Bankruptcy

The depressed real estate market, high unemployment and overall poor economic conditions in New York have caused many families to find themselves in serious financial hardship. As a result, more and more Americans are seeking a fresh financial start through the bankruptcy process.

The mainstay of Jane’s practice is representing consumers and small businesses in Bankruptcy matters. Jane has over eleven years’ experience in Bankruptcy court. Before opening her own law firm, she was an associate at a boutique bankruptcy litigation firm located in Garden City New York. At her prior position she worked for a chapter 7 bankruptcy trustee. She has first chair trial experience in adversary proceedings that were tried in Bankruptcy court. She has also represented both creditors and debtors in various types of adversary proceedings that were litigated in bankruptcy court involving a myriad of different types of issues. She has filed hundreds of chapter 7 and chapter 13 bankruptcy filings for clients seeking to reduce or eliminate their debts.

Bankruptcy is not the solution for everyone, and depending on your own personal situation, it may not even be an option. Jane O’Keefe understands the stress created on families and individuals due to their financial hardship and uses her experience and knowledge to help her clients through the bankruptcy process.

Be weary of debt management services. Bankruptcy is usually a more sensible and less expensive option than debt management programs.

Jane handles both Chapter 7 and Chapter 13 bankruptcy filings. The distinctions between the two are discussed below:

Chapter 7

A Chapter 7 bankruptcy filing is a liquidation of a person’s unsecured debt. Filing for chapter 7 bankruptcy allows a person to wipe away any pre petition debt that is not subject to any exemption from the bankruptcy process. For example, credit card debt and medical bills are dischargeable in a chapter 7 filing. In contrast, tax debt is not dischargeable in a chapter 7 filing.

There is no minimum amount of debt or maximum amount of debt a person must have in order to file bankruptcy. It all depends on the debtor's personal circumstances and their expenses.

Chapter 13

A Chapter 13 bankruptcy is a reorganization of a person’s secured and unsecured debt. Typically persons who are employed, but have a large amount of non-exempt assets, such as equity in a home or high value personal assets, (boats cars, motorcycles, etc.) will decide to file a chapter 13 bankruptcy rather than a chapter 7. The Chapter 13 filing forces the creditors to take a much smaller payment on the debt over the course of a few years.