- Call for a Free Consultation, Near You. Hablamos Espanol
- Call for a Free Consultation, Near You. Hablamos Espanol
-
SUFFOLK
(631)-271-3737,
QUEENS 
(718)-751-0226
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NASSAU
(516)-307-0262,
BROOKLYN 
(347)-508-9316,
BOHEMIA 
(631)-223-4502
- Exceptional Legal Representation Throughout
- Long Island and New York, Since 1993.
-
SUFFOLK (631)-271-3737,
QUEENS (718)-751-0226
-
NASSAU (516)-307-0262,
BROOKLYN (347)-508-9316,
BOHEMIA (631)-223-4502
- Exceptional Legal Representation Throughout Long Island and New York, Since 1993.
Bankruptcy Lawyer in Roosevelt Island, NY
Stop Creditor Harassment Immediately
Hear from Our Customers
Chapter 7 Bankruptcy Roosevelt Island
Most Roosevelt Island residents keep all their property while eliminating credit card debt, medical bills, and personal loans completely. The automatic stay stops creditor calls, wage garnishments, and foreclosure proceedings the moment you file.
Within 60 days of your creditors’ meeting in Manhattan, you receive your discharge order. Those crushing monthly payments disappear forever, giving you the fresh start you need.
Roosevelt Island’s high cost of living makes debt spiral quickly when life hits hard. Chapter 7 bankruptcy gives you immediate breathing room to rebuild your financial foundation on solid ground.
Roosevelt Island Bankruptcy Attorney
Ronald D. Weiss has helped Roosevelt Island residents solve debt crises since 1993. He clerked for a federal bankruptcy judge and knows exactly how to navigate the system that intimidates most people.
Roosevelt Island presents unique challenges. Housing costs average $3,225 monthly, transportation is limited, and in a community where everyone knows everyone, privacy matters. We understand these pressures because we’ve been your neighbors’ trusted advisors for three decades.
Your consultation stays completely confidential. No judgment, no sales pressure – just honest guidance about your options and realistic expectations for your specific situation.
Chapter 13 Bankruptcy Roosevelt Island
Chapter 13 bankruptcy immediately stops foreclosure on your Roosevelt Island property and gives you up to five years to catch up on missed payments. You keep your home while getting court protection from creditors.
We calculate your disposable income using Roosevelt Island’s high housing costs to your advantage. Your monthly plan payment goes to a trustee who pays creditors according to strict legal priorities.
Mortgage arrears and taxes get paid first. Credit cards and medical bills typically receive 10-20 cents on the dollar. After completing your 3-5 year plan, remaining dischargeable debts vanish completely.
Ready to get started?
Debt Relief Roosevelt Island NY
Roosevelt Island’s unique geography creates financial pressures other NYC residents don’t face. Limited transportation options, higher grocery costs, and premium housing prices strain even six-figure incomes when medical emergencies or job loss strikes.
We handle every type of debt crisis: Chapter 7 liquidation, Chapter 13 reorganization, foreclosure defense, and creditor negotiations. Our Manhattan office is easily accessible via the Roosevelt Island tram, making legal help convenient when you need it most.
Roosevelt Island residents benefit from our deep understanding of cooperative housing rules, island-specific costs, and the tight-knit community dynamics that make financial privacy essential during difficult times.
Will I lose my Roosevelt Island coop or apartment in bankruptcy?
Most Roosevelt Island residents keep their homes in bankruptcy. New York’s homestead exemption protects up to $170,825 of home equity, and many island properties fall within this protection.
If you’re current on mortgage or maintenance payments, Chapter 7 typically won’t affect your housing. If you’re behind on payments, Chapter 13 stops foreclosure immediately and lets you catch up over time while keeping your home.
Roosevelt Island’s cooperative apartments have special bankruptcy considerations, but our 30+ years of local experience means we know exactly how to protect your housing while eliminating crushing debt burdens.
How long does Roosevelt Island bankruptcy take from start to finish?
Chapter 7 bankruptcy takes 3-4 months from filing to discharge in the Southern District of New York. Your creditors’ meeting happens in Manhattan about 30 days after filing – easily accessible via Roosevelt Island tram.
The meeting lasts 5-10 minutes with routine questions about your finances. Most Roosevelt Island residents receive their discharge order 60 days later, officially ending their debt nightmare faster than they expected.
Chapter 13 takes 3-5 years to complete but stops creditor harassment immediately upon filing. You make monthly payments while keeping all your property, including your Roosevelt Island home.
Can high-income Roosevelt Island residents qualify for bankruptcy relief?
Absolutely. Roosevelt Island’s median housing costs of $3,225 monthly work in your favor during means testing. The bankruptcy court considers your actual living expenses, not just gross income.
High Roosevelt Island housing costs, transportation expenses, and island-specific living costs significantly reduce your disposable income calculation. Many residents who think they earn “too much” actually qualify for Chapter 7.
If Chapter 7 isn’t available, Chapter 13 accepts any income level. You’ll repay some debts over 3-5 years but still receive substantial debt relief while keeping all your property.
What debts survive bankruptcy for Roosevelt Island residents?
Student loans, recent taxes, child support, and alimony cannot be eliminated in bankruptcy. Recent luxury purchases over $725 and cash advances over $1,000 may also survive discharge.
Credit card debt, medical bills, personal loans, and deficiency balances from repossessed vehicles are completely eliminated in Chapter 7. This includes debt from Roosevelt Island’s high cost of living that spiraled beyond your control.
Chapter 13 can eliminate some debts that survive Chapter 7, including certain older tax debts and divorce-related property settlements. Each Roosevelt Island resident’s situation requires individual analysis.
Should Roosevelt Island residents choose Chapter 7 or Chapter 13?
Chapter 7 works best for Roosevelt Island residents with primarily credit card and medical debt who meet income requirements. It’s faster and eliminates debts without any repayment.
Chapter 13 is ideal if you’re behind on Roosevelt Island housing payments, have significant assets exceeding exemption limits, or earn too much for Chapter 7. You keep everything but make affordable plan payments.
Roosevelt Island’s high property values sometimes require Chapter 13 to protect home equity exceeding New York’s $170,825 exemption. We analyze your specific situation to recommend the best option.
What does bankruptcy cost for Roosevelt Island families?
Chapter 7 attorney fees typically cost $1,500-$2,500 plus a $338 court filing fee. All fees must be paid before filing, but most Roosevelt Island residents find this less than two months of minimum credit card payments.
Chapter 13 costs $5,000-$6,000 in attorney fees plus $313 filing fee. Attorney fees can be included in your court-approved repayment plan, reducing upfront costs significantly.
Roosevelt Island residents often discover bankruptcy costs far less than continuing to service debt that will never be paid off. Free consultations help you understand exact costs and realistic expectations for your situation.
Local Resources
Useful Links
Here are some lawyer-related links:
Other Services we provide in Roosevelt Island