Are you struggling to deal with debts in Syracuse? Central New York bankruptcy lawyer father and son duo at the Hobaica Law Office can help you find relief.
Syracuse was once known for its roaring industry and steady jobs. Now, as it slowly tries to claw its way back onto the US manufacturing map, debt is a cloud that looms over the city from Armory Square to University Hill. For many, loans are a promise of a better future, a home to own, and a business to run, but for many others, they are a desperate move or growing burden.
However, the most devastating cases are probably those that roll out of SUNY Medical. People whose lives seemed to be on track and yet have suddenly come crashing into the reality of massive medical debt. Other unexpected events, like job loss or a certain recent global pandemic, can also put families in deep difficulty and leave them in despair or gasping for solutions.
If that happens to you, though, know that there are, for many struggling with debt in Central New York, very practical and effective solutions. Starting with Chapter 7 bankruptcy. While bankruptcy gets a bad rep in the media and popular perception, if you follow the guidance of experienced local bankruptcy lawyers like Peter Hobaica, it can be an exceptional tool for debt relief.
Chapter 7 Bankruptcy is one of the most potent forms of debt relief available, allowing you to completely discharge entire swaths of debt on certain conditions. Your debt can be discharged if it is unsecured, and not federal student loan debt or connected to any judicial ruling or child support obligation. This means that medical debt, credit card debt, and even overdue utility bills can be forgiven.
In order to do so, however, you need to go through what is called liquidation. During this stage of the Chapter 7 bankruptcy process, your assets are combed through; anything that is not essential, that does not fit into one of the exception categories, has to be surrendered, sold, and used to pay off what amount of the debt it can.
While debt is a problem that plagues many households and businesses in Onondaga County, bankruptcy is not the right solution for everyone, especially when it comes to Chapter 7 relief. As any good bankruptcy lawyer will tell you, Chapter 7 bankruptcy is not an easy way out, nor is it appropriate for everyone and every type of debt.
If you have significant non-exempt assets, such as a second home, extra car, vacation property, or other non-essential properties, you might want to think twice about filing for Chapter 7 bankruptcy, as you could lose all of that wealth in the process.
Similarly, if you are making a good living with a steady income, you might not be eligible for Chapter 7 relief at all. Besides, if you might be able to repay some or all of those debts with just a bit of space and time to get yourself sorted, a different bankruptcy chapter or a deal negotiated with your creditors might be more efficient.
Chapter 7 is most valuable and effective when used by those who unfortunately have no other way out, and who need powerful relief promptly.
Bankruptcy is a tricky area of the law, and you probably have a lot riding on its success. The last thing you want is to have your bankruptcy filing denied, deferred, or simply delayed because of errors in your petition process. An experienced bankruptcy lawyer like Peter Hobaica will make sure you do not commit any such errors while also improving your chances of obtaining successful debt relief in a number of important ways:
Do not take chances when it comes to your financial stability and future; work with a skilled father-and-son bankruptcy-owned law firm.
Hobaica Law Office | Syracuse, New York bankruptcy lawyers helping Central New York individuals and families obtain much-needed financial relief.
If you are still considering bankruptcy as a way out, chances are bankruptcy might be for you. But everyone's situation is different. The only way to know for sure if you qualify or can benefit from Chapter 7 bankruptcy is to speak with a lawyer with significant bankruptcy experience.
In Syracuse, the Hobaica Law Office bankruptcy lawyers are an excellent choice for such guidance. Not only do the father-son attorneys have deep ties to the local financial and judicial community, but they also have a combined 60 years of experience practicing bankruptcy law in the area.
But they can only help you if you reach out and seek that guidance. So if you are struggling with significant debts, especially medical debt or credit card debt, call (315) 627-2800 | (607) 601-1621 or set up an appointment on their website.
