In today’s uncertain economy, more and more people are experiencing financial difficulties. Cole, Sorrentino, Hurley, Hewner & Gambino, P.C., recognize the scope of the issues our clients face. We are determined to help our clients identify and execute all possible debt relief solutions and return to solvency. We want to help alleviate the pressures our clients experience and help them regain control of their finances.
Debt Relief Solutions | Chapter 7 Bankruptcy
One of the standard individual bankruptcy options is a Chapter 7 bankruptcy. Both individuals and corporations are eligible, and Chapter 7 bankruptcy is the most common in the United States. This is the closest thing you can get to a “fresh start.” If you file for Chapter 7 discharge, the courts will liquidate all of your assets and give the proceeds to your creditors. Certain exemptions may allow you to retain some of your property. It’s important to note, though, that some debts are exempt from discharge. You cannot get rid of child support payments, for example, or student loans (except in rare cases), property taxes, or income taxes less than three years old.
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Debt Relief Solutions | Chapter 13 Bankruptcy
Chapter 13 bankruptcy, meanwhile, allows the filing party to maintain control of nonexempt assets while reorganizing and paying off debt. With this option, debtors create a debt repayment plan that lasts three to five years, after which time all remaining debt is discharged. This option is particularly effective at stopping home foreclosures.
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If you live in Buffalo or Western New York and you’re drowning in debt, you might be considering filing for bankruptcy – and you probably have many questions. To help you with the basics, contact our office for a consultation. Should you decide to file for bankruptcy, the highly skilled Buffalo bankruptcy attorneys at Cole, Sorrentino, Hurley, Hewner, & Gambino, P.C., will be ready to help you get through the process and plan for your financial future.