a local Syracuse, New York bankruptcy Attorney. Your Lawyer will be able to advise you of your options and their likely results, which will help you make a more educated decision.

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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.