There’s nothing peaceful about a bankruptcy proceeding
Questions Answered by long island bankruptcy lawyer
Even with the help of the best Long Island bankruptcy attorney you can find (like the experts at Blutter and Blutter), you’re still going to have to deal with a lot of stress and pressure. After all, you’re talking about going through with a Long Island bankruptcy – the kind of decision that could change the course of your financial future forever.
Obviously, working with elite level professionals like the bankruptcy lawyer Long Island services of Blutter and Blutter will put your mind at ease considerably, but you probably still have a lot of Long Island bankruptcy questions that you would like to have answered.
We have tried to tackle eight of the most pressing or frequently asked questions below. Use this quick guide to get a better grip on what these kinds of bankruptcy Long Island situations involve and entail, and you’ll find a lot of your stress and worry seemingly melts away.
If you are looking for more personalized or specific help navigating a bankruptcy situation here in our Long Island community, contact the Long Island bankruptcy lawyer at Blutter and Blutter at your earliest convenience.
They’ll be able to give you a 100% free no obligation consultation, looking at your specific case, and providing you with insider information that you would not have had access to otherwise. There’s a reason why they are constantly referred to as the best Long Island bankruptcy lawyer services around!
bankruptcy lawyer Long Island – What exactly is bankruptcy?
Most people have heard of bankruptcy before, but very few people actually know exactly what it is.
Essentially a legal proceeding at a federal level, when you decide to file a bankruptcy petition (regardless of the chapter of bankruptcy you’re shooting for) you are basically asking for a “fresh start and a clean slate” financially.
As a United States citizen, you have specific rights and privileges that you’re able to take advantage of when you decide to file for a Long Island bankruptcy. Your Long Island bankruptcy attorney or Long Island bankruptcy lawyer will be able to completely and comprehensively explain all of those rights and privileges, but the overall just of the matter is that you can take advantage of a bankruptcy proceeding to reset your finances – provided that you need a handful of critical criteria.
Those criteria will differ depending upon the type of Long Island bankruptcy that you end up filing. Just know that most people (in most situations) should have no trouble whatsoever filing for and moving forward with a Long Island bankruptcy – if that’s the right decision.
Why would I want to file for bankruptcy lawyer long island ?
There are a tremendous amount of reasons that you may be interested in filing for a Long Island bankruptcy, reasons that may or may not include:
- Finally getting out from underneath oppressive debt that you will never be able to repay
- Getting a discharge on most or all of the debts that you are financially responsible for the
- Slam the brakes on a foreclosure on your home or property
- Prevent the repossession of your vehicles or other property immediately
- Stop wage garnishment or debt collection harassments dead in their tracks
- Earn the ability to challenge claims by your creditors that you believe are malicious, fraudulent, or unethical
What is the difference between bankruptcy types?
There are a number of different bankruptcy types that you could decide to file for with the help of the best bankruptcy attorney Long Island has to offer, but the overwhelming majority of people filing for a personal bankruptcy on Long Island decide to go with a Chapter 7 or Chapter 13 bankruptcy.
Chapter 7 bankruptcy is commonly referred to as a “straight bankruptcy” filing, and is specifically intended to wipe out all of your debt in one fell swoop. This is the kind of free and clean slate and most people are after, but there is a catch.
You’ll have to give up or surrender your property (though there are a couple of exemptions you might be able to take advantage of).
Chapter 13 bankruptcy, on the other hand, is referred to as the “repayment plan” filing. This is essentially where you restructure your debt and find new terms to repay your creditors. You’ll need to lean on the best bankruptcy lawyer Long Island has to offer to make sure that you come away with terms that make sense for you financially, but this is a bankruptcy filing that shouldn’t ever put your property in jeopardy.
Am I going to lose all of my property and money?
Depending entirely upon the kind of Long Island bankruptcy lawyer you’ve hired and the type of Long Island bankruptcy chapter you’ve filed for, your property may or may not be “up for grabs”.
Chapter 7 bankruptcy (as mentioned above) practically guarantees that you’ll lose some of your property – if not most of it – and a considerable chunk of your money, but the right team of Long Island bankruptcy attorney can help to mitigate and manage the damage considerably.
When it comes to Chapter 13 bankruptcy, you’ll still want to lean on the best bankruptcy lawyers in Long Island to help you out, but you shouldn’t have to worry about losing all of your property or losing all of your money.
What’s going to happen to my home?
In the overwhelming majority of all bankruptcy situations (whether it’s a Chapter 7 bankruptcy or a Chapter 13 bankruptcy makes little difference), you aren’t going to have to worry about losing your home.
You’ll need to have at least a little bit of equity built up in that property to keep it fully exempt from a bankruptcy seizure or forfeiture, but your team of the best bankruptcy lawyer Long Island experts will help to make sure that you end up staying in the home of your dreams even if you’re bankruptcy procedure completes.
Some of your creditors may have what is known as a “security interest” in your home (or other assets) that could potentially make that property go up as collateral against your debt. In these situations it’s best to have professional bankruptcy lawyers in Long Island at your side every single step of the way to fight those creditors and that “security interest” – just another reason to hire the professionals at Blutter and Blutter!
Will I own anything when a bankruptcy filing has been finalized?
Most people think that they are going to be left destitute, penniless, and on the street when their bankruptcy has completed – but nothing could be further from the truth.
Even if you go forward with a Chapter 7 bankruptcy you should still have some property and some assets that are considered exempt. You’ll still own those properties and those assets, and can do with them what you wish.
Is bankruptcy going to wipe out every single one of my debts?
For the overwhelming majority of Long Island bankruptcy situations, you are going to be able to wipe out every single debt you’ve been carrying in one fell swoop. However, there may be some certain circumstances and exemptions that exist depending upon your particular situation that will not be eliminated regardless of the bankruptcy chapter you move forward with.
Money owed for child support or alimony, taxes, debts that aren’t listed on your bankruptcy petition, and a handful of other exemptions will still exist and you will still be responsible for them. It’s better to have the right Long Island bankruptcy lawyer assist you in navigating this situation and limiting the exemptions against you as much is possible ahead of time.
Am I going to have to go to court? In front of a judge and jury?
Most of the time your bankruptcy attorney Long Island representative is going to do the bulk of the “heavy lifting” for you when it comes time to go to federal court.
You will have to attend what is known as a “creditors meeting”, a meeting that usually lasts about 15 minutes and won’t be held in front of a judge or jury. From there on out, whether or not you have to make any appearances in front of a judge will depend entirely upon the bankruptcy attorneys in Long Island that you hire – and the experts at Blutter and Blutter will make sure that you won’t have to do too much of these in person meetings.
Get help with your bankruptcy situation today
If you are serious about coming out on top of a Long Island bankruptcy with the bulk of your financial future intact, you’re going to need to work with the best bankruptcy lawyers Long Island, NY has to offer.
And while there are a considerable amount of bankruptcy lawyer Long Island has to choose from, you’d have to be at least a little bit crazy to go with anyone but those at Blutter and Blutter.
For 55+ combined years, these bankruptcy attorney Long Island professionals have been helping people in our Long Island community get the bankruptcy results they’ve been looking for. Contact their legal offices today to find out whether or not they can help you, and set up a 100% free (and zero obligation whatsoever) consultation at your earliest convenience!