Bankruptcy Attorney Dix Hills

Providing Legal Advice and Representation Regarding Bankruptcy to Businesses and Individuals in Dix Hills and the Surrounding Areas

Dix Hills is a hamlet of approximately 27,000 people that sits on Long Island in the Town of Huntington, New York. Recognized as one of the most affluent U.S. neighborhoods in 2008 by Forbes,1 the area boasts various options for shopping, dining, and entertainment, and has all of the modern amenities that you would expect from a wealthy American suburb.

While Dix Hills may seem like a relatively idyllic place to live and work, the reality is that people and business in Dix Hills are subject to the same financial pressures as the rest of the country. When you get behind on your bills, it can feel impossible to get back on track. In some cases, you may be facing extremely serious adverse action from your creditors, including repossession, foreclosure, and lawsuits to collect outstanding debts.

It is critical to understand that ignoring financial problems will not make them disappear. Actually, doing so can often make the issues worse and result in more serious repercussions down the line. Fortunately, in some cases, filing for bankruptcy can immediately improve your financial situation and may even be able to completely eliminate certain debts.

At the Law Office of Ronald D. Weiss, we work with businesses and individuals in and around Dix Hills to help them resolve their financial issues and obtain the fresh start offered by bankruptcy. To schedule a free consultation with one of our Dix Hills bankruptcy lawyers, call our office today at 631-271-3737 or send us an email through our online contact form.

Determining Whether Bankruptcy Is Right for You

While we practice primarily in the area of bankruptcy and consumer protection law, we understand that bankruptcy is not a one-size-fits-all solution to financial problems. If your debts are simply causing you to “tighten your belt” a little—perhaps by forgoing your annual family vacation or reigning in discretionary spending—it is probably the case that you should simply pay off your debts rather than file for bankruptcy.

The reality is that bankruptcy is not an appropriate solution to relatively minor financial problems. There are some downsides to filing for bankruptcy—for example, a bankruptcy can stay on your credit report for several years and result in higher interest rates. It can also make it difficult to obtain financing in the future. As a result, the decision to file should always be carefully considered. In fact, the means test may prevent you from filing at all if your income is too high when compared to your debts.

Some of the issues that may be relevant to whether you can or should file for bankruptcy include the following:

• Your total debt level
• Whether your debt is secured or unsecured
• Whether your debt is dischargeable
• Whether you recently have purchased any luxury items
• Whether you have filed for bankruptcy in the past
• Assisting Clients with Chapter 7, 11, and 13 Bankruptcies

In the event that filing for bankruptcy is appropriate in your situation, the next thing you need to determine is which type of bankruptcy is right for you. There are several different types of bankruptcy available under U.S. law, including Chapter 7, 11, and 13. Some basic information about each is discussed below.

Chapter 7 Bankruptcy – Chapter 7,2 also known as a “liquidation bankruptcy,” is a type of bankruptcy that involves the sale of a debtor’s non-exempt assets. The proceeds from the sale of these assets are then used to pay off any outstanding debts the filer may have. After a Chapter 7 bankruptcy is complete, all eligible debts are discharged, meaning that the debtor is no longer under any legal obligation to pay them back. Importantly, the bankruptcy exemptions available are fairly extensive, and many filers are able to keep all of their assets while enjoying the benefits of bankruptcy. Chapter 7 is available to both individuals and business, but businesses typically are required to wrap up operations when filing for Chapter 7.

Chapter 11 Bankruptcy – Chapter 113 is a type of reorganization bankruptcy that is available to both individuals and businesses. This type of bankruptcy is filed more often by larger corporations because of its high cost and burdensome reporting requirements. In a Chapter 11 bankruptcy, a debtor proposes a repayment plan that is subject to certain rules that protect the rights of creditors. Perhaps the most apparent benefit of a Chapter 11 bankruptcy is that it allows a business to continue to operate as a “debtor in possession” and act as its own bankruptcy trustee.

Chapter 13 Bankruptcy – Chapter 134 is a type of reorganization bankruptcy that is only available to individuals. In a Chapter 13 case, a debtor proposes a repayment plan that will last anywhere from three to five years. This type of bankruptcy allows consumers to retain their property while they are “in” bankruptcy and protects them from any collection activities by creditors as long as they keep up with their monthly payments to the court. In many cases, Chapter 13 is used to save a home from foreclosure or protect other important assets. At the end of a Chapter 13 plan, many remaining debts are often discharged.

Call Us Today to Speak with a Dix Hills Bankruptcy Lawyer

If you are experiencing financial problems, you should speak to an attorney about your options as soon as possible. At the Law Office of Ronald D. Weiss, we are qualified to handle both consumer and business bankruptcies and work hard to ensure that our clients avail themselves of all the protections and benefits available under the bankruptcy code. We will review your financial circumstances and advise you regarding your legal options.

Our lawyers provide representation and counsel to clients in Dix Hills and throughout Nassau and Suffolk Counties. To schedule your free case evaluation with an attorney, call our office today at 631-271-3737 or send us an email through our online contact form.

1 https://www.forbes.com/2008/12/08/america-affluent-neighborhoods-forbeslife-cx_ls_1209realestate_slide.html

2 http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics

3 http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics