The Process of Bankruptcy in Long Island
What to Expect During Bankruptcy
Declaring bankruptcy involves a long and sometimes complicated series of steps, implemented by the government to ensure that only those who honestly need it can find relief from their debts. If you are considering filing for bankruptcy, it is important to understand the process, so you have some idea of what to expect and how long it will take.
The first action you should take is to meet with a Long Island bankruptcy attorney, who can discuss your unique situation and determine whether this is the best approach you should take to handling your financial problems, or whether it would be better for you to pursue one of the many alternatives to bankruptcy. If you choose to proceed, you will have to pass a means test that qualifies individuals for filing based on their income. This is a crucial point in the process, and your attorney can assist you with making the correct calculations to prevent you from being disqualified based on a mistake. Before you can file for Chapter 7 or Chapter 13, you will be required to take a credit counseling course, one of the new stipulations of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA).
There is a significant amount of paperwork involved in filing, as well as gathering relevant financial records. An attorney who is experienced in representing bankruptcy clients can help you find your way through this step of the process, so that you don't find your petition refused based on incomplete information. When your filing has been approved, your lawyer will accompany you at a meeting of your creditors, also known as a 341 meeting, where your creditors will have the opportunity to question you about your debts and assets. There are many differences between Chapter 7 vs. Chapter 13, including whether you will be discharging your debt in full or if you will be repaying your creditors over the next few years, but in both cases you can look forward to a relief from the stress and worry of your financial burdens.
Bankruptcy Lawyer in Long Island
Blutter & Blutter is a Long Island law firm. They have over 50 years of combined experience providing zealous representation to clients from throughout Nassau, Suffolk, Queens and Kings counties , and they are ready to help you when you need to declare bankruptcy. Your case will receive personal attention from an attorney, rather than being delegated to a secretary or paralegal. The team at the firm knows how stressful it can be to live under the shadow of large amounts of debt, and they will do everything possible to expedite your filing.
Contact a Long Island bankruptcy attorney to learn more about what you can do to get through the process of bankruptcy with as little delay as possible.