In certain financial situations, filing for bankruptcy can be the logical choice. Individuals and businesses from all walks of life can be overwhelmed by debt, often as a result of unemployment, medical bills, divorce, or business closure. Bankruptcy may be an unexpected path, but it can help reorganize or erase one’s debts, allowing one to find financial freedom.
If you’re considering this option, it’s wise to have legal guidance from a bankruptcy lawyer so that you can make sound decisions. You’ll want to determine whether bankruptcy is right for you, and whether you should file for Chapter 7 or Chapter 13.
Residents in Buffalo, NY trust John D’Amato, PLLC to help them legally resolve their debts in a smart, dignified way. Mr. D’Amato has been effectively handling bankruptcy cases for nearly 30 years, and has worked with individuals and businesses in various financial situations.
See how John D’Amato can help you. Your consultation is free and confidential. Call 716-706-0000 today.
Chapter 7 or Chapter 13 Bankruptcy: Which One Should You File?
The US Bankruptcy Code describes two important types of bankruptcy. It’s crucial to understand the differences between Chapter 7 and Chapter 13, and what each can do to your debts. Here’s a quick overview:
Chapter 7 Bankruptcy
A Chapter 7 case is sometimes referred to as a “liquidation case” or “straight bankruptcy.” The purpose of Chapter 7 is to:
- Provide you with a fresh start by having some or all of your debts discharged (forgiven)
- Provide a money distribution system to your creditors on their claims
In many cases, creditors are provided with no distribution of money at all in a Chapter 7 case because of the financial situation of the individual filing for bankruptcy relief.
Chapter 13 Bankruptcy
In a Chapter 13 case, you will file a plan of debt reorganization, which is a proposal to repay your creditors via manageable installments in the next three to five years. This plan must meet the guidelines outlined in the Bankruptcy Code. Once the repayment plan is completed, you will be granted a discharge of all your dischargeable debts.
Also called the wage earner’s plan, Chapter 13 bankruptcy may be for you if you have disposable income allowing you to make monthly payments.
However, the best way to determine which bankruptcy chapter is best for you is to discuss with an experienced bankruptcy attorney. We must examine your precise financial situation, the type of debt involved, and the assets you have.
At the John D’Amato law firm, we also take into account your personal concerns and goals. For example, are you anxious about your home being foreclosed? Do you want to protect your car from repossession? We can help you find the best possible solution. Let’s start with a free and confidential consultation with Mr. D’Amato. Call us today.
Why Western New York Residents Trust John D’Amato for Bankruptcy
Sharp legal strategies with utmost respect for clients
Mr. D’Amato is knowledgeable in Bankruptcy Law and skilled in finding creative solutions for his clients. But more than that, he treats every client with the highest professionalism. Financial issues can be a sensitive subject, one that most people would be uncomfortable discussing. At the John D’Amato law firm, consultations are sympathetic yet dignified. Mr. D’Amato treats every case like it’s his own and is genuinely committed to the client’s success.
Established name for nearly 30 years
The John D’Amato law firm has served the Buffalo area since 1999, but even before that, John D’Amato had already dedicated his legal practice to debt relief and IRS solutions. Individuals, families, and businesses in the area have come to know him as a reliable attorney for those in tricky financial circumstances. He is also reputed in professional circles, with a spotless track record in all his decades of practice.
Excellent results for real people
“I don’t think I could have a better lawyer than Mr. John D’Amato. I am so, so happy I had him. If I had money I would pay double. Mr. John D’Amato saved my life and gave me a new life to start fresh. . . . Extremely happy with Mr. John D’Amato and Miss Margaret.”
– client from Hamburg, NY
“John’s ability to go through all the law and the paperwork without a hitch was a great relief to us. Your service relieved our stress… Thank you for your help with our bankruptcy.”
– client from Lockport, NY
“[John D’Amato Law Offices] was recommended by two other attorneys. . . . I’m happy that I called. You explained everything so that I understood; you did not ‘look down’ at me. You made me feel comfortable and at ease. I am very pleased with your services. I have also recommended your services to someone.”
– client from Buffalo, NY
Contact John D’Amato Today
Contact Mr. D’Amato if you’re facing these financial issues or something similar:
- Unable to pay debts or make timely payments
- Struggling with wage garnishment
- Being harassed by debt collectors
- Bank is threatening to foreclose on your home
- Vehicle is at risk of repossession
- Creditor has threatened to file or has filed a lawsuit.
Call John D’Amato, Buffalo’s trusted bankruptcy attorney, at 716-706-0000 today.