Rochester Bankruptcy Lawyers

The Underemployed Try to Survive in Rochester

Those lucky enough to still have a job are struggling to make payments on mortgages and other debt with severely reduced hours and pay.  Increasing numbers of these Rochester residents are forced to reluctantly throw in the towel and file for bankruptcy.  Bankruptcies filed in 2008 hit record levels with over 47,000 in New York alone, and 96% of those filed by consumers.    It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, the surge triggered by the foreclosure crisis and economic downturn.

The Bankruptcy Process in Rochester

The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005.  Seek the advice of an attorney/law firm with specific long-term experience in Rochester bankruptcy matters.  Check references, if possible.  A competent attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.  

Seek Alternatives to a Rochester Bankruptcy

Contact your creditors to try to work out payment arrangements that you can manage.  Contact the non-profit Consumer Credit Counseling service to get help with a manageable repayment plan.  Sell as many assets as you can and pay down your debt to a manageable level.  Debt consolidation may be considered, but approach this option with caution to make sure it actually helps your situation.

The Most Common Filing in Rochester is Chapter 7

Chapter 7 is the “fresh start” chapter of the Bankruptcy Code and most commonly used.  This filing results in a fair distribution of your available nonexempt property to creditors.  Included in this process is a “means test”, used to determine your ability to pay your creditors, verifying whether Chapter 7 is appropriate or indicating that you should be filing Chapter 13.  Median Family Income by Family Size and current poverty guidelines are factors evaluated when determining appropriate filing status for a given situation.

There are Debts that will not be discharged in Your Rochester Bankruptcy:

·         Taxes owed to government agencies, such as the I.R.S., State, County, etc.

·         Student loans (unless undue hardship can be proved),

·         Debts incurred after the bankruptcy is filed

·         Debts owed to a spouse for divorce-related obligatory expenses

·          Debts not listed or scheduled or which the debtor waived discharge

·         Debts for willful and malicious injury by the debtor to another person or property owned by another 

Do Your Homework Related to Your Bankruptcy Filing in Rochester

Rochester residents continue to suffer, as the State’s economy struggles to recover.  Decisions you make and actions you take can have a positive or negative effect on the outcome of your bankruptcy proceedings.  The U.S. Bankruptcy Court warns that“Bankruptcy has long-term financial and legal consequences - hiring a competent attorney is strongly recommended.”Click here to find Rochester attorney resources in your area. 

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Rochester, NY.