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If you're dealing with unmanageable debt, Chapter 7 bankruptcy provides an invaluable way out, allowing you to completely discharge most of your unsecured debts and start over again. Bankruptcy law is incredibly complex, and even small mistakes can lead to loss of property or cause the court to reject your petition, so always consult with an experienced bankruptcy attorney before beginning the process. Thomas A. Corletta, Attorney at Law, a Rochester lawyer with 34 years of experience, is here to help explain with a brief overview of some of the forms you'll need.

  • Voluntary Petition: This is the formal declaration to the court that you intend to file for bankruptcy. It also contains a statement about the nature of your debts, as well as an estimate of your assets, creditors, and liabilities.
  • Credit Counseling: Bankruptcy law requires that you complete credit counseling before you file.
  • Disclosures of Personal Property: Separate schedules are used to detail all of your assets, including real estate property, cash, household goods, investments, cars, musical instruments, and any other valuable property you own.
  • Exempt Property Disclosures: A Chapter 7 allows the court trustee to sell off certain property to pay your debts, but every state and local jurisdiction exempts certain types of property from liquidation. Your bankruptcy lawyer will help you keep as much of your property as possible.

Visit Thomas A. Corletta, Attorney at Law online for more information about Chapter 7 or Chapter 13 bankruptcy, or call (585) 546-5072 to schedule a consultation today.

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