A Bankruptcy Attorney Individuals and Businesses in the Borough of Queens
Queens is the largest borough of New York City, located on its eastern edge. As of 2015, it had a population of more than 2.3 million1 with several distinct ethnic groups being significantly represented. According to the United States Census Bureau,2 between 2011 and 2015 the median family income in Queens was $57,720 and 13.9 percent of the population lived in poverty.
Like any other major metropolitan area in the United States, people and businesses in Queens experience economic difficulties. Fortunately, there is help available, and bankruptcy can often help Queens residents obtain a fresh financial start and eliminate debt.
Providing Chapter 7, Chapter 11, and Chapter 13 Bankruptcy Services
Bankruptcy is not a one-size-fits-all solution. There are various types of bankruptcy for which you may be able to file, and the one that may be right for you depends on a variety of factors, including whether you are filing as a business or an individual, your income, your assets, and your goals. Some of the more common types of bankruptcy are discussed in the material below.
- Chapter 7 Bankruptcy – Chapter 7 bankruptcy is a type of bankruptcy that is available to both individuals and businesses and is the most common type of individual bankruptcy filed in the United States. When a debtor files for bankruptcy, the debtor’s nonexempt assets are liquidated and the proceeds used to pay off creditors. Upon the conclusion of the bankruptcy, any remaining debts are discharged, provided that they are not specified as non-dischargeable.
- Chapter 11 Bankruptcy – Chapter 11, on the other hand, is a type of reorganization bankruptcy. This means that debtors are able to keep their assets or operating their businesses while making payments on a court-approved payment plan. Chapter 11 is typically utilized by business that wish to remain in operation during while they are in bankruptcy. Two of the key differences between the reorganization plans in Chapter 11 and Chapter 13 are that there is typically no trustee in Chapter 11 and no limitations as to how long the repayment plan can last.
- Chapter 13 Bankruptcy – Chapter 13 bankruptcy is another type of reorganization bankruptcy, but unlike Chapter 11 which is available to both businesses and individuals, Chapter 13 is only available to individuals. When an individual files for Chapter 13, he or she proposes a payment plan to the court that will last from 3 to 5 years. So long as the debtor is making regular payments to the bankruptcy trustee, he or she is protected from any collection activities from creditors.
Call a Queens Bankruptcy Lawyer Today to Schedule a Free Consultation
If you are having trouble keeping up with your financial obligations, you should speak to a bankruptcy attorney as soon as possible. A bankruptcy attorney will thoroughly evaluate your situation and determine whether you may be able to benefit from filing for bankruptcy. To schedule a free consultation with Queens bankruptcy attorney Ronald D. Weiss, call our office today at 631-479-2455 or contact us online.