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Bankruptcy Exemptions

Exemptions in Bankruptcy

One of the factors that keeps individuals from filing bankruptcy is the fear that they will eliminate their debts, and, in the process, lose all of their assets. This is not true. An experienced Rochester bankruptcy exemption attorney can explain the process in greater detail.

I am George Mitris, and I have a great deal of experience guiding clients through bankruptcy filings. People don’t always realize that most of their property and possessions are exempt from the bankruptcy proceedings — meaning that they cannot be taken or liquidated to pay debts. However, it is wise to have a skilled lawyer work with you on your exemptions to ensure that nothing is missed or overlooked.

What Are Bankruptcy Exemptions?

There are several different categories of exemptions in New York, including:

  • Homestead: These exemptions protect real property, condos or mobile homes up to a certain value.
  • Personal property: Property such as vehicles, clothing, jewelry, books, electronics and tools of the trade can be made exempt up to a certain total value and can be given a property exemption.
  • Insurance: Things such as life insurance policies with cash values or disability benefits can also be made exempt in certain situations.
  • Pensions: Many retirement accounts such as 401(k)s, IRAs and pensions can be made exempt from the entire bankruptcy process.

Many of these exemptions can become complicated, and, if a client is not careful, there are often unintended consequences. My level of experience gives me an in-depth knowledge of exemptions. I have often been able to help develop substantially beneficial strategies for my clients to keep most, if not all, of their assets throughout their bankruptcies. Contact my office to schedule a free consultation to learn more about your options.

Contact the Firm

If you have questions regarding bankruptcy exemptions in Victor, contact the Law Offices of George Mitris by calling 585-225-7830, or by completing the contact form on this website. I offer a free initial consultation, and I maintain office hours that are convenient to my clients’ needs, including weekends and evenings.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

GREECE OFFICE
The Law Offices of George Mitris
2080 Ridge Road W Greece, NY 14626
Phone: 585-471-8606
Email: office@rocbk.com
Fax 585-471-8605

Stop Creditor Harassment

Automatic Stay Violation Attorney

When financial trouble strikes, debt can begin spiraling out of control. With so many institutions — hospitals, banks, credit card companies — all wanting to be paid at the same time, life can become quite stressful. I encourage you to contact a knowledgeable Rochester creditor harassment attorney immediately.

Stop Harassing Calls From Creditors

My firm, the Law Offices of George Mitris, has guided countless clients through these challenging times. Bankruptcy is a very powerful tool. It is one of the most powerful legal protections that is available for people. The very act of filing prevents creditors from continuing to harass individuals. This is called the automatic stay.

Once the automatic stay is in place, collection efforts must immediately stop. That includes lawsuits, repossessions, wage or bank account garnishment. In order to begin collection efforts again, the creditor must get the approval of the court. If it attempts collections without this approval, it might face penalties from the court.

If you need a bankruptcy lawyer in New York, it is wise to contact an experienced firm. I have more than 25 years of experience guiding businesses and individuals through the often-complex bankruptcy process. You can trust me for individual attention and personal service throughout the process. Help is available.

Contact the Firm

If you have questions regarding stopping creditor harassment, contact the Law Offices of George Mitris by calling Victor office or Greece office at 585-225-7830, or by completing the contact form on this website. I offer a free initial consultation, and I maintain office hours that are convenient to my clients’ needs.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

GREECE OFFICE
The Law Offices of George Mitris
2080 Ridge Road W Greece, NY 14626
Phone: 585-471-8606
Email: office@rocbk.com
Fax 585-471-8605

Not All Bankruptcy Lawyers Are Alike

A Note From Attorney George Mitris:

Bankruptcy is one of the few safety valves left for common people. Years ago, there were legal protections available for people in financial trouble. These protections took the form of usury laws, lending and banking regulations, and loan sharking laws. All this, unfortunately, has gone by the wayside. Now, everybody is getting pre-approved credit cards with 30 percent interest rates. There are all kinds of traps, challenges and pitfalls.

When people get over-extended, bankruptcy is one of the few options left to them. As a federal process, bankruptcy needs to be done properly. There are strict rules, and if you or your lawyer misses a deadline or fills out a document incorrectly, you run the risk of having your bankruptcy denied, your discharge revoked. You can lose your assets and, in some extreme circumstances, you can face criminal prosecution. Bankruptcy lawyers need to pay attention to the details at all stages — but not all of them do.

