Long Island Bankruptcy Lawyer
When you find yourself in a situation where you may need the help of a bankruptcy lawyer, it’s important to do your research. That’s why we’ve compiled a list of the top five reasons you should contact an attorney to discuss your particular situation. After reading this blog post, you will have a much better understanding of what questions to ask and what needs to be done in order to get the most favorable outcome for yourself. If you’re ready to take a step in the right direction, contact an attorney today.
What is a bankruptcy?
A bankruptcy is a legal proceeding in which an individual or business Chapter 7, 11, or 13 insolvency. A bankruptcy can be a solution to a financial problem, but it is not always the best option. Before filing for bankruptcy, you should speak to an attorney about your specific situation.
In general, there are three types of bankruptcies:
1) Chapter 7 bankruptcy: This is the most common form of bankruptcy. In Chapter 7, the debtor files for protection from their creditors and makes a plan to repay them over time. This type of bankruptcy is usually only recommended for people who cannot afford to pay their debts.
2) Chapter 11 bankruptcy: In Chapter 11, the debtor creates a plan with the help of a lawyer that will allow them to continue working while they repay their debts. This type of bankruptcy is more difficult to get than Chapter 7 and requires more work on the part of the debtor.
3) Chapter 13 bankruptcy: In Chapter 13, the debtor agrees to pay back all or part of their debt over a period of years. This type of bankruptcy is best for people who have moderate to large amounts of debt and who want to keep their home.
What are the different types of bankruptcy?
There are three different types of bankruptcy: Chapter 7, Chapter 13, and Chapter 11.
Chapter 7 bankruptcy is the most common type of bankruptcy. This type of bankruptcy wipes out all your debt, including credit card debts, student loan debts, and car loans. You will not have to pay back any of your creditors with this type of bankruptcy.
Chapter 13 is a more complicated type of bankruptcy. With this type of bankruptcy, you will have to pay back some of your debt with a repayment plan set by the court. However, you will also have to repay any money you received from the government during your time in bankruptcy (such as Social Security benefits or welfare).
Chapter 11 is the most complex type of bankruptcy. With this type of bankruptcy, you will have to put your business into liquidation (turn it into assets that can be sold). After the liquidation process is complete, you will have to repay all your creditors.
How do bankruptcy laws affect people in Long Island?
In New York, Chapter 7 bankruptcy is the most common type of bankruptcy. This means that the debtor’s personal property is sold off, and he or she may have to pay back some or all of the money they owe. Chapter 13 bankruptcy is a more flexible type of bankruptcy, which can be used by people who have regular income and expenses.
The main difference between Chapter 7 and Chapter 13 is that in Chapter 7, the debtor’s entire debt is discharged, while in Chapter 13, the debtor usually has to repay part of their debt and may have to stay under a certain repayment plan for a period of time.
People who are considering filing for bankruptcy should speak with an experienced lawyer to learn more about their options and determine if filing is the right step for them.
Which Long Island Bankruptcy Lawyer should I contact?
If you are considering filing for bankruptcy on Long Island, you should contact a lawyer. There are a few different types of bankruptcy laws on Long Island, and the requirements vary depending on your situation. Knowing which kind of bankruptcy is right for you can help save you time and money.
Chapter 7 bankruptcy is the most common type of bankruptcy in Long Island. This type of bankruptcy allows people to get rid of most of their debt without having to go through a lengthy court process. Chapter 13 bankruptcy is also available on Long Island, but it is more difficult to qualify for and it can take longer to complete. If you are able to qualify for chapter 13, it can help you reduce your debt by giving you the opportunity to make payments over a period of several years.
If you have questions about which type of bankruptcy is best for you, or if you need help filing for bankruptcy, please contact an attorney.
If you or someone you know is in danger of becoming financially insolvent, don’t hesitate to seek the help of a Long Island bankruptcy lawyer. A bankruptcy lawyer can guide you through the entire process, from filing for Chapter 7 or 13 to creating and managing your debt repayment plan. The sooner you take action, the easier it will be to get on the road to financial recovery.