Bankruptcy

Look no further than the law office of Murphy Schisano & Rosado. As your trusted partner in the world of bankruptcy, our firm can help you navigate the complexities of bankruptcy law. From learning how to file a case and seeking debt relief to obtaining legal advice and understanding which of the two types of bankruptcy is best for your situation, the Murphy Schisano & Rosado can assist you with every step of the bankruptcy process.

About the Law Firm of Murphy Schisano & Rosado

At the bankruptcy law firm of Murphy Schisano & Rosado we pride ourselves on successfully handling many bankruptcy cases and providing our clients with debt relief. As a legal specialist in bankruptcy law, our top priority is relieving my clients of the mental strains that financial stress can impose. 

If you find yourself typing “bankruptcy attorney near me” into Google, you’re in the right place. Located in Newburgh, NY, the law office of Murphy Schisano & Rosado proudly serves our tri county area. Call 845-562-1515

for personalized and effective solutions for financial challenges

Chapter 7 Bankruptcy vs Chapter 13 Bankruptcy 

Before you file for bankruptcy, it’s important to understand the two types of bankruptcy in the United States. Chapter 7 and Chapter 13 are separate chapters of the U.S. Bankruptcy Code.

What sets Chapter 7 bankruptcy apart from Chapter 13 bankruptcy is the type of debt, the individual’s eligibility for bankruptcy, and any assets or property involved among a few other factors. Let’s take a closer look at these discrepancies.

Chapter 7 Bankruptcy

Not everyone is eligible for Chapter 7 bankruptcy, though individuals and businesses alike can file for this type of bankruptcy. 

If the debtor owns non-exempt assets, they can be sold in the process of repaying creditors. The Chapter 7 bankruptcy process is faster than the process for Chapter 13, resulting in a fresh start for debtors.

Chapter 13 Bankruptcy

Another term for reorganization bankruptcy, Chapter 13 bankruptcy grants eligible individuals with the opportunity to set up an affordable payment plan. That way, you can establish a way to repay credits that you owe over a three- or five-year period. 

Individuals who have proof of regular and consistent income are eligible for Chapter 13 bankruptcy, though there are limitations regarding how much debt you can include as part of the bankruptcy process. While a Chapter 13 case often takes longer to conclude than a Chapter 7 bankruptcy, debtors do not need to resell their property to pay back debt over time. 

If you aren’t sure which type of bankruptcy you should pursue, don’t hesitate to contact a law firm that specializes in debt relief. Bankruptcy attorneys can file legal documents on your behalf and be by your side every step of the way.

Advantages Chapter 13 Plans over Debt Relief Companies You Hear Advertised

Usually, Debt relief companies fee is much more than Chapter 13 and their monthly payment is higher.

Debt Relief Companies will not stop the harassing telephone calls.

When sued by creditors Debt Relief Companies will usually not provide representation.

If a Debt Relief Company is lucky enough to settle a matter you can be taxed on any amount saved while in a chapter 13 any discharged debt is tax free.