Manhasset Chapter 13 Bankruptcy

Handling Chapter 13 Bankruptcy Cases for Clients In and Around Manhasset, NY

People have been living in the Manhasset, New York area for hundreds of years. Word has gotten out that Manhasset is great place to live, work, and raise children, and the steadily rising costs of living in the area are a reflection of the hamlet’s popularity. For example, the average annual household income for the more than 8,000 people in Manhasset was reported at about $109,000. While this more than twice the national average of $47,500, the cost of living is also more than twice the national average. In addition, the costs of housing are four times greater than the U.S. average and the median cost of residential real estate is about $916,000.

People are still willing to pay the high price of housing so they can enjoy all that Manhasset has to offer. They can send their children to the Manhasset public school district, where children start at Munsey Park Elementary or Shelter Rock Elementary and eventually make their way to the nationally-ranked Manhasset High School. Both the public high school and St. Mary’s High School have strong sports programs for the students to enjoy.

Residents and families have a lot to do in Manhasset in their free time. People can visit the Miracle Mile and shop at the Americana Manhasset, home to many designer stores. They can head to the old commercial center and eat at one of the many delis, coffee shops, or pizzerias. Parents can take their kids to the small park in the center of town, or for a visit to the Quaker Meeting House or public library. Many people choose to take the Long Island Railroad to spend a day or weekend in Manhattan.

Despite the high costs of housing and living in Manhasset, it is certainly more affordable than many parts of New York City and, therefore, continues to draw more and more residents who enjoy the shopping, top-rated schools, views of the bay, and more. However, at the Law Offices of Ronald D. Weiss, we know that not everyone living in and around Manhasset has an ideal life. For many, life can be filled with financial concerns and struggles that can haunt you on a daily basis.

Chapter 13 Bankruptcy Overview

Many people may believe that they will file for bankruptcy and their debts will automatically disappear. This is not the case, however, as each type of bankruptcy has certain requirements for you to have your debts discharged. For example, in a Chapter 7 case, you will have to relinquish certain non-exempt property for liquidation. While there are no liquidation requirements in Chapter 13 cases, the law does require you to participate in a three to five-year payment plan prior to obtaining a discharge.

The bankruptcy trustee overseeing your case will reorganize your debts based on priority and will collect one consolidated payment from you each month. This payment amount should be reasonable based on your income and expenses and a skilled attorney can help ensure that your payment is manageable. During the repayment period, high priority debts will be paid in full while others will not. If you successfully complete your repayment plan, the court can discharge your remaining qualified debts.

The above is an extremely simplified explanation of the Chapter 13 bankruptcy process. If you do elect to file under Chapter 13, your attorney will thoroughly explain every step of the process to you and will assist you throughout your case until your discharge is complete.

Who Should File for Chapter 13 Bankruptcy?

Chapter 7 bankruptcy is the most popular form of consumer bankruptcy; however, many people file under Chapter 13 for a variety of reasons. Our attorneys will carefully review your financial situation to determine whether bankruptcy is beneficial for you, and if so, which type of bankruptcy is the best decision. Some factors we review will include:

The nature of your debt – Different types of bankruptcy will address different types of debt. For example, Chapter 7 bankruptcy will largely discharge unsecured debts such as credit cards and medical bills. Chapter 7 does not address secured debts so if you are behind on your mortgage or auto loan, do not expect this debt to be part of your case. On the other hand, Chapter 13 bankruptcy can address arrears on secured loans and include those arrears in your repayment plan. This can be extremely beneficial if you are facing a possible foreclosure and can help you catch up on your mortgage and keep your house. We will closely examine the types of debt you have and the eligibility for repayment or discharge in a Chapter 13 case.

Your income – Some people opt to file for Chapter 13 bankruptcy because they simply do not qualify for Chapter 7. Chapter 7 bankruptcy requires you to pass a means test, which has an income threshold. If your household earns more than the threshold, Chapter 7 will not be an option for you. However, Chapter 13 bankruptcy can still provide significant financial relief, so you should discuss this option with our attorneys.

Your assets – As mentioned above, Chapter 7 bankruptcy requires the liquidation of non-exempt assets and property to obtain the discharge of your qualified debts. In some cases, you may have certain assets or property that are not covered by an exemption and that you wish to maintain. By filing for Chapter 13 bankruptcy, you can protect your property and assets while also addressing your debt issues.

Before you file a Chapter 13 petition, our attorneys will review the potential benefits and drawbacks of every debt relief option. We will then represent you in all meetings with your trustee and the bankruptcy court to ensure you receive the most favorable outcome possible. You will receive immediate relief from collectors upon filing due to a court order called the automatic stay, which halts phone calls, letters, enforcement of legal judgments, many pending lawsuits, and more.

Our attorneys will make sure that all documentation is complete and accurate from the start and that your Chapter 13 payment amount is reasonable based on your circumstances. If your circumstances should change during your repayment plan, we can address those changes with your trustee to try to have your payment adjusted as needed. Our goal is always to achieve a successful outcome for you so that you can start with a clean financial slate.

Learn More from a Manhasset, NY Chapter 13 Bankruptcy Attorney Today