If you’re considering filing for bankruptcy in Oneonta, you need to consider all your options and discuss them in consultation with a bankruptcy attorney in Oneonta. There are two different types of bankruptcy filing types, each with their own requirements. Regardless of your situation with bankruptcy in Oneonta, you would be wise to retain the services of a qualified bankruptcy attorney.

 Chapter 7 bankruptcy in Oneonta is also commonly referred to as “straight” bankruptcy, tends to be resolved much more quickly than it’s alternative. This process is generally used for the purpose of discharging unsecured debts (such as medical bills and credit card debts), and the majority of bankruptcies are filed as Chapter 7. When filing Chapter 7, the consumer does not have to file or agree to a repayment plan, but he or she might give up the rights to any non-exempted property, which will be managed by a trustee. The trustee has the opportunity to sell those assets and use them to repay your creditors.

Under a Chapter 13  filing, the consumer is responsible for following a repayment plan. The debtor can actually maintain ownership over their assets, but the repayment plan paves the way for either a portion or completely repayment of the debts accumulated. Chapter 13 bankruptcy Oneonta is a good match for an individual who will be able to meet their monthly expenses as well as the mandated costs for your repayment plan. Once you have completed the plan payments, you will receive an official discharge of those debts. Chapter 13 bankruptcy in Oneonta is usually a good solution for those individuals with lower debt amounts, those who have fallen behind on property payments that they would like to retain property rights to, and those with non-exempt property that they want to maintain in their name.