Bronx & Westchester, NY Bankruptcy Attorney
A Path Forward When Debt Becomes Overwhelming
Financial difficulties can happen for many reasons. A job loss, medical expenses, reduced income, unexpected emergencies, business challenges, or simply the increasing cost of everyday life can make once-manageable obligations difficult to pay. When balances continue to grow and creditors demand payment, it can become challenging to determine how to regain control.
At Thomas M. Denaro, Esq., we help individuals and families understand how bankruptcy may provide a path toward meaningful financial relief. Attorney Thomas M. Denaro brings decades of legal experience to each matter and takes the time to understand the circumstances behind a client's financial difficulties. Our goal is not simply to help you complete paperwork. We want you to understand your rights, your options, and how each decision could affect your financial future.
Federal bankruptcy law provides qualifying individuals with legal tools for addressing debt while offering important protections during the process. Depending on your income, assets, debts, and goals, bankruptcy may allow you to eliminate certain obligations, restructure payments, address creditor collection efforts, or protect important property.
We assist clients in Bronx and Westchester County, NY, while also serving Nassau, Queens, Kings, Richmond, Suffolk, Rockland, Orange, Putnam, and Dutchess Counties. No matter how complicated your financial circumstances may seem, our attorney can carefully review your situation and help you determine an appropriate course of action.
Call Thomas M. Denaro, Esq. at 718-863-6000 to schedule a consultation with a lawyer today.
Understanding Your Bankruptcy and Debt Relief Options
Bankruptcy cases are primarily governed by the United States Bankruptcy Code, and different chapters provide different forms of relief. Two of the most common options for individuals are Chapter 7 and Chapter 13 bankruptcy.
Chapter 7 bankruptcy is often referred to as liquidation bankruptcy. For qualifying filers, it can discharge many forms of unsecured debt, potentially including credit card balances, medical bills, personal loans, and other eligible obligations. Eligibility can depend in part on the federal means test, which considers factors such as household income and allowable expenses. Certain property may be protected through applicable bankruptcy exemptions, making it important to understand how filing could affect your assets before proceeding.
Chapter 13 bankruptcy provides a different approach. Instead of seeking an immediate discharge of eligible debt, a filer generally proposes a court-approved repayment plan lasting three to five years. Chapter 13 may be useful for individuals who have regular income but need additional time and structure to address their obligations. Depending on the circumstances, it may also provide options for homeowners who have fallen behind on mortgage payments and are facing foreclosure.
One of bankruptcy's most significant protections is the automatic stay. Under federal law, filing a bankruptcy petition generally triggers an order requiring most creditors to stop certain collection activities. Depending on the circumstances, this can temporarily halt collection lawsuits, wage garnishments, collection calls, and certain foreclosure actions. The automatic stay has limitations and exceptions, so we carefully explain how it may apply to your individual case.
Not every debt is treated the same way in bankruptcy. Certain tax obligations, domestic support obligations, and other debts may not be dischargeable. Student loans are also subject to specific federal standards for discharge through bankruptcy. We can review the types of debt you owe—including student loans, SBA loan obligations, and E-ZPass-related debt—and discuss potential avenues for relief based on the applicable law and your circumstances.
Personal Guidance From an Experienced Bankruptcy Attorney
Deciding whether to file for bankruptcy is a significant decision, and there is no single solution that works for everyone. Before recommending a course of action, we look at the complete financial picture. This may include your income, expenses, secured and unsecured debts, property, mortgage obligations, collection activity, and long-term goals.
Attorney Thomas M. Denaro provides a hands-on approach throughout the bankruptcy process. When you work with our firm, you work directly with an attorney who can answer your questions and explain what to expect. We believe clients should understand why a particular strategy is being considered rather than feeling as though important financial decisions are being made for them.
If bankruptcy is appropriate, we can assist with preparing and filing the required petition, schedules, statements, and supporting documentation. We can also guide you through requirements such as credit counseling, the meeting of creditors, communications with the bankruptcy trustee, and other steps required before an eligible discharge can be entered.
We also recognize that many people hesitate to consider bankruptcy because they are concerned about their credit, property, or future financial opportunities. Bankruptcy does have significant financial consequences, including effects on credit, but those consequences should be considered alongside the effects of continuing unpaid debt, missed payments, lawsuits, foreclosure, or other collection activity. Our role is to provide straightforward information so you can make an informed decision based on your circumstances. Financial hardship does not have to leave you without options. If debt has become difficult to manage, Thomas M. Denaro, Esq. can help you understand the protections available under bankruptcy law and determine what steps may help you move toward greater financial stability.
frequently asked questions
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 may allow qualifying individuals to discharge many eligible unsecured debts, while Chapter 13 generally involves repaying some or all debts through a court-approved plan lasting three to five years. An attorney can help determine which option may be appropriate for your financial situation.
Can filing for bankruptcy stop creditor collection efforts?
In many cases, filing for bankruptcy triggers an automatic stay that temporarily prevents most creditors from continuing certain collection activities. This may include collection calls, lawsuits, wage garnishments, and some foreclosure proceedings. Exceptions can apply.
Can bankruptcy help if I am facing foreclosure?
Bankruptcy may provide certain protections or additional time for homeowners facing foreclosure. Chapter 13, in particular, may allow some homeowners to address past-due mortgage payments through a repayment plan. The available options depend on the circumstances and timing of the case.
Will I lose my home or other property if I file for bankruptcy?
Not necessarily. Federal and state exemption laws may protect certain property during bankruptcy. What you can protect depends on factors such as the type of bankruptcy filed, the value of your assets, applicable exemptions, and your individual financial circumstances.
Does bankruptcy eliminate all types of debt?
No. While bankruptcy may discharge many qualifying debts, certain obligations are generally treated differently. These can include some tax debts, domestic support obligations, and other debts identified under federal bankruptcy law.
Can bankruptcy help with student loan debt?
Student loans are generally subject to different discharge rules than many other unsecured debts. In some circumstances, borrowers may seek a discharge by demonstrating undue hardship through a separate proceeding. We can review your situation and explain potential options.
When should I speak with a bankruptcy attorney?
If you are struggling to keep up with payments, facing lawsuits or wage garnishment, receiving persistent collection notices, or concerned about foreclosure, speaking with an attorney sooner can help you better understand your options before financial pressures escalate.
Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.
Have Questions About Bankruptcy?
If overwhelming debt, creditor pressure, or the threat of foreclosure has left you unsure of what to do next, we can help you understand your options. Call Thomas M. Denaro, Esq. at 718-863-6000 today to speak directly with an attorney about bankruptcy and potential debt relief solutions. 24/7 Phone Availability | Hablamos Español