Business and Personal Bankruptcy Options in Albany

People with severe financial trouble face overwhelming anxiety.  Harassed by collection agencies and threatened by creditors, their lives are burdened by guilt and a debt load they can no longer bear.  However, services are available for those in need.

Our focus at O'Connor, O'Connor, Bresee & First, PC is helping clients through hard financial times.  We provide experienced counsel and support with bankruptcy laws to individuals and businesses that are ready to put their problems behind and get a second chance at financial solvency.

Offering a wide range of bankruptcy services for those dealing with financial crises in Albany and elsewhere in New York State, we have assisted thousands of clients craft lasting solutions to complex debt problems through:

Types of bankruptcy filings

There are three commonly used legal options provided under Title 11 of the United States Code. Bankruptcy statutes, or laws, are federal, so all bankruptcy actions take place in a federal court setting.

If you are filing a personal bankruptcy in Albany, consider relief found under Chapter 7 or Chapter 13 of the United States Code.  Clients interested in an Albany business bankruptcy may find help under Chapter 7 or Chapter 11.  Here are some differences between these processes:

• Chapter 7:  A debt liquidation bankruptcy, Chapter 7 can significantly reduce or eliminate dischargeable debts for individuals eligible to file.   Certain debts like child support and tax obligations are not dischargeable, but a personal bankruptcy through Chapter 7 can help with credit card, medical, and other unsecured debts.
• Chapter 11:  While businesses can file for liquidation under Chapter 7, they can also file for reorganization through Chapter 11.  This type of business bankruptcy in allows a debtor possession of their business as they service their debt under supervision of the bankruptcy court.
• Chapter 13:  Sometimes referred to a debt restructuring bankruptcy, Chapter 13 allows people or businesses to pay back all or a portion of their debts in accordance with a debt repayment plan, generally lasting three to five years.

Choosing to proceed with a bankruptcy filing may allow you to:

• Protect your residence from foreclosure
• Reduce or eliminate dischargeable debts like credit cards or medical bills
• Stop creditor harassment, lawsuits, and wage garnishment
• Protect your car or truck
• Protect and reorganize your ongoing business
• Provide additional time to pay off debts, reduce financial penalties

We can help with Albany bankruptcy petitions

If you are struggling with unmanageable debt, we can help. We provide experienced legal representation to individuals and businesses throughout upstate New York. Contact us today or call toll free 518-465-0400 or 877-886-4029 for a free, informative consultation.