As lawyers specializing in Suffolk County bankruptcy, we not only help our Long Island clients accurately assess their bankruptcy risks, but our bankruptcy attorneys also guide clients toward options best suited to manage their specific debt problems. While bankruptcy might be the best option in the end, our Long Island bankruptcy attorneys have often seen Suffolk County clients benefiting more from bankruptcy alternatives.

For example, our lawyers can help stop harassment from creditors by taking advantage of federal and New York state debt collection laws that protect you from abusive and harassing debt collector conduct. We can also help you negotiate with your creditors. If you have some level of income or even some assets you’re willing to liquidate, negotiating with your creditors for extra time to get back on your feet or settling your debt for less than you owe may leave you better off than filing for bankruptcy. Our bankruptcy lawyers have also had success brokering repayment plans with clients’ creditors or collection agencies.

You wouldn’t pilot a plane without proper certifications required to understand the laws of the sky. Risking what remains of your financial future to novice understanding of rules and regulations surrounding the laws of bankruptcy doesn’t make much sense either. With Suffolk County bankruptcy lawyers on your side, you can set the best course needed to help your financial troubles fly right.

When working with Long Island bankruptcy clients, our Nassau County bankruptcy lawyers first help them determine their eligibility between Chapter 7 and Chapter 13 bankruptcy. Of course, the information presented here just scratches the surface of bankruptcy rules and regulations. For the best advice on the specifics of your bankruptcy case, arrange for a free consultation with one of our Nassau County bankruptcy attorneys today. But first, let’s go over the Long Island bankruptcy basics.

In Chapter 7 bankruptcy, the bankruptcy trustee cancels many of your debts, sometime even all of your debts, and may also liquidate some of your property to pay your creditors. Chapter 7 bankruptcy also is called "straight" or "liquidation" bankruptcy.

You are not eligible for Chapter 7 bankruptcy if:

• - you have enough income to repay your debts,
• - you previously received a bankruptcy discharge in a Chapter 7 bankruptcy case within the last eight years or in a Chapter 13 case within the last six years,
• - you had a Chapter 7 or Chapter 13 case dismissed within the past 180 days, or
• - you defrauded your creditors.

With Chapter 13 bankruptcy, your debts are not cancelled and your property is not sacrificed. Instead, you keep your property. But you also must pay back all or a portion of your debts over a three to five-year period. Chapter 13 bankruptcy also can be called “reorganization” bankruptcy.

You are not eligible for Chapter 13 bankruptcy if:

• - you are filing as a business instead of an individual; businesses file Chapter 11,
• - you have insufficient disposable income to meet your repayment obligations,
• - your debts exceed $1,081,400 (this amount periodically adjusts for inflation),
• - you are behind on your income tax filings.