Bankruptcy Attorney Buffalo NY | Law Office of Thomas Denny

Nothing can interrupt the American dream like losing your job – or a loved one you depended on both emotionally and financially. Often due to circumstances beyond our control, such occurrences can leave you scrambling to stay afloat and protect your assets.

Staying afloat, however, is easier said than done. Fortunately, my business, the Law Office of Thomas Denny, can help. I work tirelessly to support my clients and guide them through their financial difficulties. As a former laborer and truck driver, I have experienced some of the same setbacks as you may be experiencing. I have personally suffered layoffs, a divorce, and other unfortunate events that led to me to file for bankruptcy. So trust me when I say, “I know what you’re going through.”

After picking up the pieces, I earned my law degree and accomplished my goal of becoming a bankruptcy attorney in Buffalo, NY. I chose to specialize in this area of law so that I could help other individuals and families that are experiencing the same hardships I know all too well.

If bill collectors harass you or the bank is threatening foreclosure, or you are facing repossession or wage garnishment, please be sure to give me a call. I will protect your legal rights and ensure you won’t lose all you have earned. Moreover, in the instance that you have to file for bankruptcy, I will guide you through the entire process and help you get a fresh start. I handle all of the clients that walk through my door, providing them with the personalized service you would not expect from a law firm.

For more information, please call or email me today.

Why Select Attorney Thomas Denny To Handle Your Chapter 7 or 13 Bankruptcy?

Rated one of the three best bankruptcy lawyers in Buffalo, NY, Thomas Denny’s passion for practicing law lies in his faith in the value of helping others. He not only does his utmost to provide competent counsel to his clients regarding their rights and options, but he also has a genuine interest in achieving results.

Thomas Denny believes in service and personal attention to every case. He strives to bring respect and success to each client. Unlike larger firms where, after a brief consultation, you are handed off to a junior staff member or associate, at the Law Office of Thomas Denny, you receive direct personal service from attorney Thomas Denny throughout the entire bankruptcy process. As a client, you can contact Thomas Denny directly with questions or concerns.

The Law Office of Thomas Denny serves Buffalo, Tonawanda, Amherst, Cheektowaga, Niagara Falls, Kenmore, Lockport, Clarence, Hamburg, Grand Island, West Seneca, Orchard Park, Lewiston, Lackawanna, Batavia, Rochester, and all of Erie County and Niagara County. The main office is in Amherst, NY, behind the Boulevard Mall.

FAQ's

Chapter 7 or Chapter 13?

Chapter 7 bankruptcy enables you to discharge certain debts, including medical bills, personal loans, and credit cards. If you wish to keep your home or your car you will need to continue to make your mortgage and/or car payments. Chapter 13 bankruptcy allows you to avert foreclosure by extending the delinquent mortgage payments over the life of the Chapter 13 repayment plan. It also allows you to cure other delinquent secured debts, such as an automobile loan. To find out which form of bankruptcy is right for you contact Buffalo NY bankruptcy attorney Thomas Denny.

What is a bankruptcy discharge?

A bankruptcy “discharge” releases you from personal liability for discharged debts and prevents creditors from taking any action against you to collect the debts. If you are struggling to pay your debts, Buffalo bankruptcy attorney Thomas Denny will help you attain protection from collection action under Chapter 7 of the U.S. Bankruptcy Code. When your bankruptcy case is completed, you will receive a discharge from the Court which will release you from all or most of your debt obligations.

Can I Keep My Home After Bankruptcy?

Under the New York State bankruptcy exemptions, a debtor in Buffalo NY may keep up to $75,000 in equity in his or her home. A married couple filing jointly may keep up to $150,000 in home equity. Under the federal exemptions, each debtor may keep up to $22,000 in equity in his or her home. As long as the difference between what you owe on your house and its market value is less than the exemption amount, you will not lose your home. For those who do not own homes, the federal exemptions are the preferable option since they allow the debtor to keep considerably more in cash and personal property, such as an automobile.

Will bankruptcy stop foreclosure?

Filing for bankruptcy places an automatic stay (a stop) on foreclosure proceedings. Under Chapter 7, however, after several weeks, the mortgagee (the bank) will likely apply for and be granted relief from the stay and be allowed to continue the foreclosure proceeding. Chapter 13 provides a way to avoid foreclosure altogether by forcing the bank to allow you to pay the past due amount, over time, in addition to your current mortgage payments. Contact Buffalo bankruptcy attorney Thomas Denny for more information on how bankruptcy can stop foreclosure.

Will I have to go to court?

Approximately 20 to 40 days after filing for bankruptcy you will be required to attend a ”meeting of creditors.” There, the trustee will review your petition and ask questions about your property and finances. The proceeding takes approximately 15 minutes and, although it is a called a "meeting of creditors," very rarely do creditors actually attend. Unlike many lawyers who send associates to take their places, Buffalo bankruptcy attorney Thomas Denny personally represents each and every one of his clients at the meeting of creditors.

