Address: Binghamton, NY 13905, USA
Phone: 607-214-9084
Website: https://www.bankruptcybinghamton.com//
Reaching the stars for our Binghamton bankruptcy clients
But while you are dealing with frustration and stress, you should evaluate your situation and find help as soon as you can. Regardless of the intensity of the situation, you should take action and file for bankruptcy before things get out of hand.
If you are ready to find a way, Restoring Pride Bankruptcy Solutions in New York can help you connect to the right bankruptcy lawyer who can handle your case professionally. We make sure that we review your case thoroughly and connect you with professionals who are always ready to deal with your problems.
The good thing is that the consultants in our legal center are just a phone call away. Our team ensures that they schedule your appointment with the best Binghamton bankruptcy lawyers, without any hassle-free procedures. Besides, we help create a connection between you and your bankruptcy lawyers in Binghamton New York and take updates throughout the legal process.
If you really want to take a fresh start, contacting a consultant at Restoring Pride Bankruptcy Solutions will be the best decision that you will make today.
What is bankruptcy?
Defined as a common legal proceeding, bankruptcy involves a business or a person who has failed to pay their debt. This process begins when a debtor files a petition, which results in the evaluation of their asset. In some cases, the assets may also be used to pay off some amount of debt.
This legal process gives businesses and individuals a chance to restart. It allows them to forgive debt that they are unable to pay and simultaneously, give creditors an opportunity to obtain some payment based on any assets, ready for liquidation.
Interestingly, a bankruptcy case benefits the economy. For instance, it gives debtors a chance to start again and feel relieved from their debt obligations. On the other hand, creditors get a certain portion of debt payment that helps them grow, and continue with their dealings.
In the United States, almost all bankruptcy cases are dealt with in federal Binghamton bankruptcy courts. A professional bankruptcy judge takes all the decisions, such as the eligibility of the debtors to file a case and whether a debtor should be discharged from their debts or not.
Different bankruptcy filings
The nature of a bankruptcy filing falls under one of the many chapters of a Bankruptcy Code. These chapters are Chapter 7, Chapter 11 and Chapter 13. Each chapter of the code deals with a certain bankruptcy plan, and so also affects the total cost and complexity of a case. Below we have discussed all these chapters in detail:
Chapter 7 bankruptcy
Individuals and a few businesses too, often file for Chapter 7 bankruptcy. This legal proceeding usually suits those that have no or very few assets. This category of bankruptcy allows debtors to dispose of all their unsecured assets, such as medical bills and credit card balances. Some nonexempt assets, for instance, second homes, family heirlooms and stocks must also be liquidated to pay off any unsecured debt. Simply put, if you plan to file Chapter 7 Bankruptcy, you will have to sell all your assets to pay any debts. However, if you don’t have assets and only own things such as clothing, tools or vehicles, you might get an exemption from paying any unsecured debt.
Chapter 13 bankruptcy
Also known as the “wage earner’s plan”, Chapter 13 Bankruptcy is for people and businesses who have made a lot of money to be eligible for a Chapter 7 Bankruptcy. If you are an individual or runs a business with consistent income, then Chapter 13 Bankruptcy can allow you to create repayment plans that are workable. These plans are installment-based and extend for a period of three to five years. If you are successful in paying off your creditors, the courts give you the liberty to keep all your nonexempt assets and property with you.
Chapter 11 bankruptcy
This bankruptcy is often filed by businesses, and gives them a chance to reorganize themselves and start earning profits. When a business files a Chapter 11 Bankruptcy, it gets an opportunity to curate profitability plans, find different chances to increase their revenue and reduce costs, where required. After filing this particular bankruptcy, the preferred stockholders might continue receiving payments, but the common stockholders do not get anything. So for instance, if you own a cleaning service business, after filing the Chapter 11 Bankruptcy, you can increase the rates of your services and earn more profits gradually. This bankruptcy category allows an entity to continue its business activity but at the same time, demands them to curate a debt repayment plan based on the court’s requirements. Also, in some rare cases, an individual rather than a company, may also be allowed to file a Chapter 11 Bankruptcy case.
Benefits of filing for bankruptcy in Binghamton
Regardless of which bankruptcy you file for, there are some common benefits that you as a debtor might reap.
Chapter 7 Bankruptcy gives you a much-needed fresh start. It gives you relief from a certain amount of debts, which encourages you to start a new journey. Alternatively, if you want to continue with your existing business, as it gives you a consistent income, Chapter 13 Bankruptcy allows you to create a workable plan for your repayments.
Bankruptcy helps cancel all the liabilities that are at least three year old.your existing business, as it gives you a consistent income, Chapter 13 Bankruptcy allows you to create a workable plan for your repayments.
This proceeding is a much more convenient way to escape from lawsuits, defaults and any missed repayments.
Even bankruptcy can’t save from any debt related to student loans, but it does prevent lenders from any aggressive or uncalled collection action.
Bankruptcy puts an end to things such as, repossessions, threats from creditors and even lawsuits.
Bankruptcy allows many exemptions, so it does help you to keep some things when paying off a debt.
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