EXPERIENCE COUNTS.
ASSISTING LONG ISLANDERS AT THE SAME LOCATION FOR 25 YEARS WITH THEIR MORTGAGE AND DEBT PROBLEMS

FRIENDLY, AFFORDABLE AND KNOWLEDGEABLE Chapter 7 Chapter 13 Loan Modifications
Owning a company can be stressful, especially if your personal finances are in jeopardy. Bankruptcy seems to be the logical way out for financial woes, but you must wonder how this will affect your establishment. The structure of the company will dictate if any of the company assets can be used to pay back your creditors.

You have a few options when it comes to bankruptcy, but it's best to speak with an attorney to properly advise you on the best route. As an individual, you can file either a Chapter 7 or Chapter 13.
...
If you don't have the right amount of health insurance coverage, a serious health complication or injury that results in a trip to the hospital can cause you to be provided with costly health care bills that you have no way of paying. In many cases, these bills are unable to be repaid in a timely manner, which can cause the affected individual to file for Chapter 7 in an attempt have their debts discharged. If you're thinking about filing for bankruptcy because of the medical debts that you owe, it's important that you speak with a reputable attorney who can help guide you through this extensive process.

What Chapter 7 Bankruptcy Entails

Chapter 7 bankruptcy is available to certain individuals who are no longer able to make their loan payments and pay off their credit cards. When a person files for this form of bankruptcy, some of these debts will be erased and discharged. In order to repay what you owe, most of your possessions will be sold, which includes any cars that you own and even your home. You might want to consider the Chapter 13 option if you want to be able to hold on to some of your more important possessions.

While in Chapter 7 bankruptcy, you must continue to pay child support, spousal support, utilities, mortgage, rent, income tax, and insurance. If you belong to a homeowners' association, you must pay it. Chapter 7 is for individuals or business entities. Your checking account should not be in a lienholder's bank. Because you can lose your insurance by filing for Chapter 7 bankruptcy, your insurance policies should be paid a year in advance. Rental cars, leased furniture, leased business equipment, and home appliances not paid for in full are examples of items that can be returned to their owners. You can discharge the deficiency balance.

Post-Petition Payments and Chapter 7

Post-petition payments are due after you file your initial petition for Chapter 7 or those that you'll continue to pay after your debts are discharged. Medical bills incurred prior to filing your petition may be discharged. Bills from the same doctor while you're waiting for your final discharge must be paid. Examples of post-petition payments are student loans, debts for extravagant purchases, and court judgments and expenses.

Automatic Stay During Chapter 7


Th...
When debt becomes overwhelming, bankruptcy may be an option to help a person gain control of their finances and start fresh. The Law Offices of Adam C. Gomerman can help with your student loan questions as it relates to bankruptcy. A bankruptcy can often provide relief and potentially a discharge of many types of debt. However, those with high student loan payments are not always able to get relief. In general, student loans are not often considered for discharge. To receive any kind of relief from student loans in bankruptcy court, a person would have to prove that paying these loans would cause an undue hardship before this relief could even be considered. In these situations, the assistance of an attorney is often recommended to help ensure the right information is provided to the bankruptcy courts to ensure consideration for this debt is taken.

Student Loan Debt and Chapter 13 Bankruptcy

For many people with a regular income and high debt, Chapter 13 bankruptcy is the option they choose to find relief. Chapter 13 provides a method for consumers to have their bills reorganized and provides an affordable payment plan over the next three to five years. Often, the remaining debt can be discharged after the repayment period. However, bills considered non-dischargeable cannot be wiped out. Student loans are considered this type of debt.

In...
Filing bankruptcy on Long Island is a decision that should not be taken lightly by anyone. The process can be intricate and confusing for most novice filers who attempt the legal task without the assistance or representation of an experienced attorney. The ramifications following a bankruptcy petition acceptance is long-term in most situations regardless of the chapter being requested. It is important to understand that filing a bankruptcy petition is the equivalent of asking the government to intervene in a private credit arrangement to block the creditors from exercising their rights to pursue legal remedies against an account discharge. The creditors can always contest the terms, and the court refuses more petitions than filers realize. It is not an automatic process by any stretch, and petitions filed without legal representation are commonly rejected by the court for a variety of reasons. Even qualifying within the scope of the means test can be complicated for a DIY bankruptcy petitioner.

Preparation is Key to a Successful Chapter 13 Case

The best method of beginning the process is doing a complete workup well before filing. All aspects of the petition should be addressed on a practice version and evaluate the best information for each step. The first step will be evaluating the information needed for the means test, which will determine if you can even file. Each chapter of bankruptcy is different as well. Those seeking to discharge overwhelming debt will typically use Chapter 7, but all clear personal assets could be marked by a judge for sale with the proceeds being applied as payments to creditors. Chapter 13 filings are different to a large degree, and they are normally used to keep from losing a home or some other type of real estate that would be vulnerable for sale or possession in a Chapter 7 petition. The means test is also used to qualify for Chapter 13 as well, and the terms of the repayment plan must be acceptable to all other parties.

Chapter 13 Repayment Plans

DIY pro se bankruptcy petitioners must develop a feasible repayment plan that is usually set at five years for all outstanding debt to be considered paid current. Chapter 13 can include some discharging of debt as in a Chapter 7 filing, but the real advantage of a Chapter 13 filing is that it can protect a home from foreclosure and protect your credit rating in the end. Sometimes creditors will renegotiate outstanding accounts to avoid inclusion in a bankruptcy petition, but these must be finalized before the petition becomes effective. This is a component of filing for bankruptcy where having a legal representative negotiating an agreement is a real advantage. The purpose of a Chapter 13 petition is effectively a debt consolidation plan that repays as many creditors as possible while protecting a dwelling and minimized the credit rating damage to the petitioner. More on how Chapter 13 can impact your credit here.
...
Lawyers of distinction 2019

© The Law Offices of Adam C. Gomerman. All Rights Reserved. Disclaimer | Sitemap

Attorney Advertising. The material and information contained on these pages and on any pages linked from these pages are intended to provide general information only and not legal advice. You should consult with an attorney licensed to practice in your jurisdiction before relying upon any of the information presented here. The acts of sending email to this website or viewing information from this website do not create an attorney-client relationship. The listing of verdicts, settlements, and other case results is not a guarantee or prediction of the outcome of any other claims.

Law Firm Website Design by Law Promo