Bankruptcy law is designed to assist individuals who are facing financial difficulties and give them a “fresh start.” Finding an expert Long Island bankruptcy attorney will go a long way to making sure you get the most from your bankruptcy filing, and that is exactly what you can do here on Find Me Long Island.com
At its core, bankruptcy relief provides a second chance for individuals and businesses who otherwise would spend years with little or no real opportunity to satisfy their debts and begin to re-establish their credit rating without the emotional turmoil of overwhelming debt.
There are many different kinds of bankruptcy filings, but the two most common are Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy is also known as “Liquidation,” and involves a trustee taking control over the debtor’s non-exempt assets, sells them for cash, and then distributes this to creditors in order to pay off the debt owed. This sale of non-exempt assets takes place relatively quickly once proceedings begin, so an individual can start afresh very soon after filing Chapter 7.
Chapter 13 Bankruptcy is a little more involved and can often take much longer before proceedings are finished. This is designed for individuals with a regular source of income (i.e., wages and salaries, or business income). It allows the debtor to repay creditors over a period of three to five years through voluntary payments or garnishment.
Under both types of Bankruptcy Filings, certain items can be exempt from either liquidation or garnishment. A Long Island bankruptcy attorney can help you sort through it all. Below is a list of a few such exemptions:
Homestead: Nassau, Suffolk, Kings, Queens, Bronx, Richmond, Rockland, and Putnam counties.
0,000
Homestead: Dutchess, Albany, Columbia, Orange, Saratoga and Ulster counties.
5,000
Homestead: all other NY counties.
0,000
Motor Vehicle:
,000
Motor Vehicle: if equipped for use by disabled person (new)
,000
Cash:
,000
Tools of trade:
,000
Aggregate personal property exemption:
,000
Wildcard (personal property, bank account or cash):
,000
If you are looking for an attorney on Long Island to help you with bankruptcy proceedings or any other legal matter, you have come to the right place! Find Me Long Island.com is your one-stop shop for all things legal.
A Long Island bankruptcy attorney may be able to help if your wages have been garnished and you face insurmountable debt. Take control!
About the Author:
Catherine May Co, Esq. is the founding owner of the Law Office of Catherine May Co, PC located in Valley Stream, NY. She is admitted to practice law in the State of New York, before the Federal Courts of the Eastern District of New York and the Southern District of New York and as well, to the United States Court of Appeals of the Second Circuit. She is an active member of the New York State Bar Association, Nassau County Bar Association, and Queens Bar Association. She is a member of the Bankruptcy Committee of the Nassau County Bar Association. She is fluent in English, Filipino-Tagalog, Chinese-Mandarin.
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