Bankruptcy Lawyers Nassau County New York

New York Chapter 7 & Chapter 13 Bankruptcy

New York Bankruptcy Attorneys Helping You Overcome Your Debt

Are you overwhelmed by debt? If you file for bankruptcy, you can eliminate all harassing phone calls and bring financial sanity back to your life. Bankruptcy can help you quickly rehabilitate your credit, keep your car, and save your home from foreclosure.

There is no shame in filing for bankruptcy. The bankruptcy laws were created so that hard-working people could work their way out of crippling debt. At The Law Offices of Elliot S. Schlissel, we understand that many circumstances can lead to financial disaster for families and for businesses.

The Automatic Stay

When you file a bankruptcy, whether it is a Chapter 7 or Chapter 13 bankruptcy, the Federal Bankruptcy Court issues an order that is referred to as “An Automatic Stay.” This automatic stay advises all of your creditors to cease and desist from all collection activity immediately! Should your home be scheduled for a foreclosure sale, the sale will be stopped. It must be adjourned until such time as the bankruptcy proceeding is concluded or the creditor gets special permission from the Bankruptcy Court by making a motion for “Relief From The Automatic Stay”.

Our bankruptcy lawyers can look at your situation and quickly determine whether you need a Chapter 7 or Chapter 13 bankruptcy. There are important differences between the two:

  • Chapter 7: Chapter 7 bankruptcy is a liquidation process that can relieve you of crippling debt. You will surrender all non-exempt property to a bankruptcy trustee who will furnish the proceeds of the sale of these assets to your creditors, and all dischargeable debts are erased. In most Chapter 7 situations, the debtor has no assets to surrender and is able to make a fresh financial start relatively quickly.
  • Chapter 13: Chapter 13 bankruptcy allows you to keep most of your assets. Your debt will be restructured, and you will be put on a manageable payment plan, allowing you to repay your debt over the course of several years. Chapter 13 allows you to keep your home and car, while relieving you from creditor harassment.

Some people think filing for bankruptcy is a hassle; nothing could be further from the truth. Bankruptcies are done in federal courts, which are often more organized and more efficient than state and local courts. Sometimes it is easier to file for bankruptcy than to settle a speeding ticket. Since it is a right guaranteed under American law, no one can ever dispute your right to file for bankruptcy, no matter what your situation.

Our firm helps people who have fallen on hard times throughout New York, including Nassau County, Suffolk County, Manhattan, the Bronx, Brooklyn, Queens, Staten Island, Westchester County, and surrounding areas. Visit our contact page or feel free to call toll-free, any time, day or night, at or contact us at . You can also reach us in Nassau County at .

Will Bankruptcy Save You?

Bankruptcy is meant to provide “a new opportunity in life unhampered by the pressure and discouragement of preexisting debt, ” according to the Supreme Court. Bankruptcy does not carry a stigma of failure and it is a fairly inexpensive procedure. It is an area where expert advice is essential.

Most people who consider bankruptcy have been in financial difficulty for quite a while. If you are unable to pay your debts, your creditors are hounding you or you stand the possibility of losing your home, you should consider the possibility of filing bankruptcy. Timing can be very critical with regard to bankruptcy filings. The filing of bankruptcy temporarily stops all creditors’ action against you, including lawsuits already filed, collection of judgments already entered, not to mention phone calls, income execution (wage garnishments) and threatening letters.

Your future financial prospects are important in timing the filing of the bankruptcy. Economic and financial difficulties will strain even the most harmonious family relationship. Divorce or separation may also cause financial as well as emotional problems for at least one party. Serious illness can be financially devastating. Money problems can also lead to health problems.

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