I have represented banks, lending institutions, corporations and businesses over the years. I have gained a great deal of experience filing Chapter 7, Chapter 11 and Chapter 13 for my clients. In recent years, I turned my focus to individuals and small business owners that need financial guidance. I am proud to get a substantial amount of business through referrals from past clients or other attorneys in the Rochester area and surrounding counties. Trust me to help you solve your financial problems and start you toward a new future.

Contact an Experienced New York Bankruptcy Attorney

If you have questions regarding getting a fresh start through bankruptcy in the Rochester area and surrounding counties, contact the Law Offices of George Mitris by calling either one of my two conveniently located offices: Victor, NY or Greece, NY at 585-225-7830 or by completing the contact form on this website. I offer a free initial consultation, and I maintain office hours that are convenient to my clients’ needs.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

GREECE OFFICE
The Law Offices of George Mitris
2080 Ridge Road W Greece, NY 14626
Phone: 585-471-8606
Email: office@rocbk.com
Fax 585-471-8605

Stopping Foreclosure

Rochester Bankruptcy Foreclosure Attorney

It’s one thing to have the specter of foreclosure looming overhead as you struggle to keep your head above water, but to actually get the notice of foreclosure from your lender is a striking event. Even with this notice in hand, it is still possible to protect your assets by filing bankruptcy.

Stopping foreclosure is one of the main benefits of bankruptcy. Clients have visited the Law Offices of George Mitris for more than 25 years feeling stress, concern and worry about their financial situations. Many people do not realize that the Bankruptcy Code was created as a safety net for individuals who are being crushed by overwhelming debt.

Avoid Foreclosure in New York

In today’s economy, foreclosures are prevalent. Medical emergencies, job loss and several other uncontrollable life events can stress a family’s finances to the breaking point. It is still possible to save your home, save your assets, consolidate your debts and collectively pay your creditors through filing bankruptcy.

Although, stopping foreclosure with a Chapter 13 filing is more common, Chapter 7 and Chapter 13 bankruptcies both have the ability to protect your home. It is my job as your lawyer to examine your specific financial situation and help you determine which filing, if any, is the most beneficial for your unique dilemma. Trust me to guide you through these troubles toward a fresh start and a new future.

Contact the Firm

If you have questions regarding stopping foreclosure, contact the Law Offices of George Mitris by calling 585-225-7830, or by completing the contact form on this website. I offer a free initial consultation, and I maintain office hours that are convenient to my clients’ needs.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

GREECE OFFICE
The Law Offices of George Mitris
2080 Ridge Road W Greece, NY 14626
Phone: 585-471-8606
Email: office@rocbk.com
Fax 585-471-8605

Life After Bankruptcy

Rochester Credit After Bankruptcy Lawyer

The myth about bankruptcy is that it will ruin your credit forever. You run the risk of never buying another car or home, or never getting a personal loan. This is not true, and it is possible to begin rebuilding your credit almost immediately after a bankruptcy filing.

As an attorney, I have more than 25 years of experience helping clients create new lives after bankruptcy. At the Law Offices of George Mitris, I understand the stress and worry you are feeling. Most clients feel a great sense of relief after they file bankruptcy. It is a time of new hope, fresh starts and a more stable future.

The Fresh Start of Bankruptcy

Filing Chapter 7 or Chapter 13 bankruptcy takes people from bad or overextended credit and gives them a blank slate. A clean slate. You will go from bad credit to no credit to immediately rebuilding and re-establishing your credit.

While winning the lottery and paying off all your debt is best for your credit, if that is not a likely possibility, bankruptcy for most people is the second best option credit-wise. Missed or late mortgage, auto, credit card, utility, medical, or other payments are far more damaging to your credit rating. Realistically, not filing for bankruptcy can hurt your financial future much more than filing.

Rebuilding Credit

When a lender pulls a credit report to determine if it will give you a loan, the most common form of denial is based on your debt to income ratio. This means that in the eyes of the bank, you have too much debt to repay your loan amount. Think about it: bankruptcy has the potential to erase most, if not all, of your unsecured debt.

Many clients see an increase in credit card offers as soon as their bankruptcy filings are official. This is because, as I’ve stated, they have clean slates. It is now up to the individual to protect his or her finances. An experienced bankruptcy attorney can guide you through your decisions.

