BANKRUPTCY LAWYER

Getting rid of your debt by filing bankruptcy can seem like a tempting option, but the ramifications can last for years - it's always best to find another way to pay your debts, such as financial counseling or refinancing, if you can. Bankruptcy should only be a last resort, specifically for individuals who meet some or all of the following criteria:

• You have delinquent taxes
• Your home is nearing foreclosure
• Your wages are being garnished
• You have pending lawsuits because of delinquent bills
• You have been out of work for an extended period of time and you're out of savings and/or not receiving unemployment income

If your debt is crippling your ability to pay for daily necessities, it could be time to consider bankruptcy before the damage is complete. Attorney Ieraci has spent time as a bankruptcy lawyer in the Buffalo, NY area and can advise you on whether filing bankruptcy is right for you. All it takes is a consultation.

No. Bankruptcy can help get rid of some types of debt, but not all. Debts like child support, alimony, taxes, and student loans are not dischargable when you declare bankruptcy.

There are two common types of bankruptcy: Chapter 7 and Chapter 13. The chapter you file for will depend on your individual circumstances.

Not everyone qualifies to file for Chapter 7 bankruptcy, also known as liquidation bankruptcy. In order to file, your disposable income must be low enough to pass the means test. The means test is designed to limit Chapter 7 to people who definitively cannot pay their debts. Your score is calculated by deducting necessary expenses from your total monthly income to arrive at your "disposable" monthly income. If you pass the means test and qualify for Chapter 7, you will receive a discharge for most of your debts. You may, however, lose some of your property.

If you don’t pass, you have the option to file for Chapter 13 bankruptcy, also known as reorganization bankruptcy. If you file for Chapter 13 you can keep your property, but you have to pay back a percentage or all of your debts within a 3 to 5 year period.

Attorney Ieraci can discuss your options with you and help you to determine which solution works best for you and your family.

If you've reached a point where you need to file for bankruptcy, you may be wondering what comes next. The bankruptcy lawyers at the office of Attorney Ieraci can help you understand the filing process so that you can always stay prepared.

The first thing to expect about the bankruptcy process is that it will take some time. Chapter 7 bankruptcy, the bankruptcy process that generally takes the least amount of time, usually lasts between four to six months. Chapters 11 and 13 bankruptcy take even longer - often more than two years! If you're filing for bankruptcy, be prepared to put in the time you need to see the process through.

Declaring bankruptcy means opening your finances to public scrutiny. You will fill out a variety of forms (called "schedules") detailing your entire financial situation, including your assets, debts, income, expenses, and recent transactions. It's unlawful to withhold any information from the bankruptcy schedule, so be thorough! You will also be required to attend a meeting of your creditors, where you will be closely questioned on your finances. This is a public process and any of your creditors can be present. It is often an uncomfortable step, but necessary in your filing process.