Babylon Bankruptcy Attorneys

• Bankruptcy Solutions
• Foreclosure Solutions
• Modification & Negotiation
• Credit Card Debt Relief

Bankruptcy Attorneys For Babylon Residents
Babylon is one of ten towns in Suffolk County, New York, located on Long Island.  The town borders Nassau County to the West and the Atlantic Ocean to the South. 
Residents of Babylon who are experiencing financial struggles can contact the office of Ronald P. Weiss to discuss bankruptcy options and solutions.  The U.S. Bankruptcy Court Eastern District of New York^[1] reports that 3,590 Bankruptcy Petitions were filed in Suffolk County in 2015.  During that year, 2,742 were Chapter 7 Petitions and 815 were Chapter 13 Petitions.
Bankruptcy Laws 
Article I, Section 8, of the United States Constitution^[2] authorizes Congress to enact “uniform Laws on the subject of Bankruptcies.” Under this grant of authority, Congress enacted the “Bankruptcy Code” in 1978. The Bankruptcy Code, which is codified as title 11 of the United States Code, has been amended several times since its enactment. It is the uniform federal law that governs all bankruptcy cases.
The procedural aspects of the bankruptcy process are governed by the Federal Rules of Bankruptcy Procedure (often called the “Bankruptcy Rules”) and local rules of each bankruptcy court. The Bankruptcy Rules contain a set of official forms for use in bankruptcy cases. The Bankruptcy Code^[3], Bankruptcy Rules and local rules set forth the formal legal procedures for dealing with the debt problems of individuals and businesses.
When Should You Consider Filing a Babylon Bankruptcy? 
The decision to file for bankruptcy is very personal and should be discussed with an experienced Babylon bankruptcy attorney who can review all of the applicable bankruptcy and non-bankruptcy options.  It might be time to consider a bankruptcy filing, however, if you have one or more of these issues:

• Foreclosure: You are facing foreclosure on your home because of unpaid mortgage payments
• Debts: Your unsecured debts are greater than one year’s gross income
• Garnishment: Your wages were garnished to satisfy unpaid debts
• Collections: You are receiving collection phone calls or letters from one or more debtors because you are more than 30 days behind on monthly bills.
• Medical bills: You and your family have mounting medical bills that are not covered by insurance.

Chapter 7 Bankruptcy in Suffolk County 
There are several different types of bankruptcy petitions.  Only a Suffolk County bankruptcy attorney can determine which petition is appropriate based upon your financial situation.  One type of petition, filed in accordance with Chapter 7, is often called a liquidation bankruptcy as it gives debtors a fresh start. A Chapter 7 filing requires individuals to turn over non-exempt assets including furniture, jewelry, and household contents, which are sold to pay creditors. In return, debtors usually receive a discharge of their debt with the exception of certain types of non-dischargeable debt such as alimony, child support, certain taxes and student loans. This form of bankruptcy provides for the relatively quick elimination of most debts and does not require payments to creditors after the bankruptcy filing.  Because not all people can file Chapter 7, such as people with higher incomes, it is necessary for a Babylon bankruptcy attorney to decide the most appropriate filing in your individual case.    
What Documents Do I Need to File a Babylon Bankruptcy? 
Before you schedule an appointment with a Babylon bankruptcy attorney to discuss your options, there are several documents that you need to gather including:

• Tax Returns

You will usually need to provide copies of your tax returns or tax transcripts for the last two years.  If you have unfiled returns, you will need to explain why you were not required to file. Some trustees may require more tax returns, but it will be helpful to have copies of the past two years to review with your attorney.

• Income Documentation 

If you are an employee, you will need copies of paystubs for the six-month period prior to the bankruptcy and your last two W-2 statements. If you are self-employed, you will probably need to provide a profit and loss statement for the same six-month period as well as business bank statements to verify the amounts on the statement. If you have income from other sources such as social security, disability, or rental properties, proof of this income is also required.  It is important to bring as many records as you have to review with your lawyer.
You also need information on all other sources of money that come into your household, such as regular gifts from others, support, part-time jobs, the sale of property, rent, and anything else that comes to mind. You may not have to include it all, but it sure will be easier for your attorney to prepare your documents with all your information easily available.

• Real Estate

 If you own real estate, you will need to provide information regarding the current value of the property, mortgage statements showing the current loan balance, and proof of homeowners’ insurance.

• Vehicles 

If you own a vehicle you will need to provide copies of your registration, proof of insurance as well as information confirming the current value of the automobile, motorcycle and/or truck.  If there is a loan owed on the vehicle, you will also need to confirm the balance owed and the amount of the monthly payment.

• Retirement and Bank Accounts 

Recent bank and retirement account statements usually have to be provided to the bankruptcy trustee for all accounts.

• Miscellaneous 

If you have any other special circumstances affecting your bankruptcy such as being required to pay alimony or child support or other unusual expenses, you will need to show proof of these expenses.

• Bills: You need to provide copies of all recent bills and collection letters.  If the accounts have been turned over to collections, you probably want to find the original creditor’s bill.  Credit reports do not have all the information needed, nor does a credit report have a complete list of everything that an individual owes.

Contact a Babylon Bankruptcy Attorney
If you are unable to pay your debts it is important to speak to a Babylon bankruptcy attorney who can interpret and apply federal and New York laws and discuss all of the issues that may arise from your financial situation.  The bankruptcy process is complex and relies on legal concepts like the “automatic stay,” “discharge,” “exemptions,” and “assume” making it necessary to contact an experienced bankruptcy attorney.
Our office is located in Melville, New York and is easily accessible from Babylon from Wellwood Avenue/County Hwy-3.  Turn right onto Broadhollow Road/NY-110 and drive to Walt Whitman.  If you need further directions or want to discuss bankruptcy solutions, call the office of Ronald P. Weiss today at (631) 296-0361.
References:
[1] http://www.nyeb.uscourts.gov/statistics?field_stat_date_value_1%5Bvalue%5D%5Byear%5D=2015
[2] http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/process-bankruptcy-basics
[3] https://www.law.cornell.edu/uscode/text/11