Manage Relief From Your Finances
Ronald D. Weiss, PC, provides assistance for Long Island residents seeking financial freedom through bankruptcy.
Focused Guidance Through Complexity
Receive clear direction on bankruptcy options available to you.
Client Centered Approach
Strategies are aligned with your specific circumstances and goals for recovery.
Knowledge Across Chapters
You get informed advice regardless of your situation's complexity.
Commitment to Your Fresh Start
We work diligently toward achieving the most advantageous outcome possible.
Understanding Bankruptcy: A Tool for Financial Rejuvenation Available on Long Island
Bankruptcy is a legal process designed to help individuals and businesses resolve overwhelming debt under the protection of federal court. It’s not a sign of failure but rather a structured method to confront financial hardship and begin rebuilding. For many residents across Nassau and Suffolk counties, the high cost of living, unexpected medical bills, or job loss can lead to situations where debts become unmanageable. Seeking help from a qualified bankruptcy lawyer becomes a practical step toward stability.
This process provides a framework to either liquidate assets to pay off creditors (Chapter 7) or to create a repayment plan over several years (Chapter 13). Furthermore, Chapter 11 offers reorganization options primarily for businesses. A knowledgeable bankruptcy attorney can assess your unique financial picture—your income, assets, and debts—to determine which path offers the most viable option. Filing for bankruptcy initiates an “automatic stay,” which immediately stops most collection actions, providing critical thinking and breathing time.
Pathways to Financial Stability
Working with a bankruptcy lawyer opens doors to significant financial relief and the chance to rebuild your economic life. Here’s how you gain:
Share details
Call us or get a free online consultation to help us identify your needs.
We'll follow up
If you requested an online consultation, you can expect a callback within 24-48 hours of your request.
The floor is yours
Connect with an expert and share all project specifics.
Planning
Like what you hear? We'll provide next steps and expert guidance.
Exploring Chapter 7 Bankruptcy
Often called “liquidation” bankruptcy, Chapter 7 is designed for individuals with limited income who cannot pay back their unsecured debts. First, to qualify, you must pass a “means test,” which compares your income to the median income in New York. If your income is below the median, you generally qualify. However, even if it’s higher, specific calculations considering expenses might still allow qualification. A Chapter 7 bankruptcy lawyer can exactly assess your eligibility based on these complex guidelines.
Secondly, upon filing, a court-appointed trustee oversees your case. Non-exempt assets may be sold by the trustee to repay creditors. Nevertheless, many essential assets are protected by New York and federal exemption laws, meaning most filers do not lose significant property. For example, exemptions often cover primary residences (within limits), vehicles, retirement accounts, and personal belongings. The process typically concludes within four to six months, resulting in the discharge of eligible debts like credit card balances, medical bills, and personal loans. The procedure offers a relatively quick path to a fresh financial start.
Understanding Chapter 13 Repayment Plans
Chapter 13 bankruptcy, also known as a “wage earner’s plan,” offers a path for individuals with regular income to reorganize their debts into a manageable repayment structure. Unlike Chapter 7, it doesn’t involve liquidating assets. Instead, you propose a plan to repay some or all of your debt over three to five years using your disposable income. This option is often suitable for those who don’t qualify for Chapter 7 or wish to protect valuable non-exempt assets, such as a home facing foreclosure. A Chapter 13 bankruptcy lawyer is instrumental in crafting a feasible plan.
Furthermore, Chapter 13 can be especially helpful for catching up on missed mortgage or car payments, allowing you to keep these assets. It consolidates various debts into one monthly payment made to the trustee, who then distributes the funds to creditors according to the approved plan. Also, it can address debts not dischargeable in Chapter 7, like certain tax obligations. Successfully completing the repayment plan results in the discharge of remaining eligible debts. For more complex situations, particularly involving businesses, a Chapter 11 bankruptcy lawyer can advise on reorganization strategies under that chapter. As a dedicated debt relief lawyer practice, we explore all avenues.
Hear from Our Clients
Chapter 7 generally involves liquidating non-exempt assets to pay debts and is quicker, while Chapter 13 creates a 3-5 year repayment plan using your income to catch up on debts.
Bankruptcy typically discharges unsecured debts like credit cards and medical bills, but usually not student loans, recent taxes, or domestic support obligations like alimony or child support.
Costs vary based on the chapter filed and case complexity, including court filing fees (around $338 for Chapter 7 and $313 for Chapter 13) and attorney fees, discussed in your consultation.
Often, yes. Exemptions protect equity in homes and vehicles. A Chapter 13 bankruptcy lawyer can also help structure plans to catch up on payments and retain these assets.
A Chapter 7 case typically concludes in 4-6 months. In contrast, a Chapter 13 repayment plan lasts for 3 to 5 years before debts are finally discharged.
An “automatic stay” goes into effect, instantly stopping most creditors from contacting you, garnishing wages, repossessing property, or pursuing lawsuits while the case proceeds.
Initial Bankruptcy Consultation
Schedule a meeting to discuss your financial situation, review debts, and explore potential bankruptcy options available to you.
Strategic Planning Filing
We gather necessary documentation, determine the appropriate chapter, prepare your petition, and file it with the Long Island bankruptcy court.
Guided Case Navigation
We represent you through court proceedings, creditor meetings, and plan confirmations, working towards a successful debt discharge or reorganization.