Will bankruptcy affect my credit?

Although bankruptcy will remain on your credit report for ten years from the filing date, by eliminating all or most debts, it may actually help your credit. In addition to improving your debt to income ratio, bankruptcy may allow you to qualify for an FHA or VA-insured mortgage in as little as two years. As your counselor, Buffalo bankruptcy attorney Thomas Denny will provide guidance on how to establish new credit and improve your credit rating.

Can I file bankruptcy for student loans?

Student loans are generally not dischargeable in bankruptcy “unless excepting such debt from discharge . . . will impose an undue hardship." The legal test for “undue hardship” is very strict. Also exempt from bankruptcy protection are domestic support obligations and income taxes less than three years old. In a Chapter 13 bankruptcy however, a debtor may benefit from a temporary partial reprieve from his student loan obligations. In Chapter 13, the debtor is required to pay a minimum of 5% of his or her unsecured debts over a period of 3-5 years. The percentage allotted is dependent on several factors, including the amount of the debtors' income left over after deducting allowable living expenses. In a Chapter 13, student loans are treated as unsecured debts. Although, at the end of the plan, the debtor will still be liable for the unpaid balance, during the 3-5 year duration he or she will only be required to pay the percentage allotted to unsecured debts of his or her student loans, which may be as little as five cents on the dollar. Prior to filing for bankruptcy, Buffalo bankruptcy attorney Thomas Denny will advise you precisely which of your debts are dischargeable and, if filing Chapter 13, what percentage of your disposable income will be payable to unsecured creditors.. For a free consultation, call (716) 800-1234 or fill out and submit the form below:[gravityform id="1" title="true" description="true"]

What is the "means test?"

The "means test" is a formula used to determine who can and cannot file for bankruptcy protection under Chapter 7. The law requiring a “means test” was enacted in 2005 to deter wealthy debtors from filing for Chapter 7 bankruptcy. If you are filing for bankruptcy in Buffalo and your income is less than the state median of $57,683, or if more than 50% of your debts are business-related, you will not be subject to the means test. If, as a result of the means test, you cannot file under Chapter 7, you may still be entitled to file for bankruptcy protection under Chapter 13.

May I file for bankruptcy individually or should my spouse file also?

If yours debts are in both your names, both you and your spouse should file. Otherwise, it is not necessary to have a bankruptcy noted on both of your credit reports. If you choose to file alone, however, your spouse will not be relieved from his or her share of any debts discharged. Buffalo bankruptcy attorney Thomas Denny represents both individuals and married couples filing jointly.

Can I be fired for a bankruptcy?

The law strictly prohibits an employer from terminating you or denying you employment for filing bankruptcy or for not having paid a debt that is dischargeable in bankruptcy. Furthermore, you cannot, solely because of bankruptcy or insolvency, be denied a federal student loan, a drivers license, or a professional license. For further information regarding bankruptcy discrimination and your rights under the law contact Buffalo bankruptcy attorney Thomas Denny.

Can bankruptcy stop a repossession?

Filing for bankruptcy creates an automatic stay under which all collection actions, including repossession of an automobile, are stopped. The lender has the option, however, to apply to the court to have the stay lifted to protect its security interest. Nonetheless, in bankruptcy you can elect to r eaffirm your car loan and keep your car if you can demonstrate that the car is necessary and that the payment is reasonable. Contact Buffalo bankruptcy attorney Thomas Denny for additional information.

How long does a bankruptcy stay on your credit report?

Many times I am asked the question, “How long does bankruptcy stay on your credit report?” While a Chapter 7 will remain on your credit report for ten years and a Chapter 13 for seven years, bankruptcy is not necessarily a death sentence. In fact, it can improve your credit. As a bankruptcy attorney, I use a credit report that displays my clients’ current credit scores, along with an estimate of what their scores will be in approximately one year after bankruptcy. In most cases, their scores increase an average of 125-140 points. The rare exception is the client who has been current on his or her payments but is simply overwhelmed with debt. The majority, however, are in default on all or most of their debts when they file for bankruptcy. The fundamental reason bankruptcy raises your credit score is that it lowers your debt-to-income ratio. To calculate your debt-to-income ratio, you divide your debt payments by your gross monthly income. The lower your debt-to-income ratio, the more willing creditors are to lend you money. Since all or most of your debts are now discharged, after bankruptcy, you have more disposable income to pay new debts. The fact that bankruptcy can improve your credit may explain why bankruptcy filers often get offers for credit cards and car loans within weeks after their cases are closed. Credit is not indicative of your character or worth. It is simply a measure of your ability to borrow money, i.e., incur new debt. Bankruptcy is intended to give debtors a fresh start by freeing them from the burdens of debt. Thus, it puts them in a better financial position – one in which they may not have to continue to borrow money to make ends meet. To find out if the Law Office of Thomas Denny can help better your financial situation, call (716) 800-1234 to schedule a free consultation.