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Navigating Bankruptcy in New York State with Attorney
Michael A. Fakhoury

Navigating Bankruptcy in New York State with Attorney Michael A. Fakhoury

Since 1999


Navigating Bankruptcy in New York State with Attorney Michael A. Fakhoury

Since 1999

Top Dutchess County Bankruptcy Attorney - Michael A. Fakhoury

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Are you drowning in debt and desperately looking for a way out? Have you considered bankruptcy as a solution to credit card bills that keep stacking up? 

Bankruptcy can serve as a fresh start for those facing significant financial stress. But what is bankruptcy? And how does Chapter 7 bankruptcy differ from Chapter 13 bankruptcy? 

These are some of the many questions you should know the answers to before you file for bankruptcy. From the types of bankruptcy in the United States to the bankruptcy process and more, legal advice from the law office of Michael A. Fakhoury can guide you.

Searching For a Free Consultation With a Bankruptcy Lawyer?

Look no further than the law office of Michael A. Fakhoury. As your trusted partner in the world of bankruptcy, Michael A. Fakhoury can help you navigate the complexities of bankruptcy law. 

From learning how to file a case and seeking debt relief to obtaining legal advice and understanding which of the two types of bankruptcy is best for your situation, the Fakhoury Law Firm can assist you with every step of the bankruptcy process

About the Debt Relief Law Firm of Michael A. Fakhoury

At the bankruptcy law firm of Michael A. Fakhoury, I pride myself on my rich history of successfully handling bankruptcy cases and providing my clients with debt relief. As a legal specialist in bankruptcy law, my top priority is relieving my clients of the mental strains that financial stress can impose. 

If you find yourself typing “bankruptcy attorney near me” into Google, you’re in the right place. Located in Fishkill, NY, the law office of Michael A. Fakhoury proudly serves Dutchess County. Call 845-896-5200 for personalized and effective solutions for financial challenges

Chapter 7 Bankruptcy vs Chapter 13 Bankruptcy 

Before you file for bankruptcy, it’s important to understand the two types of bankruptcy in the United States. Chapter 7 and Chapter 13 are separate chapters of the U.S. Bankruptcy Code.

What sets Chapter 7 bankruptcy apart from Chapter 13 bankruptcy is the type of debt, the individual’s eligibility for bankruptcy, and any assets or property involved among a few other factors. Let’s take a closer look at these discrepancies.

Chapter 7 Bankruptcy

Another term for liquidation bankruptcy, Chapter 7 entails selling non-exempt assets with the end goal of repaying the creditors whom the debtor owes. Not everyone is eligible for Chapter 7 bankruptcy, though individuals and businesses alike can file for this type of bankruptcy. 

If the debtor owns non-exempt assets, they can be sold in the process of repaying creditors. The Chapter 7 bankruptcy process is faster than the process for Chapter 13, resulting in a fresh start for debtors.

Chapter 13 Bankruptcy

Another term for reorganization bankruptcy, Chapter 13 bankruptcy grants eligible individuals with the opportunity to set up a payment plan. That way, you can establish a way to repay credits that you owe over a three- or five-year period. 

Individuals who have proof of regular and consistent income are eligible for Chapter 13 bankruptcy, though there are limitations regarding how much debt you can include as part of the bankruptcy process. While a Chapter 13 case often takes longer to conclude than a Chapter 7 bankruptcy, debtors do not need to resell their property to pay back debt over time. 

If you aren’t sure which type of bankruptcy you should pursue, don’t hesitate to contact a law firm that specializes in debt relief. Bankruptcy attorneys can file legal documents on your behalf and be by your side every step of the way.

Call Now for Assistance With Your Bankruptcy Case

In times of financial distress, a reliable and competent attorney is key. If you need guidance when dealing with the complexities of bankruptcy law, the law firm of Michael A. Fakhoury is here to help. As an experienced bankruptcy lawyer, Michael A. Fakhoury is committed to helping you regain control of your financial future. Don’t let debt overwhelm you! Take the first step towards a fresh start by scheduling your free consultation today. Call 845-896-5200 or fill out this contact form. We’ll navigate the path to financial freedom together.

