If you’ve been considering filing a Long Island bankruptcy case, I’m sure you’ve been mining the Internet for bankruptcy information. I’m also certain you’ve noticed that bankruptcy laws, in Long Island or elsewhere, always mention the word “discharge.” As bankruptcy lawyers on Long Island, we often are asked what discharge means under bankruptcy law.

Simply put, a discharge means you no longer have an obligation to pay your debt. It also means your creditors are not allowed to force you to repay. While this piece of bankruptcy information may sound particularly attractive, you should be aware that not all your debts are eligible to be discharged. Our Long Island bankruptcy attorneys can help you navigate the following situations that affect the discharge of your debt and various types of non-dischargeable debts.

• Only debts that you owed and listed at the time you filed for bankruptcy, not those you incurred after filing, are eligible to be discharged.
• If a relative, friend or some other person has co-signed or guaranteed your loan, his/her obligation is not discharged.
• If you have property that is collateral for a loan, the creditor may still be able to repossess that property if you do not repay the loan.
• Debts you have incurred through fraud or by willful or malicious actions are not dischargable. For example, a loan you obtained when you knew you could not repay or certain credit card purchases made immediately before filing bankruptcy, especially the purchases are "luxury" items or services such as a vacation.
• Debts to creditors you did not list in your bankruptcy paperwork are not dischargable.
• Domestic support obligations such as alimony and child support debts are not dischargable.
• Debts payable to any form of government, such as a city or state are not dischargable. • Restitution imposed on you as part of a criminal sentence is not dischargable.
• Student loans are not dischargable.

• - Financial hardship – Serious financial circumstances leave you unable to afford your mortgage.
• - Monthly income shortfall –You cannot afford or soon will not be able to afford your mortgage.
• - Insolvency – You do not have the liquid assets that would allow you to pay down your mortgage.

Google the term “Long Island bankruptcy lawyer”, and you’ll get about 159,000 results (without quotes, it zooms to a whopping 400,000!).

So how are consumers supposed to narrow down the overwhelming amount of choices and find the best Long Island bankruptcy lawyer for their unique situation?

While there are a slew of websites that abound in offering advice on finding the best lawyer for you, we offer a very simple method – one that works well for any situation, including finding the best Long Island bankruptcy lawyer for your particular needs.

This 3-P method of inquiry breaks down what can seem like an arduous and time-consuming task into very doable ‘baby steps’:

PROBLEM:

The first step in getting started is to determine exactly what your problem is. While this might seem relatively simple at first, you might be surprised at what you find.

For example, you might be having problems making your monthly mortgage payment, and feel that your only choice is to file bankruptcy. You “assume” you’ll need a Long Island bankruptcy lawyer.

But what if the reason you’re struggling to make your mortgage payment is really because of high credit card balances and/or interest rates, or that your adjustable mortgage rate skyrocketed and is now unaffordable?

In these two cases, you might be better served by an attorney who specializes in debt consolidation and reduction for the first scenario, and a lawyer who is adept at negotiating loan modifications for the latter.

PROWESS:

Let’s face it:  Experience does count – especially when your fate is in someone else’s hands.

Regardless of the specialty – whether you need a Long Island bankruptcy lawyer, personal injury lawyer, or an attorney who specializes in real estate matters, you need to do your homework and check credentials, backgrounds, and references.

Here is a quick checklist:

Education:  Where and when did the attorney graduate law school?

Experience:   How long has the attorney been practicing law, and how long in the specific area you’re considering hiring him for?

Credentials:  Is the attorney currently licensed to practice law, and if so, in what states?  Are they a member of the American Bar Association or the State Bar Association?  Do they have any additional memberships or affiliations? 

References:  Ask for references – both from current and former clients.

PERSONABLE:

Lastly, there’s the human factor. Despite a great education and years of experience, it’s also extremely important that you feel comfortable with your new attorney. If you feel rushed, or that you’re not being heard, it may be a good idea to listen to your gut and look elsewhere.

By following the simple 3-P method of finding legal help, you can take heart in knowing that you’ve done all you can to make an informed decision. Whether you need the services of a Long Island bankruptcy lawyer or a family law attorney, the 3-P method can help narrow down the choices, so you can find the right attorney for you.

One of the most feared aspects of Long Island bankruptcy proceedings is the “341 Meeting” with creditors. This name is derived from the section of the Federal Bankruptcy Code, 11 U.S.C. 341, that requires a meeting to verify your financial information under oath. These meetings are usually scheduled around 30 days after the bankruptcy petition has been filed.

Most consumers approach this meeting with a sense of dread or apprehension, and one of the biggest reasons for that is the fear of confronting the creditors. However, creditors usually do not appear at this meeting (although they have the right to later contest or dispute any information given in their absence.)

If you have doubts about who will be at the meeting or what will occur, your Long Island bankruptcy lawyer can meet with you ahead of time to discuss the potential events that are likely to unfold, and can answer any questions you have in more detail.

Another common fear is the mistaken belief that you will have to appear before a judge. This is incorrect, as 341 Meetings are presided over by a bankruptcy trustee, not a judge. The trustee will oversee the meeting and ensure that responses are formally put on record.Rest assured, your Long Island bankruptcy attorney will look out for your interests, and advise you as necessary throughout the process.

One of the most pleasant surprises petitioners encounter is that 341 Meetings are usually short (sometimes lasting under five minutes!). While it is a momentous event to you, it’s really just a matter of business as usual for the trustee, who can hear upwards of 20 cases an hour if things go smoothly, as well as your experienced Long Island bankruptcy lawyer who will guide you through the day’s proceedings.

Remember – despite your apprehension, you’ve come this far in the process, and the 341 Meeting is just another step along the path towards financial recovery and freedom. By working with an expert Long Island Bankruptcy attorney, you’ll finish the day that much closer to the final outcome – a fresh start towards regaining your financial footing in life.

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