Bankruptcy – Business & Individual
Associate yourself with the right bankruptcy lawyer to tend to your case so that you can envision yourself with no more debt and no more stress. Bankruptcy attorneys, Garvey Cushner & Associates PLLC give clients clarity and a moment of relief in which they know everything will be okay. The White Plains attorneys work around the clock, often working nights and weekends to give clients what they have long waited for, a sense of normalcy.
Garvey Cushner & Associates handles all matters in bankruptcy. From the simplest Chapter 7 no asset case to the most complex litigation with the largest of banks and creditors in a Chapter 13 case to a zealous IRS or secured creditor asserting a lien over your business assets in a Chapter 11; the bankruptcy lawyers aggressively represent clients faced with these matters.
The bankruptcy attorneys at Garvey Cushner & Associates will walk you through the entire bankruptcy process and give you a clear sense of what to expect from the start. The lawyers are there to advocate for you and be your source for bankruptcy representation. They will help you regain control over your financial situation no matter how dismal it may seem. The bankruptcy attorneys have substantial experience representing business and consumer debtors, in cases under Chapters 7, 11 and 13 of the Bankruptcy Code. The firm handles matters involving plan confirmation issues; litigation with secured creditors unable to prove their claims; secured creditors’ efforts to obtain relief from the automatic stay; objections to discharge for fraud and other misconduct; preference and fraudulent transfer litigation; lien avoidance; exemption disputes; and all other areas of bankruptcy law. Garvey Cushner & Associates stands up for clients and works hard to negotiate with creditors to solve the issues and achieve a final resolution.
Because we provide bankruptcy services to consumers, among others, we have been designated by an Act of Congress to be deemed a Federal Debt Relief Agency pursuant to federal law. We help people and businesses file for bankruptcy protection and relief under the United States Bankruptcy Code.
Chapter 7 Bankruptcy
The most often asked question is how does one qualify for Chapter 7 bankruptcy? Essentially, there are three things that an individual needs to have: (1) moderate to low income, (2) significant amount of debt and (3) no substantial property.
Moderate to Low Income: Your income level is determined by your household situation, such as where you live and your cost of living. Usually income levels that qualify for a Chapter 7 bankruptcy are based on median income figures which are provided by the Census Bureau. If your income is too high to qualify for Chapter 7 bankruptcy, you may be able to qualify for a Chapter 13 bankruptcy.
Significant Debt: In New York State, an individual is able to file a Chapter 7 bankruptcy to eliminate debt as low as $4,000 and as high as $100,000 or more.
No Substantial Property: Filing a Chapter 7 bankruptcy does not necessarily mean that a person loses all of their property or possessions. If assets are above the value allowed, the Bankruptcy Court could potentially sell them to pay a debtor’s creditors. The safest way to ensure that all of your assets are protected is to consult with a bankruptcy attorney.
A Chapter 7 bankruptcy can eliminate most debts, including:
- Credit cards
- Bank loans
- Medical bills
- Old electric or phone bills
- School Tuition (but not student loans)
Chapter 11 Bankruptcy
Under a Chapter 11 Bankruptcy, a debtor is allowed to restructure their finances through a plan of reorganization approved by the bankruptcy court.
Chapter 11 is normally used to reorganize a business, which may be a corporation, sole proprietorship, or partnership. The Chapter 11 bankruptcy case of a corporation does not put the personal assets of the stockholders at risk; however it does put the value of their investment in the company's stock at risk. A bankruptcy case involving a sole proprietorship includes both the business and personal assets of the owner. In a partnership bankruptcy case the partners' personal assets may, in some cases, be used to pay creditors in the bankruptcy case.
Corporations, partnerships, and limited liability companies (LLCs) are not allowed to file for relief under Chapter 13, therefore a Chapter 11 bankruptcy would be the only option for these entities.
Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy is a form of debt relief intended to help individuals who are behind on payments, such as their mortgage. A Chapter 13 bankruptcy reorganizes a person’s debt with a repayment plan, allowing them to repay some or all of their debt over a period of 3 to 5 years. Once all payments during the 3 to 5 year period have been completed, the court will grant a “full discharge” of the debtor’s outstanding balances.
Some potential benefits of filing a Chapter 13 bankruptcy are that it can:
- Save your home from foreclosure
- Stop repossessions of valuable assets
- Stop interest from accruing on tax debt
- Eliminate unsecured debt such as credit card debt or medical bills
- Lower your payments and amount of debt you owe
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Get in touch
We at Garvey Cushner & Associates know that finding the right attorney to represent you is a choice not to be taken lightly. That’s why we offer free consultations for most cases to walk you through your needs, the scope of your goals, and your budget. Call our law office at (914) 946-2200 or kindly complete the form on our Contact page to schedule a free consultation.