Bankruptcy Attorney Glen Head

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

Representing Clients in Suffolk County During Bankruptcy

Glen Head, New York is a Hamlet of around 4,700 people that sits within the Town of Oyster Bay in Nassau County, New York. As part of the New York metropolitan area, the town as a vibrant business community that is made up of service provides, boutiques, shops, restaurants, and everything else one would expect form a community of its size.

While Glen Head is a relatively affluent community, its residents and businesses experience financial problems like everyone else. Financial hardship can build over time or can suddenly arise due to the loss of a job, a lawsuit, or medical bills from an illness or injury. In either situation, not being able to pay your bills can be overwhelmingly stressful. Dodging bill collectors and hoping the bank will not take your home or car can be exhausting, and there may seem to be no end in sight.

Fortunately for many people struggling to pay their debts, the law provides bankruptcy as a possible solution to provide financial relief. Deciding to file for bankruptcy is an important decision that should be carefully considered—while qualifying for and completing the bankruptcy process can be complicated. If you would like to learn more about your options for financial relief, please seek the guidance of New York bankruptcy attorney Ronald D. Weiss. Our office serves clients in and around Glen Head and throughout Suffolk and Nassau Counties, so please call us today.

Evaluating Your Options

The first and most important question to ask is whether bankruptcy is the right solution for you. Other, less drastic debt relief options are available and may be more appropriate when you are in the earlier stages of financial hardship. In addition, bankruptcy may not make sense due to the types of debts you primarily have, so our attorneys will explore methods of managing those debts other than bankruptcy.

If you do decide that filing for bankruptcy is the right move for you, you still have more decisions to make. You must determine what type of bankruptcy you should file, as there are different options. Our legal team can examine the details of your financial situation to help identify the best course of action for you. Some important factors may include the following:

• The nature and amount of your debt;
• Your income;
• Your assets and property;
• Whether your home is threatened by foreclosure;
• Whether your cars may be repossessed;
• Whether you own a small business;
• Whether you own a larger corporation

Evaluating all of these factors can help us determine whether you should file for any of the following types of bankruptcy:

Chapter 7 Bankruptcy in Glen Head

Chapter 7 bankruptcy is called “liquidation” bankruptcy, because the court will liquidate certain assets and property in exchange for discharging qualifying debts. Many people view Chapter 7 bankruptcy as preferable because debts can be discharged without any required payment plan. While people may lose certain property to liquidation, the law provides exemptions that can be applied by your attorney to strategically protect as much property as possible. However, if you are a business owner, you do not have access to any exemptions and your entire operation will be liquidated to pay toward your debts prior to discharge.

Chapter 7 bankruptcy does have some drawbacks for some people, however. First, only specific types of debt are dischargeable under Chapter 7. For example, if you have mostly student loan debt or secured debt, this type of bankruptcy may not sufficiently improve your situation. Further, Chapter 7 has strict qualification requirements, and if your income is too high, this type of bankruptcy may not be an option for you.

Chapter 13 Bankruptcy Glen Head

Chapter 13 bankruptcy is referred to as “reorganization” bankruptcy, because instead of seizing any property for liquidation, the court will reorganize your debts and require that you make a single monthly payment for three to five years, depending on your circumstances. Only after you have completed the payment arrangement can your remaining debts be discharged. While a payment arrangement may not be preferable, this type of bankruptcy is beneficial for people who earn too much to qualify for Chapter 7 or who have extensive assets and property that Chapter 7 exemptions cannot protect.

Chapter 13 also can help you prevent foreclosure or repossession, because mortgage and auto loan arrears can be included in the payment arrangement. The payments will also be based on your income, and an attorney can fight to ensure the payment set by the court is manageable and reasonable in your situation. Chapter 13 bankruptcy is only available for individuals, however, and not for businesses.

Chapter 11 Bankruptcy Glen Head

While Chapter 11 bankruptcy may be used by individuals who do not qualify for either Chapter 7 or Chapter 13, this type of bankruptcy is most often filed by businesses that are aiming to remain in operation and do not want to be liquidated under Chapter 7. Chapter 11 is another example of a reorganization bankruptcy, as a business has the opportunity to reorganize its debts to reduce its obligations and preserve assets. The business will operate under court supervision for a period of time, during which it will need to report all financial information to the court to ensure it is not spending unnecessarily and that the reorganization is reasonable based on the organization’s revenue.

Many Chapter 11 bankruptcies are successful, and a business will continue operating with less debt and a better financial strategy. However, if a business cannot keep up with a plan under Chapter 11, the bankruptcy can be converted to Chapter 7 for liquidation and the discharge of its debts.

Contact an Experienced Glen Head, New York Bankruptcy Law Firm Today

No matter what type of bankruptcy you file, the process is complicated and guided by strict rules and requirements. A skilled bankruptcy attorney will know how to help you avoid any unnecessary delays or complications while ensuring that you reap all the potential benefits of your bankruptcy case.

At the Law Office of Ronald D. Weiss, we regularly represent both individuals and businesses that need to regain control of their financial situations. In addition to our work in bankruptcy law, we are qualified to help clients with legal needs related to mortgage modification and foreclosure. We will thoroughly evaluate your situation and provide knowledgeable guidance regarding your options. Should you choose to file for bankruptcy, we can handle every step of the case on your behalf.  Please call our office at (631) 271-3737 or contact us online today for more information.