Contact the Firm

If you have questions regarding rebuilding your credit, contact the Law Offices of George Mitris by calling 585-225-7830, or by completing the contact form on this website. I offer a free initial consultation, and I maintain office hours that are convenient to my clients’ needs.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

GREECE OFFICE
The Law Offices of George Mitris
2080 Ridge Road W Greece, NY 14626
Phone: 585-471-8606
Email: office@rocbk.com
Fax 585-471-8605

What Can I Keep

New York Bankruptcy Law Attorney

The stress and worry about finances are only compounded when it feels like there is no way out. Many people consider and dismiss filing bankruptcy because they feel that they could lose all of their assets, ruin their credit ratings and create worse situations for their financial future. This couldn’t be farther from the truth. Trust a Rochester asset protection attorney to guide you through your dilemma to the correct decision.

At the Law Office of George Mitris, I make it a point to educate each and every one of my clients about the process, pitfalls, challenges and benefits of filing for bankruptcy. When they first begin the process, many individuals do not realize that it is possible to keep all of their assets and still adjust, reduce or totally eliminate their debt.

Protecting Assets in Bankruptcy

There are a great number of benefits to filing Chapter 7 or Chapter 13 bankruptcy. To learn more, please follow the links below.

As soon as you begin doing research about filing bankruptcy, chances are you should have already filed. Debt has a way of piling up and altering every aspect of your life. Once debt begins spiraling out of control, you still have options to get yourself out of trouble and get a fresh start. Contact a lawyer at my firm to learn more about how bankruptcy can give you a fresh start.

Contact the Firm

If you have questions regarding asset protection in New York, contact the Law Offices of George Mitris by calling 585-225-7830, or by completing the contact form on this website. I offer a free initial consultation, and I maintain office hours that are convenient to my clients’ needs.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

GREECE OFFICE
The Law Offices of George Mitris
2080 Ridge Road W Greece, NY 14626
Phone: 585-471-8606
Email: office@rocbk.com
Fax 585-471-8605

Bankruptcy Myths

Rochester Debt Relief Lawyer
Many individuals attempt to research bankruptcy by first asking friends or family members. Often, the answers are based more on myth or misconceptions than actual fact. I have taken the time to discuss a few of the more common myths about bankruptcy.
Myth 1: Bankruptcy Will Ruin My Credit for 10 Years
Absolutely not. For most bankruptcy candidates, it is the first step in going from bad credit, to no credit, and then working to re-establishing credit. Bankruptcy gives individuals a clean slate, a fresh start. You will begin rebuilding your credit almost immediately.
Myth 2: It Is Difficult to Get Credit or Loans After Filing Bankruptcy
Not necessarily. Once you have filed bankruptcy and your credit card debt, medical bills or personal loan debt has been eliminated, you run the risk of being bombarded with credit offers. Credit card companies see you as a, for lack of a better term, blank slate. You have no more debt and cannot file Chapter 7 again for eight years. It is up to you to manage your debt this time around and build a more stable financial future.
Myth 3: If I File, the Government Will Take All of My Property
Not necessarily. The fact is that much of the property and assets you own is exempt. However, many of the exemptions act as alternatives to each other. In other words, you might not be able to keep Asset A and Asset B, but you can choose one or the other. You need an experienced attorney to guide you through the decision process and all of the challenges of New York law.
Myth 4: I Must Pay Back All of My Debt if I File Chapter 13
Absolutely not. Chapter 13 will require you to pay a portion, often a small percentage, of your total debt. Many times, a Chapter 13 filing is much more beneficial than a Chapter 7. In many cases, the court will impose its own lower interest rates on the repayment.
Myth 5: After the 2005 Law Changes, I Cannot File
Not necessarily true. Certainly, the laws have become more complicated, but for an experienced attorney, a bankruptcy filing is almost second nature. You must simply choose the right lawyer to explain your options to you.
Myth 6: People Who File Bankruptcy Are Lazy or Immoral — or Both
Absolutely not. Most people who file are good, decent, hardworking people who want to pay their debts but cannot for a variety of reasons. Perhaps emergency home repairs, medical situations or the income status has changed. There are a great number of reasons that people get overwhelmed by debt. The Bankruptcy Code exists as a safety net for people, and allows them to wipe their debt away and begin a new life.
Contact the Firm
If you have questions about bankruptcy myths or debt liquidation, contact the Law Offices of George Mitris by calling either of my two conveniently located offices: Victor, NY, or Greece, NY, at 585-225-7830 or by completing the contact form on this website. I offer a free initial consultation, and I maintain office hours that are convenient to my clients’ needs.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

GREECE OFFICE
The Law Offices of George Mitris
2080 Ridge Road W Greece, NY 14626
Phone: 585-471-8606
Email: office@rocbk.com
Fax 585-471-8605