Business Details
About
Law Firm
Simonetta & Associates, P.C. Provides Expert Bankruptcy Legal Service for Both Chapter 7 and Chapter 13 Bankruptcy, With Offices in Syracuse, Cortland, Watertown and Utica, New York.
Location
Simonetta & Associates, P.C.
6780 Northern Boulevard, East Syracuse, NY
13057, United States
Hours
Reviews
4.9
19 reviews
5 stars
18
4 stars
1
3 stars0
2 stars0
1 star0
- JHJoyce HDec 19, 20255.0The best around !! Thank you for everything .
- RKRobert KaussnerSep 11, 20255.0Excellent bankruptcy attorney & practice. Very thorough, knowledgable, and helpful. I strongly recommend them!!!
- ATAmy TessierMay 29, 20225.0Professional and courteous. Quick Response by knowledge attorney and staff. Highly recommend.
Frequently Asked Questions About Simonetta & Associates, P.C.
What is the difference between Chapter 7 versus Chapter 13?
Chapter 7, often referred to as straight liquidation, typically allows for the elimination of unsecured debts such as credit card balances, medical expenses, repossession deficiencies, and personal loans. This process enables individuals to achieve a fresh financial start. Chapter 13, also known as debt consolidation or the wage earners plan, is primarily designed to halt foreclosures and repossessions. It allows debtors to catch up on overdue payments through a 36 to 60-month repayment plan. Additionally, Chapter 13 can consolidate other obligations, including car loans (potentially reducing the amount owed to the vehicle's value), tax debts, student loans, and arrears in child support or alimony payments.
Do I qualify for a Chapter 7 Bankruptcy?
Eligibility for Chapter 7 bankruptcy is not determined by a specific debt threshold. Our firm has filed bankruptcies for clients with debts ranging from $2,000 to over $150,000. The primary criterion for Chapter 7 qualification is the absence of substantial disposable income after covering regular living expenses. If an individual has a high monthly income but relatively low monthly expenses (excluding credit card or other payments that would be eliminated in bankruptcy), they may be required to repay a portion of their debt through a Chapter 13 bankruptcy instead of qualifying for Chapter 7.
Will I lose any property?
Generally, if your assets fall within the legal exemptions, you should not lose any property. These exemptions include: up to $85,400 equity per person in your primary residence; up to $4,550 equity per person for one vehicle; up to $1,150 per person for personal property (typically covering household items and personal effects at replacement value); up to $5,700 in cash if not claiming a homestead exemption; all funds in retirement accounts, IRAs, 401(k)s, and annuities; social security income; and disability income. Depending on your circumstances, you may be eligible for federal exemptions, which can provide even broader asset protection.
What is a discharge?
A Chapter 7 discharge is an official order issued by the bankruptcy judge that declares all eligible debts to be discharged. During our consultation, we will provide detailed information about which debts can and cannot be discharged through this process.
How long does it take to reestablish credit?
Immediately following bankruptcy, you may find credit available, albeit at higher interest rates. However, many individuals are able to rebuild their credit within approximately two years, allowing them to secure credit at more favorable interest rates.
Do I qualify for a Chapter 13 Bankruptcy?
Eligibility for Chapter 13 bankruptcy primarily depends on having a consistent source of income. If you have regular earnings, you should generally qualify to file for Chapter 13 bankruptcy protection.
If I am married, can I file separately, even if a foreclosure has begun, and both names are on the mortgage?
Yes, it is possible to file for bankruptcy individually, even if both spouses' names are on the mortgage and foreclosure proceedings have commenced. If only one spouse requires bankruptcy protection, primarily due to the foreclosure, the other spouse may remain outside of the bankruptcy process.
What is the meeting of creditors?
The meeting of creditors is a scheduled hearing that occurs approximately 30 days after your bankruptcy filing. This meeting is not presided over by a judge, but rather by a trustee, typically an attorney appointed by the court to oversee your case. During this meeting, which usually lasts about five minutes, the trustee has the opportunity to question you under oath regarding your assets and debts. While creditors are permitted to attend and ask questions, their presence is uncommon.
How long does it take?
The duration of a Chapter 13 bankruptcy reorganization plan ranges from a minimum of 36 months to a maximum of 60 months.
What is a Chapter 13 Plan?
A Chapter 13 plan is a document prepared by your attorney that outlines the proposed method and amount for repaying your debts. The repayment amount is determined based on factors including your assets, disposable income, secured debts, and any arrearages owed.
What types of bankruptcy services does Simonetta & Associates, P.C. provide?
Simonetta & Associates, P.C. specializes in both Chapter 7 and Chapter 13 bankruptcy services, offering expert legal assistance in these areas.
How do I know if I qualify for Chapter 7 bankruptcy?
Qualification for Chapter 7 depends primarily on your disposable income after expenses, not on a specific debt amount. Those without substantial disposable income typically qualify for Chapter 7 bankruptcy.
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 allows elimination of unsecured debts for a fresh start, while Chapter 13 sets up a repayment plan over 36-60 months to catch up on payments and consolidate debts.
Will I lose property if I file for bankruptcy?
Generally no, if your assets qualify under legal exemptions such as equity in your home, vehicle, personal property, retirement accounts, and income from social security or disability.
Can a married person file for bankruptcy separately if both names are on the mortgage?
Yes, one spouse can file individually even if foreclosure has started and both names are on the mortgage, allowing protection for only the spouse in need.
What are the business hours for Simonetta & Associates, P.C.?
They are open Monday through Friday from 8:30 AM to 4:00 PM and closed on weekends, operating by appointment only.
How can nearby places help me when visiting Simonetta & Associates, P.C.?
Nearby locations like Berkshire Bank can assist with financial matters before or after your consultation, while places like Risscotti's Pizzeria & Bakery offer dining options in the area.
Are there any fitness or recreation options near Simonetta & Associates, P.C.?
Yes, gyms such as Revolution Trampoline & Tumbling and Defiance Gymnastics are located nearby, providing opportunities for recreation before or after your visit.
What are some nearby professional services around Simonetta & Associates, P.C.?
Nearby professional services include American Building Inspection for real estate needs and Legacy Wealth Advisors of NY for financial advising.
What payment options does Simonetta & Associates, P.C. accept?
They accept payment by cash and check for their legal services.