Bankruptcy Attorney Bohemia Chapter 7

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Helping Clients through the Chapter 7 Bankruptcy Process in Bohemia, New York

In recent years, many people have left Queens, Brooklyn, and western Long Island to move south to the area called Bohemia. Bohemia already had a diverse ethnic population and this continues with the new influx of people choosing to call Bohemia home. Bohemia attracts new residents for many reasons—residents can still commute to Manhattan if they need to via the LIRR. They are only a short ferry ride away from some of the beautiful and quiet beaches of Long Island. There is a lovely state park and a historical society providing access to nature and culture. Bohemia is also home to the Long Island MacArthur Airport, which allows you to travel to Florida, Chicago, Las Vegas, and other destinations without dealing with LaGuardia or JFK.
With all of the growth in Bohemia, you would expect that everyone in the area was simply enjoying their lives. However, many residents have stress that keeps them up at night—in many cases, financial stress. This may be due to the fact that the cost of living is higher than that of the state of New York and the U.S. as a whole. This is largely due to a median home cost that is well above the state and national averages. Whether you rent or own, living in Bohemia can be expensive and can put financial pressures on a lot of families.
If you live in or around Bohemia, New York and are struggling to make ends meet, you may spend your days ignoring collection calls and letters and wondering if there is a way out. The legal team at the Law Office of Ronald D. Weiss is here to tell you there are solutions that can help get your finances back on track. We regularly advise clients regarding debt relief options, including filing for Chapter 7 bankruptcy. Read on for more general information and call our office if you would like to discuss your individual situation.

The Chapter 7 Bankruptcy Process

Most people have heard of Chapter 7 bankruptcy but that actual process may be a bit of a mystery. This type of case is often referred to as a “liquidation bankruptcy” or a “straight bankruptcy.” The process takes significantly less time than other types of bankruptcy, such as Chapter 13 or Chapter 11. Both consumers (individuals and married couples) and companies can file for Chapter 7, and it is common among smaller businesses. To know if Chapter 7 is right for you, talk to a knowledgeable attorney today.
Means Test and Petition
In order to qualify for Chapter 7 bankruptcy, consumers must pass the “means test.” If your monthly income is lower than the median household income in New York, you qualify for Chapter 7. If your monthly income is higher, your attorney can then identify any qualified expenses to subtract from your income to determine your disposable income. If this disposable income is lower than the median, you can then file a Chapter 7 case. Your lawyer can help you complete the complicated paperwork needed to file your petition, ensuring that everything is accurate to avoid any delays or dismissals.
Liquidation
There is a reason that Chapter 7 bankruptcy is called the liquidation bankruptcy. Instead of expecting you to make payments toward your debts, the bankruptcy trustee will instead try to liquidate as much or your property as possible to pay your creditors. No one wants to risk losing their property, and the good news is that your lawyer can apply numerous exemptions to protect certain assets and property. Some Chapter 7 filers do not lose any property due to these exemptions.
In the case of a business, there are no exemptions available. Instead, all inventory and other assets will be liquidated, generally liquidating the entire enterprise. For this reason, Chapter 7 bankruptcy is often not an appropriate option if a company wants to remain in operation following the bankruptcy. For other options, consult with our skilled NY bankruptcy law firm.
Discharge
Any liquidation is often worth it, as the payoff is the court’s discharge of all of your eligible debts. Many types of debt can be discharged, meaning that you are no longer legally expected to pay them and your creditors may no longer legally try to collect payment. Many people discharge the following in a Chapter 7 case:

• Medical bills
• Collection accounts
• Credit card balances
• Unsecured personal loans
• Most legal judgments
• Certain past tax debts
• Past due rent and utilities
• Benefit overpayments

For many people, this discharge can wipe their debt slate clean so they can start over in control of their financial future.
The above is only a brief look at some steps in a Chapter 7 case. Please call our office for a more detailed explanation so that you can understand the process before deciding whether you want to pursue a case.

The Effects of Chapter 7 Bankruptcy

Many people worry about the long-term effects of bankruptcy on their lives. It is true that bankruptcy will report on your credit for years. However, without bankruptcy, delinquencies and defaults can also destroy your credit, so bankruptcy may be an improvement in some cases due to clearing your debts and collections.
Additionally, some think there is a stigma that comes with filing for bankruptcy. We have seen firsthand that most people have valid reasons for pursuing a bankruptcy case, such as a costly medical event, being suddenly laid off, or other problems beyond their control. You should not worry about any stigma associated with bankruptcy, as most people file a petition in an attempt to responsibly take control of their lives.

Call Our Bohemia Chapter 7 Bankruptcy Law Firm for More Information

If you are interested in discussing whether bankruptcy may be right in your situation, please call the Bohemia Chapter 7 lawyers at the Law Office of Ronald D. Weiss. Call (631) 271-3737 or contact us online to speak to a member of our team and get started on a possible case.