Fort Salanga Bankruptcy Attorney

Bankruptcy Lawyers in Fort Salanga Working with Businesses and Individuals Experiencing Financial Difficulty

Fort Salanga¹ is a hamlet of approximately 10,000 people in Suffolk County. It is located on the North Shore of Long Island and is named after a British revolutionary war fort that was once located between the towns of Smithtown and Huntington.

In the present day, Fort Salonga is a community that is considered by many to be the easternmost town of Long Island’s Gold Coast, an area known for its wealthy inhabitants and palatial residences. While Fort Salonga is undoubtedly one of the United States’ more affluent communities, it nonetheless remains vulnerable to the economic pressures and issues that affect towns and cities all over the country. Currently, there are people living in Fort Salonga who are experiencing financial stress and unable to keep up with their bills; these individuals may benefit from bankruptcy.

At the Law Office of Ronald Weiss, we understand how stressful financial problems can be and are committed to finding the best solution for each of our clients. We offer free consultations and will take the time to fully understand your financial situation before recommending a course of action. To schedule an appointment with one of our attorneys, 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

It is important to understand that filing for bankruptcy is not the end of the world. It will not leave you penniless, nor will it result in the permanent inability to get a credit card or finance large purchases such as a house or a car. That being said, filing for bankruptcy is a major decision and should only be pursued after a thorough consideration of all the facts. If you actually can afford to pay your debts, you may not even be eligible to file for bankruptcy because of the means test² used under the U.S. Bankruptcy Code.

Whether bankruptcy will be able to benefit you depends on a number of factors, including the following:

• Your income compared to your total debt
• Whether your debts are dischargeable or non-dischargeable
• Your financial goals
• Your assets and whether you want to protect or keep them
• Whether you have filed for bankruptcy in the past

Bankruptcy is a complicated legal matter, and it is highly advisable to consult with an attorney before taking any steps toward filing. The assistance of a lawyer will ensure that you are fully aware of your rights and responsibilities under the bankruptcy code as well as all potential outcomes.

Helping Consumers and Businesses Choose the Appropriate Type of Bankruptcy

There are multiple forms of bankruptcy available in the United States law, all with different benefits and drawbacks. Some of the issues that will determine which type of bankruptcy is most appropriate in your situation is whether you are filing as a business or an individual, whether you have regular income, and what you want to achieve in bankruptcy. At the Law Office of Ronald Weiss, we assist clients with Chapter 7, Chapter 11, and Chapter 13 bankruptcies. Here is some basic information about these types of bankruptcies.

Fort Salanga Chapter 7 Bankruptcy

Chapter 7 bankruptcy³ is the most commonly filed form of consumer bankruptcy in the United States. In a Chapter 7 case, a debtor’s non-exempt assets are liquidated and the proceeds are used to pay off his or her outstanding debts. Many types of debt that are left over after a Chapter 7 bankruptcy can be discharged, meaning that the debtor who filed is no longer under any legal obligation to pay them back. Some of the categories of debt that are often discharged in Chapter 7 bankruptcy include the following:

• Credit card debt
• Medical bills
• Past-due rent
• Utility bills
• Certain tax debts
• Personal loans
• Auto loans
• Business debts
• Collection accounts
• Civil judgments

Importantly, filing for Chapter 7 does not mean that all of your assets will be sold off. The exemptions available are substantial and allow filers to keep a certain amount of equity in their homes and vehicles and up to a certain value of personal property, such as bank accounts, clothing, jewelry, furniture, and work tools. In fact, most Chapter7 cases are “zero asset” cases, meaning that debtors have no non-exempt assets reachable by the court.

Chapter 11 Bankruptcy

While available to both individuals and businesses, Chapter 11 bankruptcy⁴ is used primarily by businesses because of the significant reporting requirements and costs involved. It is a type of reorganization bankruptcy that involves the debtor proposing a payment plan to the court that pays debtors back at least part of what they are owed. One of the main benefits of Chapter 11 for businesses is that it allows a business to continue operating as a “debtor in possession” and act as its own trustee. While a business is “in” Chapter 11, it is protected from collection activities, but certain major business decisions are subject to court approval.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy⁵ is a type of reorganization bankruptcy that is only available to consumers. In Chapter 13, a debtor enters into a court-approved payment plan that can last anywhere from three to five years. While the debtor is making payments, creditors are prevented from engaging in any type of collection activity, such as filing a lawsuit to collect a debt, repossessing a house or a car, sending letters, or making phone calls. At the conclusion of a Chapter 13 bankruptcy case, many of the debtor’s remaining debts are often discharged.

Call Us Today to Speak with a Fort Salanga Bankruptcy Lawyer

At the Law Office of Ronald D. Weiss, we are committed to helping individuals and businesses in the Fort Salanga area obtain a fresh financial start through bankruptcy. We will carefully review your situation and advise you as to your legal options. In addition to our work in bankruptcy, we also practice in the areas of foreclosure defense, landlord-tenant defense, mortgage modifications, and collection litigation defense. To schedule your free consultation, call our office today at 631-479-3455 or send us an email through our online contact form.

1 http://fortsalonga.org/

2 https://www.justice.gov/ust/means-testing

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

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

5 http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics