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Bankruptcy Chapters, Bankruptcy Lawyer Buffalo NY
Bankruptcy in the United States is a Constitutional Right. The following is a list of Bankruptcy Chapters that are available to consumers with mounting debt.
Chapter 7: Bankruptcy Lawyer Buffalo NY
Chapter 7 bankruptcy is a liquidation proceeding designed for those experiencing financial difficulty that do not have the ability to pay their existing debts.
Chapter 13: Bankruptcy Lawyer Buffalo NY
Chapter 13 bankruptcy is a wage earner's plan. Chapter 13 allows individuals with regular income to propose a plan to repay all or part of their debts. The plan sets forth an agreement to make installment payments to creditors over a three to five year period.
Why do debtors choose Chapter 13 over Chapter 7?
Primarily, individuals choose Chapter 13 to save their homes from foreclosure by curing delinquent mortgage payments over time in the plan (however, regular mortgage payments must still be made on time outside the plan).
Chapter 11: Bankruptcy Lawyer Buffalo NY
Chapter 11 is a reorganization proceeding, usually for Businesses. Individuals, generally do not file Chapter 11 unless their debts exceed the limits of Chapter 13.
If you want to file for Bankruptcy to get a fresh start, and are searching for an experienced Bankruptcy Attorney, look no further.
Please call (716)-656-7676 or CONTACT US for your free consultation. The first consultation is always free, and you will always speak directly to Stephen K. Underwood.
Stephen K. Underwood, Bankruptcy Attorney
1395 Union Road West Seneca, NY 14224Phone: 716-656-7676 URL of Map