There are many different types of bankruptcy options that Petroff Amshen LLP offers to our clients. The first and the most important question that experienced bankruptcy attorneys at Petroff Amshen LLP will answer is "When is Bankruptcy Needed?"
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Filing for bankruptcy, in most cases, will automatically stop foreclosure process. However, not all homeowners need the protection of the United States Bankruptcy Code to save their home. Similarly, credit card consumers may not always get the best deal when bankruptcy petition is filed. There are many situations where filing of the bankruptcy petition may actually hurt the individual homeowner. For example, when bank egregiously disregards rights of homeowners to modify their home mortgage, it may be wise to seek protection of the Courts of the State of New York and not to file for bankruptcy.
Different Chapters of the United States Bankruptcy Court provides for different procedures, protections, exceptions, and exemptions.
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This is a liquidation bankruptcy where bankruptcy trustee sells all non-exempt assets so the outstanding debts can be repaid. Debts that cannot be repaid from the proceeds of sale are discharged. Although any individual, corporation or partnership is allowed to file bankruptcy petition under Chapter 7, it may not be advisable to our business clients because it is impossible to conduct day-to-day business operations.
This chapter of the United States Bankruptcy Code is invoked when our corporate clients whish to reorganize their debts. Company continues to conduct operations and maintains ownership of all corporate assets. The goal of Chapter 11 is to make everybody happy, whereby creditors will be compensated more if debtor is allowed to continue business. Unfortunately, one cannot make everybody happy and creditors will fight vigorously to get the most.
This is a reorganization bankruptcy where individuals with regular income restructure their debts. The protections of Chapter 13 of the United States Bankruptcy Code are beneficial for certain debtors because it allows the filer to retain lion share of the assets and to form a plan to repay debts over the period of many years. It is not uncommon for bankruptcy reorganization plans where debtor pays cents on the dollar over the period of many years.
Whether bankruptcy is needed or an aggressive foreclosure defense is the course of action for you, "The Best Defense is a Good Offense". Petroff Amshen LLP offers the best professional bankruptcy attorneys in New York who will consider all loss mitigation alternatives before taking client’s case to the Bankruptcy Court.
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