Bankruptcy is an extremely powerful set of tools to reduce or eliminate your debt burden. However, it is essential that your select the right bankruptcy tool for your debts and circumstances. At Hayward, Parker & O’Leary Esqs., our attorneys meet with clients in Kingston, Poughkeepsie and throughout the mid-Hudson Valley to better understand your goals and debt situation. Speaking directly to the attorney you work with, enables us to help you select the best alternative debt solution or form of bankruptcy for you.
Before choosing bankruptcy, we often explore whether bankruptcy alternatives are a better solution. Debt consolidation is only an option if you can take on new debt in the form of a bank loan, a home equity loan or even a loan through a credit card. This new loan is used to pay off the original creditors. By paying off the original loans, you are able to make just one payment at a reduced interest rate. Another option is to negotiate with your existing creditors. Many creditors would rather modify the terms of the original loan than deal with the collections or bankruptcy processes. Finally, debt counseling can help you develop a plan to reduce your debt burden.
The type of bankruptcy you file depends on the type of debt you hold, your goals for bankruptcy, and your financial history.
Regardless of the form of bankruptcy you select, you never lose everything. The purpose of bankruptcy is to give the honest debtor a fresh start. If bankruptcy stripped you of all assets and possessions that could hardly be considered a fresh start. Instead, New York law permits you to select from either the New York or federal exemptions. Bankruptcy exemptions define the types and value of the property you may keep through the bankruptcy procedure. Common bankruptcy exemptions include:
Hayward, Parker & O’Leary Esqs. is well known and respected for its meticulous handling of bankruptcy matters throughout New York, including in Kingston and Poughkeepsie. Put our more than 55 years of combined experience to work for you by calling us at 845-343-6227 or contacting us online to schedule your free bankruptcy consultation.