Experienced Bankruptcy Lawyer on Long Island NY

Don’t let debt overpower your life and choices, opt for a bankruptcy filing. Bankruptcy lawyers help you get out of crushing debt through legal means. With bankruptcy solutions, you can either get out of debt or restructure it for more convenient repayments.

Bankruptcy Lawyers in Long Island, NY

A bankruptcy attorney helps you out in selecting the best possible solution for a debt crisis. Moreover, a good bankruptcy attorney can make all the difference when it comes to salvaging an already bad situation.

By understanding the basics of Bankruptcy Law, you can ask the right questions to your attorney. Here is a 101 of the Bankruptcy Codes in the United States.

What is Bankruptcy?

It is the legal term for a situation where an individual or enterprise cannot repay their outstanding debts. The process for bankruptcy starts with a petition from the debtor or on behalf of the creditors. Bankruptcy gives a fresh start to individuals and businesses by giving them access to consumer credit and helps creditors get back a recoverable portion of the debt.

In the United States, all bankruptcy cases are handled by federal courts, chaired by a bankruptcy judge. There are several types of bankruptcy filings you can go for.

Chapter 7 Bankruptcy Filing

This type of bankruptcy filing helps individuals or businesses in disposing of unsecured debts, such as credit cards and medical bills. If the debtor owns nonexempt such as second homes and vehicles or valuable family heirlooms etc. the debt has to be repaid partially or fully (as can be covered) by sale of those assets. In case, the debtor has no other valuable assets and owns only exempt property i.e. household goods, clothing, tools of trade and a personal vehicle (of a certain value), they are exempted from repayment of the unsecured debt.

Chapter 11 Bankruptcy Filing

This bankruptcy provision is mainly opted for by businesses, where the goal is to make the business profitable again through reorganization of management and operations. Filing under this category enables businesses to make strategies for achieving profitability, cut costs and generate new revenue streams. Chapter 11 bankruptcy is monitored by the court to make sure that a business is meeting its debt servicing obligations.

Chapter 13 Bankruptcy Filing

Individuals who earn way above the average income can file for bankruptcy under Chapter 13. It allows individuals and businesses to restructure their debt through a workable repayment plan. In exchange for this, the debtors can keep their property, including nonexempt assets.

If you are apprehensive about filing for a bankruptcy or don’t know where to start, call us today. We can help you out with a free consultation. Also, here are some common bankruptcy myths you should know about.

Our Bankruptcy Attorney in Long Island

Kenneth Halpern has been helping the people of Long Island with Bankruptcy Law protection for over 35 years. He is ranked among the best bankruptcy attorneys in Long Island area, with a history of helping people with strategic financial advice that helps them save their home and protect their family from creditor harassment. Kenneth has extensive knowledge of the federal bankruptcy laws and can offer sound legal counsel for your bankruptcy proceedings.

Request a free consultation from our Bankruptcy Lawyer in Long Island

You can seek a free consultation from our Long Island bankruptcy attorney, Kenneth Halpern, through our website or by calling the law office at (516) 222-1199 or by sending an email to kjhalpern@gmail.com

FAQ'S

There isn’t a minimum amount of debt you need to order to file a Chapter 7, a Chapter 11, or a Chapter 13 bankruptcy. As a general rule, bankruptcy should be considered if you own property and the creditors are foreclosing on your property. If creditors are foreclosing on your home or vehicle, you may want to consider filing for bankruptcy. We will provide you with a free consultation from our Long Island bankruptcy attorney, Kenneth Halpern. For more information, contact us through our website, call our law office at (516) 222-1199 or by sending an email to kjhalpern@gmail.com.
The different types of bankruptcy filings are:
  • Chapter 7 Bankruptcy Filing
  • Chapter 11 Bankruptcy Filing
  • Chapter 13 Bankruptcy Filing
Each case is different and depends upon various conditions and your unique financial situation. Our Long Island bankruptcy attorney, Kenneth Halpern has the knowledge and experience that you need. You can contact us through our website, call our law office at (516) 222-1199 or by sending an email to kjhalpern@gmail.com. Get your free consultation today!
The role of a bankruptcy trustee depends on the type of bankruptcy that is filed. In general terms, a bankruptcy trustee is an independent third party between the court and the debtor. They oversee the case, watch out for any fraudulent or unsavory activities and ensure the case proceeds smoothly.
Bankruptcy has the potential to help you overcome your financial burdens and lead you to a path of financial freedom. It can also help you to rebuild your credit. Bankruptcy is a way of getting a clean slate, lowering your debt-to-income ratio, and allows you to open new credit cards and rebuild your credit once you receive your discharge.