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One of the Capital Region’s most trusted Bankruptcy Firms

 

While our primary focus is Divorce and Matrimonial law, we also practice all areas of bankruptcy, commercial law, real estate and litigation.


BANKRUPTCY LAW

We work closely with our clients, individuals and businesses, throughout the entire bankruptcy process knowing full well that this is an extremely personal matter. We help you avoid the dangers of foreclosure, wage garnishments and repossessions by filing your claim in a timely fashion to assist you in reorganizing your debt and your financial future.

We pride ourselves on our high integrity and attentiveness to every case. Our attorneys and staff are knowledgeable in all matters of bankruptcy proceedings and will give prompt attention to your situation thus protecting your property and livelihood.

What is Bankruptcy?

Bankruptcy is the process in which a debtor files for a discharge in Bankruptcy Court. A discharge can be defined as a legal forgiveness of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged by the bankruptcy court. In chapter 7 cases the court will usually grant the discharge on expiration of the time allotted for filing a complaint objecting to the discharge and the time allotted for filing a motion to dismiss the case. In individual chapter 11 cases and in cases under chapters 12 and 13, the court generally grants the discharge as soon after the debtor completes all the payments under the plan. This discharge order is permanent and prohibits the creditors of the debtor from taking any form of collection action on the discharged debts, including legal action, and forbids communications with the debtor, such as telephone calls, letters and personal contacts.

The debtor will usually receive a discharge unless there is litigation involving an objection to the discharge. The Federal Rules of Bankruptcy Procedure provide for the bankruptcy court to mail a copy of the order of discharge to the debtor and their attorney, all creditors, the U.S. trustee, the trustee in the case, and the trustee's attorney. The notice, which is simply a copy of the final order of discharge, is not specific as to those debts determined by the court to be non dischargeable, i.e., not covered by the discharge. The non dischargeable debts will still need to be repaid after the bankruptcy. The notice informs the creditors that the debts owed to them have been discharged and that they should not attempt any further communication with or collection from the debtor.

Some advantages of Bankruptcy to make your life easier include:

  • End wage garnishments through Bankruptcy
  • Bankruptcy may stop your home from going into foreclosure and may even create a manageable payment structure.
  • In the event your automobile or other property has been repossessed by a creditor, Bankruptcy can help in having these items returned to you.
  • Bankruptcy may help you reduce, or even completely forgive, large medical bills, especially in times of lost employment.
  • In the event your utilities have been shut off, bankruptcy will aid in having these services restored to you.
  • Bankruptcy may help you to consolidate student loan debts and allow you to satisfy them in a much more manageable timeframe.
  • Bankruptcy can put an end to harassing communications from creditors.

Types of Bankruptcy Options:

1) Chapter 7 – This is the most common form of bankruptcy for individuals. It is a liquidation proceeding in which the debtor's non-exempt assets are sold by the Chapter 7 trustee and the proceeds are distributed to the creditors according to the priorities among creditors established in the Bankruptcy Code.

2) Chapter 11 – This is a reorganization proceeding, typically for corporations or partnerships. In a Chapter 11 bankruptcy filing, the debtor usually stays in possession of the assets and continues to operate their business being subject to the oversight of the bankruptcy court. The debtor proposes a reorganization plan, which upon acceptance by a majority of the creditors, is confirmed by the bankruptcy court and binds the debtor and the creditors to its terms of repayment. Plans can call for repayment out of future profits, sales of some or all of the assets, or a merger or recapitalization.

3) Chapter 12 – A Chapter 12 bankruptcy filing is typically one in a rural county and usually offers additional benefits to farmers and fisherman in certain circumstances beyond that of ordinary wage earners. Chapter 12 is applicable only to family farmers and fishermen. These are difficult bankruptcies to file, only because of their size. The reorganization plan is usually large and the Chapter 12 Trustee will supervise the debtor’s progress. Due to the substantial amount of secured debt in a Chapter 12 bankruptcy the assets are not always liquid.

4) Chapter 13 – This is a repayment plan for individuals based on a certain level of regular income, unsecured debt and secured debt. The debtor keeps their property and makes regular payments to a Chapter 13 trustee, who oversees the implementation of the repayment plan.

 

COMMERCIAL LAW

Also known as Business Law, Commercial Law is the body of law that applies to the rights, regulations and conduct of persons and businesses engaged in commerce, merchandising, trade and sales. We counsel businesses on restructuring and best practices to avoid bankruptcies.

Commercial Law generally covers areas of consumer protection, contract law, corporate law, antitrust, intellectual property, international trade and labor law.

 

 

 

 

 


Copyright 2014 by
Richard H. Weiskopf
Of Counsel to  the DeLorenzo Law Firm
670 Franklin Street, Schenectady NY 12305
518-374-8450

 


Divorce Lawyers serving clients in Albany, Schenectady, Troy, Saratoga, Latham, Bethlehem, Guilderland, Rotterdam, Scotia, Glens Falls, Queensbury, Slingerlands, Glenmont, Loudonville, East Greenbush, Cohoes, Clifton Park, and more.

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