Chapter 7, Chapter 11, and Chapter 13 Bankruptcy in Kings County, NY
Kings County personal bankruptcy services
When you cannot pay your debts, you can feel panicked and overwhelmed. Whether you need a Chapter 13, Chapter 11, or Chapter 7 in Kings County, NY, our firm can help. The Law Office of George M. Gilmer has helped countless bankruptcy clients throughout Kings County, NY to file bankruptcy successfully.
Chapter 7 bankruptcy in Kings County, NY
Typically, a Kings County Chapter 7 is used by individuals to obtain debt relief, although businesses may also file under this chapter. In a Kings County Chapter 7 bankruptcy, the debtor’s non-exempt property and assets are liquidated by the court to pay all or some of his or her debts. Any remaining unpaid debt is discharged and the filer is given a clean slate to build his or her credit anew.
Chapter 11 Bankruptcy in Kings County
A Chapter 11 in Kings County is available to individuals, corporations, and partnerships—and is the common choice for businesses seeking to restructure debt. While a Kings County Chapter 11 bankruptcy is probably the most flexible of the bankruptcy chapters, it is also often a very expensive procedure. The goal of a Kings County Chapter 11 is to reorganize through a court and creditor approved plan to pay off debt, while maintaining business operations.
Kings County Chapter 13 bankruptcy
A Chapter 13 in Kings County is a reorganization plan for individuals to pay all or some of their debts over a three or five year period. Unlike liquidation bankruptcy, a Chapter 13 bankruptcy enables you to keep your property. However, income and other requirements must be met for an approved filing.
Requirements for personal bankruptcy in Kings County, NY
If you wish to file a personal bankruptcy in Kings County, you must participate in court-approved credit counseling prior to filing and complete a personal financial management course within six months of filing.
Legal advice on personal and business bankruptcy in Kings County, NY
Facing overwhelming debt alone can be difficult at best. A skilled personal and business bankruptcy attorney can help you determine which type of filing is appropriate for your circumstances. Or if you are looking for bankruptcy advice in Kings County you can discuss other financial options available to resolve your situation. Contact the Law Office of George M. Gilmer online today to schedule a consultation. Mr. Gilmer has helped countless clients prevail in Kings County personal bankruptcy and business bankruptcy cases, and he can help you.