Relief from overwhelming debt during tough economic times may make bankruptcy the right solution for you. The Law Office of George M. Gilmer provides excellent bankruptcy services to clients throughout Kings County, New York. Mr. Gilmer is experienced and knowledgeable in New York bankruptcy laws and offers legal assistance in:
Kings County bankruptcy lawyers can assist both consumers and businesses obtain legal debt relief through bankruptcy. And Mr. Gilmer, a skilled bankruptcy lawyer in Kings County, NY can help you determine which chapter of bankruptcy is appropriate for your circumstances.
Bankruptcy in Kings County for businesses
There are two options for business bankruptcy—Chapter 7 liquidation and Chapter 11 reorganization. In Chapter 11, your business continues operations while a court approved plan is implemented to restructure and make your business profitable again. Upon approval of the plan, contractual obligations and debt are modified. In Chapter 7, the business is closed and assets are liquidated to satisfy some or all the business debt.
Bankruptcy in Kings County, NY for individuals
An individual may file either Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 liquidation an individual’s property and assets are liquidated to pay all or some of his or her debt. However, exempt property may not be taken including:
Real property/mobile home to $40,000
Personal property
Some insurance benefits
Some pensions
Unemployment compensation
Under a Chapter 13 bankruptcy the debtor pays off some or all his or her debt over a three or five year period based on a court-approved plan. Filing a Chapter 13 may enable a debtor to retain some of his or her property and reaffirm certain debts such as home mortgages.
Bankruptcy lawyers in Kings County, NY provide relief
Though both businesses and individuals can obtain quick relief from debt through bankruptcy, there are also long-term effects. A bankruptcy may remain on your credit report for up to ten years and can affect your ability to secure future credit.
Conversely, a bankruptcy also provides both businesses and individuals with the ability to build credit and financial standing newly and more wisely.
Kings County bankruptcy attorneys offer consultations
Whether your financial difficulty is personal or business related, our bankruptcy law firm in Kings County, NY can help.
Contact the Law Office of George M. Gilmer online today to schedule a consultation.