Long Beach1 is a city that sits just South of Long Island in Nassau County, New York. At the time of the 2010 Census, Long Beach had a population of 33.275. The city lies just 43 miles from New York City and is accessible by highway and rail.
Like any other city in the United States, people and businesses in Long Beach experience financial problems, often through no fault of their own. Some of the more common causes of financial issues include economic downturns, over utilization of credit, accidents, illness, or job loss. These and other issues can lead to significant financial stress and an inability to meet your monthly obligations. Fortunately, when this occurs, it bankruptcy can often provide significant relief and may even be able to completely eliminate debts
Bankruptcy is never a one-size-fits-all solution, and there are many types of bankruptcy for which you could file. Whether a particular type of bankruptcy is right for depends on a number of factors, including the types of debts you have, your income, your assets, and your financial goals. Here is some information about the types of bankruptcy we handle at the Law Office of Ronald D. Weiss, P.C.
Chapter 7 bankruptcy,2 also known as a “liquidation bankruptcy,” is the most common type of consumer bankruptcy. It is known as a liquidation bankruptcy because it involves the liquidation of the debtor’s non-exempt assets. The proceeds of this liquidation are then used to pay off his or her debts. In most cases, any outstanding debts that remain are discharged, which means that the debtor is under no legal obligation to pay them back. Most debts are dischargeable in Chapter 7, with a few notable exceptions, including student loans, child support, and some tax debts.
Chapter 13 is a type of bankruptcy that allows debtors to pay their debts back over a period of 3 to 5 years and keep their property in the process. In this type of bankruptcy, a debtor proposes a payment plan to the court and, if it is approved, he or she makes one monthly payment to a bankruptcy trustee who then distributes payments to creditors. While a debtor is making regular payments, he or she is protected from any collection activity on the part of creditors. At the conclusion of the bankruptcy, many debts can be discharged if certain conditions are met.
Chapter 11 is a type of bankruptcy that is available to both business and individuals but is primarily used by corporate entities. It allows trustee to continue operating a business while it makes regular payments to a bankruptcy trustee. In addition, a business that files for Chapter 11 bankruptcy is subject to court supervision regarding business decisions. When a Chapter 11 plan is confirmed, it generally results in the discharge of debts that arose before the confirmation.
Bankruptcy law can be extremely complicated, and the process of filing is often difficult for non-lawyers to navigate. Fortunately, there is help available. To schedule a consultation with a Long Beach, New York bankruptcy attorney, call the Law Office of Ronald D. Weiss, P.C. today at 631-271-3737 or contact us online.