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Bankruptcy Law Practice
With the high foreclosure rates, increased unemployment, and consumer debts on the rise, many people have had a very difficult time staying on top of their finances and paying all of their monthly bills and expenses. As a result, millions of people throughout New York and the United States are suffering from mounting debt with no end in sight.
Bankruptcy was designed to help people who have become so inundated with debt that they have fallen behind on their finances and can no longer pay their bills or other financial obligations. The goal of bankruptcy is to provide individuals and families with the financial relief they need to reclaim their finances so they can have a second chance to start fresh in life.
Types of Bankruptcy
Bankruptcy refers to the federal court process of eliminating or restructuring a personís debt. In the United States, the two most common forms of bankruptcy available to individuals and families are Chapter 13 bankruptcy and Chapter 7 bankruptcy.
Chapter 7 bankruptcy, also known as liquidation, is the most common and most favored form of bankruptcy as it eliminates most of a debtorís unsecured debt. However, Chapter 7 does not discharge all of a personís debt. Certain debts cannot be discharged under Chapter 7, such as:
Student Loans (unless extreme hardship can be proven)
Court fines or penalties
Personal injury damages or restitution
Chapter 13 bankruptcy is slightly different from Chapter 7 bankruptcy, as it does not discharge debt completely. Rather, Chapter 13 consolidates a personís debt and restructures it into a feasible monthly payment plan. Under Chapter 13 bankruptcy, you will have a set amount of time, usually three to five years, to pay off a portion of your debt each month. Although this type of bankruptcy does completely eliminate your debt, it does restructure it in a way that is manageable.
Bankruptcy for Businesses
Chapter 11 bankruptcy is available to businesses that are experiencing financial troubles. Under Chapter 11, a business can continue to operate while it restructures or reorganizes its debts and finances. Many businesses favor this form as bankruptcy as it awards them protection from creditors during the reorganization and restructuring period. Furthermore, businesses can also repay their creditor while continuing to operate.
You may contact us by e-mail, phone, or mail as follows:
The Corvisiero Law Practice, P.C. 275 Madison Avenue 14th Floor New York, NY, 10016 Tel: (646) 942-8396 Fax: (646) 217-3758 email@example.com