When faced with financial turmoil, many people consider bankruptcy in order to regain control of their lives. To emerge from this highly complex process happier than you began, you’ll need the assistance of a seasoned bankruptcy lawyer. For guidance on these crucial issues, New York residents turn to The Law Offices of George Mitris.
Attorney Mitris and his skilled legal staff understand that regaining financial stability is your highest priority. They also know that getting answers to pressing bankruptcy questions is essential in building the optimal financial strategy. If you’re invested in the debt relief process, take advantage of these answers to the most frequently asked bankruptcy questions:
How Much Of My Debt Will Be Discharged By Bankruptcy?
Only certain types of debt can be discharged during the bankruptcy process. For instance, unsecured debt (which includes medical bills, credit card debt, etc.) can be removed by bankruptcy. Debt related to student loans, unpaid taxes, and child support/alimony payments cannot be discharged according to existing regulations.
Which Type Of Bankruptcy Is Right For Me?
Chapter 7 bankruptcy is suited to those who are unlikely to pay back accrued debt given their financial instability. Chapter 13 is more of a reorganization plan that allows you to devise a re-payment schedule for any outstanding debt. An experienced bankruptcy lawyer can help you decide which type will best suit your needs.
How Can I Retain My Property?
In most cases, those filing for chapter 13 bankruptcy will retain all or most of their personal property. Those filing for chapter 7 bankruptcy may not retain all of their property because certain items must be sold (or liquidated) to cover existing debt. Essential items like clothing, appliances, and some vehicles (depending on their value) are often exempt.
The Law Offices of George Mitris are dedicated to providing clients with the necessary information to make winning debt relief decisions. Learn more about this bankruptcy law firm by visiting the website, or call (585) 225-7830 to discuss your needs with a bankruptcy lawyer today.