Everything You Need to Know About Filing for Bankruptcy
With the sudden downturn of the modern economy, especially over the last few years, millions of people living in the United States have filed for bankruptcy. Our community in Long Island has not been immune to the effects of this poor economy, with thousands of bankruptcy filings being filed in the last two to three years.
If you are among those considering filing for bankruptcy, begin by working closely with the very best Long Island bankruptcy attorney. Not only can they tell you how to file bankruptcy, but they will be with you every step of the process. When you retain an experienced bankruptcy attorney you can rest assured that you will come out on top of this tough situation with your financial future still perfectly intact.
What is Bankruptcy?
Bankruptcy is a process where consumers and businesses can repay or eliminate some or all of their debts under the protection of the federal bankruptcy court. Bankruptcies are typically divided into two types:
- Liquidation – This type of bankruptcy allows the bankruptcy trustee to take and liquidate (or sell) some of your property to repay some of your debt.
- Reorganization – This type of bankruptcy allows you to keep your property but your debts are reorganized so you can make monthly payments over three to five years to pay back some or all of your debt.
Because there are different types of bankruptcies you can choose to file, speak with a knowledgeable bankruptcy attorney before moving forward with your bankruptcy.
How do I file for bankruptcy?
You may wondering how to file for bankruptcy. While it may seem like a daunting task, a knowledgeable bankruptcy attorney can help you every step of the way.
- Determine if Bankruptcy is Right for You – The first step in a filing for bankruptcy is to actually decide if you should file. While bankruptcy is often a viable option for those under a mountain of debt, there are other services that your Long Island bankruptcy attorney can offer that might be a better solution. Services including debt consolidation, mortgage modification, creditor negotiations and more could be a better alternative for your individual situation. Discuss your specific financial situation with your attorney and they will offer sound legal advice on your best options.
- Determine Which Type of Bankruptcy is Right for You – If you and your attorney determine bankruptcy is your best option, you will then decide which type of bankruptcy applies to your specific situation. There are several different bankruptcy chapters you may wish to take advantage of including Chapter 7 and Chapter 13. There are specific and strict eligibility requirements for each chapters of bankruptcy, so turn to your Long Island bankruptcy lawyer for assistance with this process.
- File for Bankruptcy – Once you and your attorney have determined the best option for you, complete all of your paperwork. Once you file for bankruptcy there will be a legal stop to collection agencies and creditors calling and contacting you. This will also ensure your assets remain unfrozen and unfettered.
Facing bankruptcy can be extremely overwhelming and stressful. Luckily you do not have to face it alone. An experienced and reputable bankruptcy attorney, like those at Blutter & Blutter, can help you determine the best options for you and help you plan for and achieve a debt-free financial future.
Can Blutter & Blutter Help Me File for Bankruptcy?
When facing bankruptcy you need the expertise of the right bankruptcy lawyers in Long Island. Blutter & Blutter offer a high-level of expertise in bankruptcy law. Our team can help you negotiation of your bankruptcy, finalization of your federal bankruptcy situation and even handle courtroom proceedings if necessary.
Though the future may seem bleak right now, we want you to know that there is a life after bankruptcy. Your skilled Long Island bankruptcy lawyer at Blutter & Blutter can assist you critical help including finding the right legal experts, financial masters and other professional services. We can help you rebuild and reestablish your life much faster than you would have thought possible. If you are ready to take the necessary steps to move forward with a better financial future through a bankruptcy proceeding in Long Island, be sure to call on the experts at Blutter & Blutter. We will assist you every step of the way.