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Bankruptcy Chapters, Bankruptcy Lawyer Buffalo NY

chapter 7 bankruptcy lawyer buffalu 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.

The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors.

In the vast majority of cases the debtor keeps all of his property because the debtor has no non-exempt assets for the trustee to distribute. This is called a "no asset case".

In about four months the debtor receives a "discharge" of all dischargeable debts, providing the debtor with a "fresh start".

Although there have been predictions of gloom and doom regarding the new law, Chapter 7 remains a viable option for most individuals that seek it.

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.

After the plan is confirmed by the Court, the law forbids creditors from starting or continuing collection efforts.

After the plan is paid in full the debtor(s) will be granted a "discharge" from all dischargeble debts.

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).

Secondly, individuals can reschedule other secured debts reducing the payment by extending the payment over the life of the chapter 13 plan.

Thirdly, Chapter 13 sometimes protects third party co-signers who are also liable with the debtor on consumer debts. Lastly, Chapter 13 consolidates unsecured debt because individuals pay the trustee directly a percentage of the overall unsecured debt (as low as 5%) and will not be dealing with the creditors.

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.

In Chapter 11, the debtor usually remains in possession of the assets and continues to operate any business, subject to the oversight of the court and the creditors committee.

The debtor proposes a plan of reorganization, that upon acceptance by a majority of the creditors, is confirmed by the Bankruptcy Court and binds both the debtor and the creditors.

If you want to file for Bankruptcy to get a fresh start, and are searching for an experienced Bankruptcy Attorney, look no further.

Free Consultation:

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 14224
Phone: 716-656-7676 URL of Map