Manhasset Chapter 7 Bankruptcy

Representing Clients in Chapter 7 Bankruptcy Cases in Nassau County

While Native Americans and English settlers lived in the area now known as Manhasset since at least the 1600s, the area was fairly isolated and remained a small community until the Long Island Railroad (LIRR) reached the area in 1898. Once the train connected Manhasset with the bustling city of Manhattan, New Yorkers began scooping up real estate in the peaceful countryside due to the easy commute to New York City on the LIRR.

Some new residents in Manhasset in the early 20th century included wealthy confectioner Louis Sherry, prominent publisher Frank Munsey, and of course members of the Vanderbilt family. Virginia Graham Fair Vanderbilt held lavish social events on the lawn of the chateau of the Strathmore area of town. Such notable citizens are now memorialized in the names of villages and neighborhoods in the Manhasset area, including Munsey Park and Strathmore Vanderbilt.

The success of Manhasset residents has continued since then as the population has grown to more than 8,000 persons. The median household earned about $107,000 per year, according to the last-reported census data, which can be compared to the median household income of about $47,500 for all counties across the United States.

Higher incomes, however, do not stretch nearly as far in Manhasset, as the cost of living is more than twice the national average and housing costs are about four times more than the national average. The median property value was reported to be about $916,000.

Many families choose to brave the rising costs of living and real estate to make homes and quiet lives in the hamlet of Manhasset. While residents enjoy top-rated schools, beautiful parks and bay views, high-end shopping at the Americana Manhasset, dining, and all the area has to offer, they may also face financial struggles.

Many different factors can lead to financial strain on a household and the struggle to keep up with bills and the mortgage. For many people in this situation, filing a Chapter 7 bankruptcy can provide the necessary relief from overwhelming debt and give them a fresh start. At the Law Offices of Ronald D. Weiss, we represent clients in Manhasset and across Nassau County throughout the bankruptcy process. If you want to discuss your legal options for debt relief, please contact our office today.

Chapter 7 bankruptcy is the most popular consumer bankruptcy option for a variety of reasons. However, this type of bankruptcy is not always the most beneficial for every individual or married couple, and our attorneys can carefully evaluate your financial situation and advise you whether Chapter 7 is in your best interest.

Some factors that help determine whether you should file under Chapter 7 include:

• Your income – As amended in 2005, bankruptcy laws now require individuals or married couples to pass a “means test“ to qualify for Chapter 7 bankruptcy. This test measures your household income—minus qualified expenses—against the median income for the state of New York. If your income exceeds the median, you will not qualify for Chapter 7, as the law aims to prevent high-income households from filing for this type of consumer bankruptcy. Therefore, if your income is higher, you may have to file under Chapter 13 instead of Chapter 7.
• Your assets and property – Chapter 7 bankruptcy is commonly called “liquidation bankruptcy,” because the bankruptcy trustee will seize any eligible assets or property and liquidate them to pay your creditors as much as possible before discharging your debts. The good news is that New York law provides for numerous exemptions that our attorneys can use to protect certain property. However, if you have property that exceeds the exemptions that you do not want to forfeit, it may be in your best interest to file under Chapter 13, which does not involve liquidation.
• The nature of your debt – A successful Chapter 7 discharge will wipe out a large amount of debt—but only certain types of debt are eligible for discharge in a Chapter 7 case. Dischargeable debts include credit card balances, unsecured personal loans, medical bills, most legal judgments, certain tax bills, and similar consumer debts. If the majority of your debt consists of secured loans, student loans, or otherwise non-dischargeable accounts, Chapter 7 may not offer significant benefits.

Many people find Chapter 7 the most favorable debt relief option for them. Making this determination, however, is only the first step of the process.

Guiding You Through Your Chapter 7 Bankruptcy

While a Chapter 7 case is often significantly shorter than other types of bankruptcy cases, the process requires that you meet many requirements and provide necessary information to the bankruptcy trustee. The trustee is a court-appointed officer assigned to oversee your case and ensure that all information presented is complete and accurate. Any omissions or false statements in a bankruptcy petition or documentation can cause significant delays, may result in the dismissal of your case, or may even raise suspicions of bankruptcy fraud. Hire a highly skilled bankruptcy attorney to prepare and examine all if your filings to ensure that they meet all necessary criteria.

Your attorney will file your petition with a complete statement of all of your debts and assets. The trustee will then hold a Meeting of the Creditors—also called a 341 hearing—to review all information presented, ask you detailed questions, and try to identify any inaccuracies in your petition. You will want your Chapter 7 attorney to represent you during this hearing to ensure you answer all questions properly and do not unnecessarily jeopardize your case.

Next, your attorney will help you apply the New York bankruptcy exemptions in the most strategic way to protect the maximum amount of property and assets possible in your situation. Often, Chapter 7 filers will have to surrender little to no property due to exemptions.

Your attorney will also help you strategize how to handle any secured debts that are not eligible for a discharge in your Chapter 7 case. This can include your mortgage, auto loans, and similar debts. In some situations, a Chapter 7 discharge of your remaining debts may free up enough money to catch up on your secured debts. In other situations, people may choose to reaffirm the loan or surrender the property. If you are facing foreclosure, our experienced foreclosure defense attorneys can assist you with that case in addition to your Chapter 7 bankruptcy.

Our legal team will navigate every step of the Chapter 7 process for you, ensuring you meet all requirements such as the credit counseling and debtor’s education courses required by the courts. We are committed to seeing our clients through to a successful discharge whenever possible so they can obtain the maximum financial relief.

A Manhasset, NY Chapter 7 Bankruptcy Law Firm Can Help You

If you want to discuss a possible Chapter 7 bankruptcy case, please do not wait any longer to call the Law Offices of Ronald D. Weiss. We regularly serve the Manhasset area and can assist clients with bankruptcy, foreclosure defense, loan modifications, and other forms of debt relief. Call today at (631) 271-3737 or contact us online for a free case evaluation.