We understand that the decision to file for bankruptcy is emotionally draining for you and your loved ones. It is important that you seek legal guidance early to help you with the right decisions. Bankruptcy is not a solution for everyone. We will assist you in deciding if filing for bankruptcy is the correct action for you to take. The best suggestion is to contact a Buffalo Bankruptcy attorney at (716) 831-1111 for a free consultation.
If you are not sure you want to file for bankruptcy because you know nothing about it then here is a brief discussion.
Chapter 7 bankruptcy eliminates all of your unsecured debt. It does not eliminate secured debts such as your mortgage and your car loan. It will not help you save your house or your car if you are behind in your payments. Your household income must be below the median income for New York State. If you have assets you may be able to keep them depending upon if you are allowed enough of an exemption.
Chapter 13 bankruptcy is for those individuals whose incomes fall above the median income for New York State, even with deductions. It is also for those individuals who have fallen behind in their mortgage or car payments. It is a repayment plan for a percentage of unsecured debt and all of the arrears for secured debts. The plan lasts a minimum of 3 years and a maximum of 5 years.
For more details see our Consumer blog.
We provide all of our Buffalo bankruptcy clients with an informational packet at their first appointment to see us. This packet outlines the steps in filing for bankruptcy. It includes a list of documents that are necessary for you to bring to file your case. If you cannot find all of the documents- don’t panic we are here to assist you. At your appointment you will be given ample opportunity to ask us all of your legal questions.
Call us at 716-831-1111 for a free legal review and consultation.