The Best Lawyers in America Peer Review Rated Super Lawyers American Board of Certification

Quick Contact


Enter code in the box above*

Debt Relief Overview

Despite good planning and responsible spending, financial problems happen to individuals, couples, and business owners.  If you live in Albany and are thinking about filing bankruptcy, speak with a qualified bankruptcy attorney about options for debt relief.

With unsurpassed credentials and experience, the Albany bankruptcy attorneys at O'Connor, O'Connor, Bresee & First, PC provide solutions for the troubled financial interests of businesses and consumers.

Services for debt relief and filing bankruptcy

When expenses exceed income, most consumers improve the bottom line through:

  • Expense restraint and budgeting
  • Credit counseling
  • Debt management programs

If debt management tools are not successful, you may need to file bankruptcy. Federal law provides legal options for individuals and businesses that cannot manage their finances effectively and need debt relief.  Although it is not necessary to have an attorney when filing for bankruptcy, having knowledgeable attorneys on hand can greatly benefit you to guide you through the sometimes complex regulations that accompany the process and expertly advise you on the options and strategies available to you.

What is debt relief?

Debt relief enables consumers and businesses to get a new start.  Different federal options benefit both lenders and borrowers by liquidating assets or reorganizing debt in order to straighten out financial insolvency.  Debt relief allows consumers to file for protection from lawsuits and wage garnishments brought by creditors.

The most commonly used legal options for debt relief are processes named for their section in Title 11 of the United States Code.  Title 11 covers primary information, or statutes, relating to bankruptcy in the US. Three commonly cited chapters are:

  • Chapter 7:  A Chapter 7 bankruptcy is generally available to individuals who can no longer pay expenses on time.  A Chapter 7 filing requires approximately three to six months and does not require a repayment plan, but provides for sale or distribution of nonexempt assets in the interest of discharging debt as equitably as possible.
  • Chapter 11:  Chapter 11 bankruptcy filings are often called reorganization bankruptcies and are utilized by business entities wishing to repackage debt to provide payment to creditors over time and remain in business.  Complicated and lengthy, Chapter 11 cases in Albany should be managed by an experienced bankruptcy attorney.
  • Chapter 13:  Chapter 13 bankruptcy filings allow consumers with ongoing income to reorganize their debt over a period of three to five years, providing them an opportunity to keep their assets while paying down debt over time.

While bankruptcy options provide debt relief, filing bankruptcy has serious consequences. Some of these consequences include:

  • Not all debts can be discharged.
  • Long-term effect on credit reports
  • Borrowing ability or obtaining new credit
  • Sometimes future employment opportunities

Help with filing bankruptcy in Albany

If your finances are out of control, we can help.  With 30 years helping people and businesses, we can answer your questions and help you regain financial balance.  Contact us today or call toll free 518-465-0400 or 877-886-4029 for a free, informative consultation.