Bankruptcy Exemptions
Long Island Bankruptcy Attorney
If you are considering filing for bankruptcy, you will need to take a means test to determine if you are eligible for Chapter 7, the liquidation of non-exempt assets. A Long Island bankruptcy lawyer can administer the means test and, if you qualify for Chapter 7, determine which of your assets are non-exempt. Various guidelines exist regarding exemptions that a bankruptcy attorney can fully explain. Types of assets that are typically exempt from liquidation include:
- Wages
- Child support
- Alimony
- Workers' compensation
- Unemployment
- Retirement accounts
- Disability
Your home, vehicle and other assets may also be exempt depending on their value. Knowing which assets you will be allowed to keep and what property will need to be liquidated can help you decide if Chapter 7 bankruptcy is right for you. If you decide to file a Chapter 7 petition, the court will assign a trustee to liquidate your assets. Once the assets have been sold, the proceeds will be used to pay off your creditors. Any remaining debts will be discharged, eliminating your personal responsibility for paying them.
Representation in Bankruptcy Cases
Blutter & Blutter is a seasoned law firm that can explain the bankruptcy process in detail and establish your qualifications for Chapter 7. If you do not meet the criteria for Chapter 7, you will be required to file for Chapter 13, the restructuring of creditor payment plans. The firm has over 50 years of combined experience servicing clients throughout Nassau, Suffolk, Queens and Kings counties, and is a member of the Nassau County Bar Association, NACBA, New York State Bar Association and New York State Society of Certified Public Accountants. Attorneys at the firm work directly with all of their clients on a one-on-one basis. They are highly skilled in bankruptcy cases, and have a broad understanding of bankruptcy laws and procedures. The firm confidently guides individuals, families and business owners in financial trouble through the bankruptcy process with unwavering and dedicated representation.
Contact a Long Island bankruptcy lawyer for sound legal advice and qualified representation if you are seeking bankruptcy protection.