Manhasset, New York is a hamlet on the North Shore of Long Island and is home to about 8,300 people. The population generally enjoys a good standard of living, with a median household income of more than $107,000 and employment growing by more than 11 percent in recent years. However, living in this area of New York can be expensive, as average property values are over $916,000 and the cost of living is significantly more than the national average.
Property values are, in part, rising due to word spreading about all Manhasset has to offer. The Wall Street Journal named Manhasset as the number one town to raise children in the New York metropolitan area. Parents can easily raise their kids in the quieter area of Manhasset while working in the city as the Long Island Rail Road (LIRR) can get them to from Manhasset to Penn Station in just 40 minutes—and even less on an express train. This way, their kids can reap the benefits of the top-rated Manhasset School District and the many parks and other amenities in the town while their parents work in Manhattan.
Manhasset has been featured in—or has been the inspiration for—many notable popular culture works. From the Great Gatsby to the TV show The Good Wife to the recent film This is Where I Leave You, Manhasset serves as a charming location for any story—as well as in real life. The town has been home to many famous and successful people, including professional sports players, entertainers, politicians, and of course, the Vanderbilts for a period of time.
Whether you choose to live in the Plandomes, Munsey Park, or the Strathmore Vanderbilt area, you can choose from unique colonial homes, Spanish architecture, waterfront properties, and more. You can build a home in Manhasset and have access to dining, entertainment, education, luxury retail at the Americana, libraries and other public amenities, among many other benefits.
While the people here in Manhasset may enjoy nice homes, high-end shopping, and many other amenities, just below the surface, many individuals and households may be struggling financially. Credit card debt can build quickly, and unexpected medical bills or legal issues can seriously threaten a financial situation. For this reason, many people in and around the Manhasset area may need assistance with debt relief, which can include filing for bankruptcy.
When residents or business owners in Manhasset decide to file bankruptcy, they generally must file with the United States Bankruptcy Court for the Eastern District of New York. According to court statistics, the following bankruptcies were filed in 2017 by people in Manhasset and throughout Nassau County:
This means that individuals, married couples, and business owners initiated a total of 3,282 cases in Nassau County—many of which came out of Manhasset. While Chapter 7 is often considered to be the most popular type of consumer bankruptcy, you can see that more people filed under Chapter 13 than under Chapter 7 in the Manhasset area. This may be due to the higher median household income related to the rest of the United States, as well as the higher property values. After all, property values can easily be close to $1 million and the New York Homestead Exemption in Nassau County only protects a fraction of that amount (CLPR § 5206). For this reason, many people may find Chapter 13 to be the preferable route. An experienced Manhasset bankruptcy lawyer will review your situation and advise you of your best options.
Lawmakers understand that debt can become overwhelming and they created the bankruptcy process to help those who are struggling to pay their debts find relief. Whether your debts are due to poor financial decisions, a failed business, an unexpected illness or injury, divorce, or any other reason, it is worth it to discuss your options with a highly experienced bankruptcy attorney as soon as possible.
Manhasset, NY 11030
You do not have to simply exist underwater when it comes to debt—please call the Law Office of Ronald D. Weiss if you have questions about your options. We have an office conveniently located in Manhasset at 1129 Northern Blvd, Suite 404. Please contact us to set up an appointment today.
Making the decision to file for bankruptcy should be a process with the assistance of a skilled bankruptcy attorney. You should first explain your situation to your attorney and explore any other options that may help you find debt relief. In some situations, debts can be resolved with a phone call from your attorney to your creditor and the full bankruptcy process is not necessary.
In addition, the assistance bankruptcy can provide can largely depend on what types of debt you have. If you have debts that are mostly non-dischargeable in bankruptcy, there may be a better solution for you. Attorney Ronald Weiss will review your circumstances and carefully discuss whether bankruptcy is the best choice in your situation.
Once you have decided to file for bankruptcy, you must determine which type of bankruptcy will provide the most benefits for you. There are different options based on who is filing and many financial factors. Some factors that should be reviewed include:
Income – Chapter 7 bankruptcy is largely reserved for those people who have lower income. If you are an individual or married couple and your income is above a certain threshold, you will not pass the “means test” and you will likely have to file for Chapter 13 bankruptcy instead.
Assets – Chapter 7 bankruptcy discharges many debts in exchange for the liquidation of certain assets and property that you have. In many cases, exemptions can be used to protect your property, however, if you have many assets or property that you want to keep, you may be better off filing for Chapter 13 bankruptcy.
Types of debt – While Chapter 7 discharges many types of debt, it mostly deals with unsecured debt and cannot touch certain types of debt. If you have mostly credit card balances and medical debt, Chapter 7 will likely provide the needed relief. On the other hand, if you have mostly mortgage arrears, student loans, or auto loans, Chapter 7 will not be able to relieve you of most of those debts and you may need to consider another type of bankruptcy.
Business filings – If you are a business owner, you have two primary choices when it comes to bankruptcy—Chapter 7 or Chapter 11. One of the main factors in selecting the right type of bankruptcy is whether you are trying to continue operations after the bankruptcy or not. This is often not an option in a business Chapter 7 bankruptcy, so you should make this decision with careful consideration.
These are not the only factors that can help you determine which type of bankruptcy is best in your case. Our office regularly handles Chapter 7, Chapter 13, and Chapter 11 bankruptcy cases and can assist you no matter what type of case you file.
The exact path of a bankruptcy case will depend on the type of bankruptcy filed and other details of your specific case. However, the following are some brief overviews of the different bankruptcy processes.
As in any bankruptcy case, Chapter 7 bankruptcy begins by filing a petition for bankruptcy along with supporting documentation to the court. As part of that documentation, you will need to pass the means test in order to qualify for this type of case. An automatic stay will go into effect upon filing, which halts all collection attempts and legal claims against you.
A Chapter 7 trustee will then determine which of your property and assets may be seized and liquidated, with the proceeds going toward certain debts. After the liquidation phase, the court can discharge the rest of your qualified debts.
Chapter 13 does not involve liquidation of your property but instead requires you to make payments for a certain period of time before you can obtain a discharge. You file a petition with the court and get the benefits of the automatic stay. The bankruptcy trustee then determines a reasonable payment amount and term (usually three or five years) based on your income and expenses. Your attorney can help to ensure that your payment is reasonable.
When you make a payment, the court will distribute that payment to your creditors in order of priority. Once your plan is completed, any remaining qualified debts can be discharged. This type of bankruptcy can help you pay off your mortgage and auto arrears to avoid foreclosure or repossession.
Chapter 11 bankruptcy is available for individuals who do not qualify for Chapter 13 or Chapter 7, though this type of bankruptcy is most used by businesses that are trying to remain in operation after bankruptcy. In this type of case, debts are reorganized similarly to Chapter 13. In this type of case, the court names a business owner or filer as a “debtor in possession” and that person serves the functions of a bankruptcy trustee. They will need to report significant information to the court and may need to follow the court’s instructions about operations and finances. This can be a complex case and can be converted into a Chapter 7 case if the debt reorganization is not successful.
Any type of bankruptcy case can be complex and it is important to be represented by an experienced Manhasset bankruptcy lawyer from the very beginning. Please schedule a free case estimate by calling the Law Office of Ronald D. Weiss at (631) 271-3737 or contact us online today.
1129 Northern Blvd
Manhasset, NY 11030