Consumer Bankruptcy Lawyers in Utica, New York

Find the right Consumer Bankruptcy attorney in Utica, NY

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

Chapter 7 Bankruptcy in Utica, New York

There are 2 common types of consumer bankruptcy in Utica, 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 usually includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some forms of debt, however, can't be discharged in Chapter 7 Bankruptcy in Utica, New York. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Utica, New York

Chapter 13 bankruptcy in Utica, New York is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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

Chapter 13 is usually 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.

In any case, you should talk with a local Utica, New York bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Utica

Utica is part of New York's Oneida County. Per the 2010 census, it has a population of 62,235 people.

The city is known for its beautiful attractions. Popular ones include the National Distance Running Hall of Fame, Mohawk Valley Ballet, Sculpture Space, Adirondack Scenic Railroad and Union Station, The Utica Symphony Orchestra, and The Utica Zoo.

Famous residents include Tommy DeCarlo, Chris Garrett, Steve Wynn, Art Mills, Dick Clark, Fran Cosmo, and Ron O'Neal.

Attorneys live and practice in Utica as well. These attorneys practice in many areas of law and focus on providing excellent legal services.

All in all, Utica is a wonderful place to live or visit.

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