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Huntington is a beautiful town located on the north shore of Long Island. Huntington is the home of the Van Wyck-Lefferts Tide Mill[1], the only surviving mill in Huntington, built in 1795.  The historic site provided a way for farmers to transform their oats, wheat, and corn into flour which makes the mill an important part of Huntington’s agricultural history.
Residents of Huntington who are facing financial difficulties can contact the skilled legal team at the office of Ronald P. Weiss to discuss bankruptcy and other financial solutions.   The U.S. Bankruptcy Court Eastern District of New York[2] reports that in 2015, 3,590 bankruptcy Petitions were filed in Suffolk County alone.

When Should You Consider Filing a Huntington Bankruptcy?

The decision to file for bankruptcy is very personal and should be discussed with an experienced Huntington 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.

Types of Huntington Bankruptcies

There are several different types of bankruptcy provided under the U.S. Bankruptcy Code, each with its own rules and procedures:
Chapter 7
Chapter 7 Bankruptcy is titled “Liquidation” in the Code since most of the debtor’s assets are sold for cash (or “liquidated”) and used to pay creditors. However, there are certain limits to which assets may be liquidated which can be explained by an experienced Huntington bankruptcy attorney.  A Chapter 7 filing where there is little or no nonexempt property is called a “no-asset case.” Creditors holding unsecured claims, such as credit card issuers, typically do not receive proceeds unless it is an asset case and the creditor has filed a proof of claim with the court.  A means test is used in a Chapter 7 filing to determine whether or not the debtor has too much income to qualify for the filing.
Chapter 13
Chapter 13 Bankruptcy is titled “Adjustment of Debts of an Individual with Regular Income.” Unlike Chapter 7, Chapter 13 is best suited to debtors with regular income. Those who file under Chapter 13 typically are able to hold onto valuable assets, such as a house and car. Instead of liquidating assets, Chapter 13 debtors work out a plan to repay creditors over a longer period of time, usually three to five years.  The court either approves or rejects the repayment plan at a confirmation hearing, based on whether it meets requirements established by the Code. The main difference, as opposed to Chapter 7, is that the Chapter 13 filer typically remains in possession of the property and makes payments to creditors through the trustee. The plan is based on the debtor’s projected income over the life of the bankruptcy plan. The debtor does not receive an immediate debt discharge upon approval, but must complete payments first.
While the plan is in effect, the debtor is shielded from wage garnishments, lawsuits, and other creditor or collections actions. Additionally, debtors may be able to eliminate more debts under the Chapter 13 discharges.
If the debtor’s current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years in accordance with the terms of 11 U.S.C. §1322(d)[3].
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7, which can be explained by an experienced Islip bankruptcy lawyer.  Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of Chapter 13 is that it allows individuals to reschedule secured debts, other than a mortgage for their primary residence, and extend them over the life of the Chapter 13 plan. Doing this may lower the payments.

What is a Huntington Bankruptcy Discharge?

A bankruptcy discharge[4] releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls, letters, and personal contacts. The bankruptcy discharge varies depending on the type of case the debtor files such as Chapter 7 or Chapter 13.

Contact an Experienced Huntington Bankruptcy Attorney

It can be difficult to acknowledge that you need help getting out of debt, or that you cannot do it alone, but that is why our government has bankruptcy laws.  If you have an insurmountable amount of debt, it may be time to face financial facts. With the right lawyer, filing bankruptcy may give you the financial footing you need to get a fresh start.
If you are struggling to pay your bills it is important to speak to a Huntington 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. Our office is located in Melville, New York and is easily accessible to Huntington residents from New York Avenue.  Take New York Avenue toward Crescent Gate, then a right onto Walt Whitman Road. If you need further directions or wish to review all of your bankruptcy solutions,Bankruptcy Attorneys for Huntington Residents
References
[1] http://huntingtonhistoricalsociety.org/van-wyck-lefferts-tide-mill/
[2] http://www.nyeb.uscourts.gov/statistics?field_stat_date_value_1%5Bvalue%5D%5Byear%5D=2015
[3] https://www.gpo.gov/fdsys/granule/USCODE-2011-title11/USCODE-2011-title11-chap13-subchapII-sec1322
[4] http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics