CHAPTER 7 BANKRUPTCY
There is a certain stigma attached to the term “Chapter 7 bankruptcy.” When you hear it, you may think someone has been severely irresponsible or has failed to exercise the discipline needed to fulfill the financial duties to which we are all more or less accustomed. However, the reality is that bankruptcy happens to people of all socioeconomic classes, and it usually happens for reasons beyond our control, such as the loss of a job, a weak economy or a catastrophic illness, injury, or death.
Fortunately, there is a course of action people can take when they suffer such unforeseeable hardships and no longer have the means to maintain their financial obligations. More specifically, by filing Chapter 7 Bankruptcy, you can cancel or discharge most of your outstanding debts, such as medical bills, personal loans, utility bills, credit card debts, and other liabilities.
Looking at it in a technical sense, filing for Chapter 7 Bankruptcy means all your legal or equitable assets will, at least for the time being, become the property of the estate. Next, the property is liquidated and distributed among the creditors; however, some property is exempt from the estate, meaning they do not have a legal right to it. Such exemptions allow you to keep your house, your car, your household furnishings, your retirement savings, your bank account deposits, and other personal assets. In most cases, individuals are allowed to keep all their property.
As you can see, bankruptcy is a very complex field of law, and it is best that you have the advice of a competent attorney when weighing your options. For those in need of a Chapter 7 bankruptcy attorney in Buffalo, NY, I welcome you to call or email me. I have been in your shoes, and my experience and legal expertise will help you throughout the entire process.
CHAPTER 13 BANKRUPTCY
When falling on hard times, Chapter 13 bankruptcy provides individuals, couples, and small businesses with an opportunity to pay off all or a portion of their debts over three to five years without surrendering their property. More specifically, your monthly debt payments will be re-structured in a way that ensures payments will be affordable within your budget.
Chapter 13 bankruptcy is advantageous in that it provides homeowners with an opportunity to prevent their homes from foreclosure. Rather than the lender forcing you from your home, you can make delinquent mortgage payments over time, and continue to live in the home that you worked so hard to own.
Please note that, if you do not qualify for Chapter 7 bankruptcy protection, you can still file for Chapter 13. A qualified bankruptcy attorney will help you determine which would be your best option.
If you need help understanding the bankruptcy laws or filing for Chapter 13 bankruptcy, please call or email me, or you can fill out the form below. I am located in Buffalo, NY and focus on bankruptcy related cases. I personally handle each of my clients’ cases, so you never need to worry about being treated like just another number or being handed off to a junior attorney.
Contact the Law Office of D. Daniel Stevanovic, Esq in Buffalo NY for further information about filing for Chapter 13 bankruptcy.