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How To Navigate Bankruptcy in New York State With Bankruptcy Attorney Michael A. Fakhoury

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.

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