Helpful Articles
Islip, NY Bankruptcy Attorney
While the median income in Islip, New York is around $94,000 per year
for a household,1 many residents of this town on the South Shore of Long
Island are still struggling to make ends meet. Thanks to ever-rising
housing prices and a cost of living well above the national average,2
many households are living below the poverty line, especially with the
still not-so-stable job market3 on Long Island. With all of these
factors combined with other unexpected life events such as illnesses or
injuries, it should be no surprise that a number of people in Islip are
under water financially.
Anyone who is overwhelmed by debt and cannot pay all of their bills
should consider consulting with a skilled bankruptcy attorney as soon as
possible. Attorney Ronald D. Weiss is thoroughly familiar with all of
the potential benefits and drawbacks of bankruptcy in New York and can
evaluate your situation, provide advice regarding your best options, and
guide you through the entire bankruptcy process. You do not have to
continue living in fear of collectors or of losing your home or
vehicles. Please call to learn about legal debt solution tools today.
Is Bankruptcy Right for You?
Bankruptcy is not necessary to solve everyone’s financial issues. In
many cases, attorney Ronald Weiss can review your situation and
recommend other alternatives that may resolve certain debts and free up
extra funds. However, in some situations, bankruptcy may be the best
option for you to start over with a clean slate. Some signs that
bankruptcy may be the best debt relief solution for your household
include the following:
- Your financial struggles are not due to temporary conditions but will likely persist if no steps are taken
- A substantial portion of your debts are unsecured, including medical bills or credit cards
- You have or will default on your mortgage and may face foreclosure
- You have been the subject of legal action by your creditors, including judgments or garnishments
- Your business is perpetually in the red and your lack of current cash flow has affected your operations
If one or more of the above are true, you may be a good candidate for
bankruptcy and should consider discussing your options with our
experienced Islip attorney. We can review the possible benefits of
bankruptcy for you, including freeing up funds to catch up on your
mortgage and avoid foreclosure, eliminating any wage garnishments so you
receive your full earned income, and halting calls from harassing
creditors – often permanently.
Bankruptcy Options in NY
Deciding to file for bankruptcy is only the first step in your case. You
must then examine which type of bankruptcy will provide the most
benefits in your situation. The following are the three main types of
bankruptcy that our law firm handles:
Chapter 7 – In a Chapter 7 bankruptcy, you are requesting a
discharge of certain debts without the obligation to make any further
payments to your creditors. In exchange for this discharge, you will
have to forfeit non-exempt property or assets, which your bankruptcy
trustee will liquidate and use to pay toward your debts before they are
discharged. This type of bankruptcy is often used by filers with lower
disposable income, who have less property, or business owners who do not
wish to continue operations.
Chapter 13 – Chapter 13 bankruptcy does require a three to
five-year payment plan before the court will grant a discharge. The
court will reorganize your debts and set the payment plan based on your
income and capacity to pay. Because you are paying toward your debts,
your property will not be at risk. This type of bankruptcy is often
preferable for filers with higher income or substantial property they
wish to protect.
Chapter 11 – Chapter 11 is similar to Chapter 13, however, it is
mostly used by businesses that want to remain open. Since they do not
have to be liquidated, the business will have to enter into a payment
plan and the court will have a say in certain business decisions in
order to be granted a discharge of their debts.
The Bankruptcy Process can be Complex
No matter what type of bankruptcy you choose to file, you must carefully
abide by all of the requirements and procedures set out in New York in
order to guarantee a favorable result. There are many steps in the
bankruptcy process, including:
- Filing a petition with the correct court
- Filing all of the necessary supporting documentation with thorough and accurate information regarding your debts, income, and assets
- Undergoing the required debt management counseling
- Meeting with your bankruptcy trustee to verify the accuracy of your petition and documentation
- If applicable, applying exemptions to protect as much of your property as possible
- If applicable, agreeing to a fair and manageable payment plan
- Requesting the final discharge of your qualifying debts
There are opportunities to make errors in almost every step of the
process that could delay your discharge or put a discharge in jeopardy.
For this reason, you should always have an experienced bankruptcy
attorney guiding you through every step of the process.
While bankruptcy has helped many people in New York, there are many
factors to consider when deciding to file and which type of bankruptcy
is right for you. You should always be fully informed about the
bankruptcy process, including the credit implications, possible loss of
your property, liquidation of your business, among many other
potentially adverse effects. Despite some of the drawbacks of bankruptcy
for some, many people still come out far ahead following their
bankruptcy and are able to take control of their financial futures.
Discuss Your Financial Situation with a Skilled Islip, NY Bankruptcy Lawyer Today
At the law office of Ronald D. Weiss, P.C., we are committed to helping
individuals, married couples, and business owners in and around Islip,
NY take control of their finances. We have successfully represented many
clients in bankruptcy and have sought other debt relief options when
appropriate.If you believe that bankruptcy may be right for you or
simply want to learn more about your options, please call our office
today at 631-479-2455.