Bankruptcy Attorney Uniondale Chapter 13

• Bankruptcy Solutions
• Foreclosure Solutions
• Modification & Negotiation
• Credit Card Debt Relief

Handling Chapter 13 Bankruptcy Cases in and around Uniondale, New York

Uniondale, New York has a diverse population of more than 25,000 people. From students at Hofstra University to families to senior citizens, people of multiple ethnicities, races, and backgrounds call Uniondale home. Some people commute back and forth to New York City for work, choosing to live outside the city due to a lower cost of living. Others live and work in Uniondale and choose to visit Manhattan on weekends or for special occasions.
People in Uniondale have many interests, including cooking—like celebrity chef Richard Blais who hails from the area—or sports, as there are many opportunities to watch the Long Island Rough Riders or Long Island Lizards. While they enjoy leisure time, most people in Uniondale also work hard to pay their bills and support their families.
No matter how hard you work, however, sometimes, financial issues arise. In many situations, these problems are beyond our control and may stem from the loss of a job or an unexpected illness. Nevertheless, it can be all too easy to fall behind on payments for credit cards, car loans, or even your mortgage.
You do not have to simply live in fear of collection calls or someone showing up to take your car or your house. The law provides options for those who are over their heads in debt and gives them different opportunities to take back control of their finances. At the Law Offices of Ronald D. Weiss, we are familiar with all types of debt relief options in New York and can evaluate your situation. One option that commonly helps many households is filing for bankruptcy. There are different types of bankruptcy cases and often, Chapter 13 bankruptcy can be particularly beneficial for those with certain circumstances. Please contact our office to determine whether Chapter 13 or another type of bankruptcy may be right for you.

Information about Chapter 13

Chapter 13 bankruptcy is often referred to as the “reorganization” bankruptcy. This is because the process essentially involves the reorganizing and prioritizing your debts. A court-appointed bankruptcy trustee will rearrange your debts in order of priority and you will agree to a manageable monthly payment. The trustee will collect your monthly payment and distribute to creditors as agreed upon. You will need to continue making payments for three to five years, depending on the specifics of your situation.
Even if you successfully complete your repayment plan, there can still be certain low-priority debts left over. The court can then discharge those debts, so you no longer have an obligation to pay them. In theory, your slate can be wiped clean with the exception of certain nondischargeable debts. Nondischargeable debts can include:

• Child and spousal support
• Fines from criminal cases
• Penalties to the government
• Some tax debts
• Judgments from drunk driving or malicious acts
• Student loans
• Fraudulent debts

While the above can survive the Chapter 13 process, you can effectively get rid of credit card balances, medical bills, personal loans, and much more. Most people emerge from a Chapter 13 bankruptcy with a new handle on their financial situations.

Why Choose Chapter 13 over Chapter 7?

A Chapter 7 bankruptcy can discharge many debts in a relatively short period of time without requiring you to make payments for up to five years. If this type of discharge is available, you may wonder why anyone would choose to file under Chapter 13 instead. There are several reasons why Chapter 13 may be a better option for you. The best way to determine your best course of action is to have an experienced New York bankruptcy attorney evaluate your situation. The following are only a few examples of factors that may lean toward a Chapter 13 case.

• Your income is too high. In order to file for Chapter 7 bankruptcy, you are required to pass the “means test.” Essentially, this test determines whether your household’s disposable income exceeds the median income in New York for the same size household. If your income minus qualified expenses is too high, you do not qualify for a Chapter 7 discharge. If you decide you still want to file for bankruptcy relief, Chapter 13 will be the next available option.
• You have significant assets or property. Chapter 7 discharges do not come without any conditions. In exchange for the discharge, the bankruptcy trustee will take as much property and assets as possible to pay down your debts. While there are exemptions that protect certain property, some people have significant assets or property that cannot be protected from liquidation. If you want to keep such property or assets, you will not want to file for Chapter 7. Chapter 13, on the other hand, requires no liquidation of your property and still results in a discharge after you make the required payments.
• You are facing a possible foreclosure. Chapter 13 can also be particularly beneficial for homeowners facing a possible foreclosure. Filing can halt any foreclosure actions and then you may have the opportunity to have your attorney negotiate for a loan modification through a loss mitigation program. You can include your mortgage arrears in your payment plan, as well as possibly cram down any second mortgages or similar liens. Our office can advise you on whether Chapter 13 bankruptcy may be a good tool to help you prevent foreclosure.

All relevant factors should be considered before you decide to file for any type of bankruptcy. We can examine the pros and cons of Chapter 13 and help you make the best decision to take control of your finances.

Discuss a Possible Chapter 13 Bankruptcy Case with Our Law Firm Today

If you are wondering about possible solutions for your financial situation, please do not wait any longer to call the Law Office of Ronald D. Weiss. We help clients in the Uniondale area and throughout Nassau County. Call the office at (631) 271-3737 or contact us online to set up a meeting to discuss your debt relief options today.