If you’re considering filing bankruptcy in Buffalo, NY, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Bankruptcy can be a valuable tool for individuals and businesses facing overwhelming debt. In Buffalo, NY, the qualification process for filing bankruptcy mirrors federal standards, with some state-specific nuances.

First and foremost, means testing is pivotal. Introduced by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, this tests if your income is below the state median. In New York, this median fluctuates based on household size. If your income is below this threshold, you’re likely eligible for Chapter 7. If it’s above, you may still qualify depending on certain expenses and debt.

For businesses or individuals looking towards Chapter 11, eligibility is broader. There are no specific income requirements. However, the debtor should be willing to reorganize and must provide proof of feasibility in repaying some debts.

Chapter 13, on the other hand, has debt limits. The cap is at $419,275 for unsecured debts and $1,257,850 for secured debts. These numbers are adjusted periodically.

Additionally, credit counseling from an approved agency is a prerequisite 180 days before filing for any bankruptcy type in Buffalo, NY. Disqualifications include recent prior bankruptcies or dismissals from bankruptcy due to specific reasons.

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Do You Need a Lawyer to File For Bankruptcy in Buffalo, NY?

While not legally mandated, hiring a lawyer when filing for bankruptcy in Buffalo, NY is highly recommended. The process is intricate, involving multiple forms, legal procedures, and potential pitfalls.

Bankruptcy law is complex. Misunderstandings or omissions can lead to the dismissal of your case, loss of assets, or other significant ramifications. A knowledgeable lawyer can guide you, ensuring you choose the correct bankruptcy type, protect assets using exemptions, and follow every necessary procedural step.

Moreover, a Buffalo bankruptcy lawyer would be well-versed in New York’s specific exemptions and guidelines. They can offer strategic advice, from managing creditor meetings to ensuring you benefit maximally from the state’s exemption system.

In conclusion, while self-filing is possible, the stakes are high. The invaluable guidance a lawyer provides typically outweighs their fees.

Cost to File Chapter 7 Bankruptcy in Buffalo, NY

Filing for Chapter 7 in Buffalo, NY, incurs both court and attorney fees. The court filing fee is approximately $398. This covers administrative and trustee surcharges. If you’re under extreme financial hardship, you might qualify for a fee waiver or installment payments.

Attorney fees vary. While you can file without one, it’s advised to have legal representation. On average, lawyers may charge between $1,200 to $2,800 for a Chapter 7 filing in Buffalo. The complexity of your case can influence this cost. Remember, this is a vital service, guiding you through procedures and protecting your rights and assets.

Cost to File Chapter 11 Bankruptcy in Buffalo, NY

Chapter 11, often associated with businesses, is more complex than Chapter 7. Consequently, the costs are higher.

The court filing fee for Chapter 11 is around $1,838. This is aside from miscellaneous administrative fees. Additionally, quarterly fees are required, depending on the debtor’s disbursements.

Legal fees for Chapter 11 are substantial due to its complexity. It’s not uncommon for attorney fees to range from $12,000 to upwards of $55,000 in Buffalo, NY. This range depends on the case’s intricacies, business size, and the attorney’s experience.

Cost to File Chapter 13 Bankruptcy in Buffalo, NY

Chapter 13 allows debtors to develop a 3-5 year repayment plan. Given its nature, the associated costs are distinct from Chapter 7 or 11.

The court’s filing fee for Chapter 13 is about $413. Again, in cases of genuine hardship, this fee can be waived or paid in installments.

Attorney fees are pivotal here since they often handle the repayment plan’s creation, negotiations, and court representations. Fees in Buffalo typically range between $3,300 to $6,500. However, it’s worth noting that the court must approve these fees. In many cases, a portion can be included in the repayment plan.

In conclusion, while bankruptcy offers a route to financial stability, understanding the qualifications, necessity of legal counsel, and associated costs is imperative. Buffalo, NY, residents must factor in state-specific nuances when considering this significant financial step.

Reliable Bankruptcy Attorneys in Buffalo, NY

Below is a list of reputable bankruptcy attorneys in Buffalo, NY. They can help you with both personal and business bankruptcy information.

Law Offices of David F. Butterini

919 Kenmore Ave, Buffalo, NY 14223, United States

Law office of Todd A. Morth

1207 Delaware Ave, Buffalo, NY 14209, United States

Gleichenhaus, Marchese & Weishaar, P.C.

43 Court Street 930 Convention Tower, Buffalo, NY 14202, United States

Michael F. Barrett, Attorney at Law

327 Niagara St Suite #1, Buffalo, NY 14201, United States

Buffalo, NY Zip Codes We Proudly Serve:

14201, 14202, 14203, 14204, 14206, 14207, 14208, 14209, 14210, 14211, 14212, 14213, 14214, 14215, 14216, 14218, 14220, 14222, 14223, 14225

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