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We are a federal Debt Relief Agency. We help people file for relief under the U.S. Bankruptcy Code. Disclosures required under the U.S. Bankruptcy Code
The decision to file bankruptcy is a stressful and emotional one. People often feel that if they file for bankruptcy protection, they will be ruined financially. In many ways, that is not true and our team of attorneys and support staff, renowned as one of the most respected bankruptcy firms on Long Island, will be happy to discuss with you your options in bankruptcy including:
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the most common type of bankruptcy and is often referred to as a "liquidation bankruptcy." In Chapter 7, all of the debtor's assets, other than those assets which are specifically exempt from liquidation by statute, are turned over to a bankruptcy trustee for sale. Sale proceeds, if any, are distributed among the creditors. This means most people keep what they own and wipe out their credit cards, medical bills, personal loans, and similar debts.
Most New York Chapter 7 debtors have little non-exempt personal property because of New York's liberal exemption laws. For many people, their house is unaffected by Chapter 7. Most Retirement Accounts are also exempt and are inaccessible to the Chapter 7 trustee.If you lease a vehicle and wish to keep it, you may do so, as long as you continue to make current payments. The same often applies for car loans and primary residences as well. Chapter 7 is used to eliminate or discharge, primarily unsecured debts such as credit cards or medical bills and can even be utilized to eliminate certain back taxes. Chapter 7, however, does not eliminate secured debts, such as vehicle loans (unless the secured item is surrendered). Chapter 7 will not save a house from foreclosure nor a car from repossession if you are delinquent in payments, but will delay the process.
To be eligible to file a Chapter 7 bankruptcy, you must pass something called a "means test"; a complicated calculation to determine eligibility based upon your income. People who fail the "means test" will often have an alternate option in Chapter 13. Please feel free to contact our experienced and well-respected attorneys to determine your eligibility.
Chapter 13 Bankruptcy
Chapter 13 is used, most often, to save a house, or significant asset, from foreclosure. Chapter 13 allows you to pay back any mortgage arrears to the lender over a period of up to 60 equal monthly payments, without interest. While doing so, you are still required to make your regular monthly mortgage payment after the petition is filed. Chapter 13 allows you to potentially "wipe out" a home equity line of credit or second mortgage, depending on the value of your home. Credit cards and other unsecured debts are also included in the Chapter 13 payment plan and can often be eliminated with the payment of only a fraction of the actual balances. Chapter 13 is available to debtors who have regular and steady income. There are, however, limits to the amount of secured and unsecured debts allowed to be filed under Chapter 13. If the limits are not met, the debtor often has an alternate option in Chapter 11. Please feel free to contact our experienced and well-respected team to determine if Chapter 13 is right for you.
We understand the sensitive nature of the issues you are faced with. Allow us to offer you the Experienced Legal Representation That You Can Afford.
Nassau County Office
6901 Jericho Turnpike
Syosset, NY 11791
Suffolk County Office
2100 Middle Country Road
Centereach, NY 11720
Suffolk County Office
136 East Main Street
East Islip, NY 11730
118-35 Queens Blvd.
Forest Hills, NY 11375
Equitable Distribution of Assets
Steven E. Shumer, ESQ.
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