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225 Dolson Avenue,Suite 303 | Middletown, New York 10940

Dedicated Middletown Lawyers Provide Bankruptcy and Alternative Solutions to Debt Problems

Bankruptcy attorneys serving the Mid-Hudson Valley analyze whether bankruptcy is right for you

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 from Middletown, Newburgh, Poughkeepsie and throughout the Mid-Hudson Valley to better understand their 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.

Which type of bankruptcy should I file?

The type of bankruptcy you file depends on the type of debt you hold, your goals for bankruptcy, and your financial history.

  • Chapter 7 — Chapter 7 is known as liquidation. It is appropriate if most of your debt is unsecured such as credit card or medical bills, or if you don’t mind surrendering property. Under Chapter 7, the bankruptcy trustee looks for assets that can be sold to satisfy your debts to creditors. Following the distribution of liquidation proceeds to your creditors, your debts are typically wiped clean by the court.
  • Chapter 13. — Chapter 13, is sometimes termed a “wage-earner’s plan.” Under Chapter 13 you agree to pay back your secured debts over a three- or five-year payment plan. A Chapter 13 plan handles secured debts better than Chapter 7, and you are able to keep more of your property. Additionally, Chapter 13 provides a means to permanently stop a home foreclosure.

Will I lose everything I own if I file for bankruptcy?

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:

  • Home
  • Motor vehicle
  • Household goods
  • Tools of a trade
  • Retirement plans
  • Insurance
  • Wild card

Work with us for strategic and thoroughly considered approach to bankruptcy

Hayward, Parker & O’Leary Esqs. is well known and respected for its meticulous handling of bankruptcy matters throughout New York, including Middletown, Newburgh and Poughkeepsie. Put our more than 30 years of bankruptcy experience to work for you by calling us at 845-343-6227 or contacting us online to schedule your free bankruptcy consultation.

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  • Middletown Office
    225 Dolson Avenue,Suite 303
    Middletown, New York 10940
    Phone: 845-343-6227
    Fax: 845-343-1927