Bankruptcy Lawyer
New York ∙ Rochester ∙ Bankruptcy Law
Nothing can be more devastating or stressful than going through a financial crisis. The New York Rochester New York bankruptcy lawyers at Hersch Gelb Law can provide you with the peace of mind you need during this difficult time; and we have the expertise to achieve the results you deserve.
In times when consumer debt is at an all time high, even the affluent can be confronted by overwhelming debt as a result of a loss of a job, death of a family member, or severe illness. Filing bankruptcy will immediately get the creditors off your back. With chapter 7, most debts are discharged. In chapter 13, a payment plan is established. Either way, your financial situation will greatly improve.
Bankruptcy is the legally declared inability or impairment of a person or corporation's abilities to pay their creditors. Bankruptcy can be involuntary, when a creditor files the claim, or voluntary, when the debtor files the claim.
The primary purposes of bankruptcy are 1) to repay creditors in an orderly manner and 2) to give honest debtors a chance to restart their financial life. Bankruptcy allows a debtor to be discharged, or relieved, of their debts.
There are two primary forms of bankruptcy. These are liquidation and reorganization. In the United States, the laws allow for one liquidation claim (chapter 7). All other forms of bankruptcy revolve around the idea of reorganization. A liquidation bankruptcy claim results in the debtor's legally unprotected assets being sold off to satisfy creditors' claims. A reorganization bankruptcy petition forces the debtor to reevaluate their assets and debts. They then are required to create a repayment plan to satisfy their creditors. This repayment plan must be court-approved.
Chapter 9 bankruptcy allows municipalities to reorganize. Chapter 11 allows businesses or individuals to reorganize. Chapter 12 lets family farmers reorganize their lives, and Chaper 13 allows individual "wage earners" to reorganize their lives.
Let the New York Rochester bankruptcy lawyers at Hersch Gelb Law help you decide if bankruptcy is right for you. We are here to help. With our extensive experience in bankruptcy, we know this complicated law well. We have included information on this site to help you decide if bankruptcy is right for you as well as what bankruptcy is.
If you have any questions for our bankruptcy lawyers, don't hesitate calling us at 1-735-9943 or complete our contact form as will call you!