North Hempstead1 is a town situated in Nassau County, New York that has a population of approximately 226,000. The town shares its western border with the New York borough of Queens and is home to many people who commute into New York City to work.
While the town is relatively affluent (the median income for a family was calculated at over $128,000 in 2015),2 people in North Hempstead are not immune from financial problems. Trouble keeping up with your monthly financial obligations can occur for a wide variety of reasons, many of them being completely out of your control. Some of the more common causes of financial issues include the following:
Fortunately for people and businesses that are having problems keeping up with their debts, bankruptcy may be an option. Depending on the situation, filing for bankruptcy can help eliminate your debts, protect your assets, and provide you with a fresh financial start free from the obligations that were holding you back.
Determining whether bankruptcy is appropriate in a given situation is a complicated matter. Some of the factors that need to be considered include you’re the kinds of debts you have, your income, your assets, and your ability to make payments. At the Law Office of Ronald D. Weiss, we primarily help people with three different forms of bankruptcy, which are detailed below.
• Chapter 7 – Chapter 7 is a form of bankruptcy that is available to both businesses and individuals. When a party files for Chapter 7, their non-exempt assets will be liquidated and the proceeds used to pay back creditors. Importantly, there are significant exemptions available, so many people who file for Chapter 7 are able to keep most, if not all, of their property.
• Chapter 13 Bankruptcy – Chapter 13 bankruptcy is a type of reorganization bankruptcy in which a debtor enters into a payment plan with the bankruptcy court that lasts three to five years. The debtor makes payments directly to a trustee who then distributes payments among the debtor’s creditors. Upon the completion of the plan, most debts can be discharged.
• Chapter 11 Bankruptcy – Chapter 11 is a type of reorganization bankruptcy available to both individuals and businesses. It is most often utilized by companies that wish to continue operating while paying back their debts. In many cases, Chapter 11 can be effectively used to eliminate or reduce a party’s financial obligations.
If you are experiencing financial difficulty, you should talk to an experienced bankruptcy attorney as soon as you can. At the Law Office of Ronald D. Weiss, P.C., we are committed to providing solution-oriented and effective legal advice and representation to individuals and businesses regarding bankruptcy. To schedule a free consultation with an attorney, call our office today at 631-271-3737 or contact us online.