Bankruptcy Services Overview

Consumer Bankruptcy

For those who find themselves face-to-face with more debt than they can fathom, consumer bankruptcy service providers are ideal for those who require legal counsel when navigating the bankruptcy process. This may result in your filing for Chapter 7 or Chapter 13 bankruptcy if your bankruptcy lawyer deems it the most appropriate plan of action to alleviate outstanding debt.

Business Bankruptcy

Business bankruptcy services are designed for companies that have encountered incredible financial difficulties. Professionals in this line of work assist business owners by assessing their current financial situation, exploring various debt-relief solutions, and crafting effective strategies to address the magnitude of the business-related debt.

Debt Relief

Debt relief services are offered with the intention of either reducing or obliterating the burden of debt for either individuals or businesses. Those who provide debt relief services are equipped with the knowledge to pursue debt settlement negotiations, implement debt management plans,
and apply for consolidation loans.

Creditor's Rights

Creditor’s rights services are designed with the interests of creditors in mind. Applicable in instances where bankruptcy proceedings are underway, creditor’s rights professionals aim to
protect creditors’ rights to repayment while challenging fraudulent or preferential transfers.

Bankruptcy Litigation

Bankruptcy litigation services refer to the representation of clients who are amid court proceedings related to bankruptcy matters. This may include disputes over the validity of debt
claims, objections to discharges, preference actions, fraudulent conveyance claims, and other
litigation stemming from active bankruptcy cases

Foreclosure Defense

Foreclosure defense services equip homeowners with legal assistance when foreclosure is a looming outcome of their current housing situation. Legal counsel in this line of work will protect
your rights as a homeowner by challenging foreclosure proceedings, negotiating loan modifications, addressing forbearance agreements with lenders, and representing clients in

Chapter 7 Bankruptcy

Chapter 7 bankruptcy services assist individuals or businesses with the Chapter 7 bankruptcy filing process. This tends to involve the liquidation of assets with the focus being the discharge of outstanding debts. Professionals in this area can help clients understand eligibility
requirements while determining exempt assets and then filing for bankruptcy

Chapter 13 Bankruptcy

Chapter 13 bankruptcy services focus on making it easier for individuals to reorganize their debts. Professionals in the field of Chapter 13 bankruptcy assist clients who want to develop
and propose repayment plans that are not only feasible but also likely to be accepted in bankruptcy court.

Frequently Asked Questions

What is Bankruptcy?

Bankruptcy is a legal proceeding accessible to individuals who are in debt or businesses that
owe more than they can pay. It offers those who need it with relief from their financial situation. Now, the bankruptcy process can go one of two ways. You will either restructure your debts, resulting in a more manageable way of paying what you owe over time, or you can liquidate relevant assets to repay your creditors.

Will Bankruptcy Stop Creditors From Calling Me or Filing a Lawsuit Against Me?

Yes. By filing for bankruptcy, you are putting an automatic stay in place. This stay is what
causes creditors to pause their debt collection efforts, including calling you or filing a lawsuit
against you.

Can I Keep My Assets if I File for Bankruptcy?

You might be able to keep your assets if you file for bankruptcy. It all depends on the type of
bankruptcy you file for, the exemptions you are eligible for, and the final agreement between you and your creditors.

How Long Will Bankruptcy Stay on My Credit Report?

Before you file for bankruptcy, it’s important to understand that this proceeding will stay on your credit report for years into the future. More specifically, Chapter 7 bankruptcy remains on credit reports for upwards of ten years while Chapter 13 bankruptcy filings are reflected on credit reports for up to seven years.

Will I Lose My Job if I File For Bankruptcy?

If you file for bankruptcy, you will not lose your job. In fact, it is against the law for an employer to terminate you as an employee strictly because you have filed for bankruptcy.

Can I File For Bankruptcy More Than Once?

You are allowed to file for bankruptcy more than once. However, there are limitations in place
that restrict how often you can request or receive a discharge of your existing debt through

Bankruptcy Services

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