Long Island Bankruptcy Lawyer

Helping You File Chapter 13 Bankruptcy in Long Island, NY

If you are like many people in New York, you probably have accumulated a significant amount of debt over the years. Between credit cards, mortgages, car loans, and other miscellaneous expenses purchased with borrowed money, a person's amount of debt can rapidly increase and quickly become out of control. Considering how high most interest rates are, especially credit card interest rates, paying off the debt you have accumulated can be a difficult, if not impossible task. At Jacoby & Jacoby, we are here to tell you that you do have options when it comes to paying off your debt. No longer do you have to suffer every month by worrying about how to get out of debt, because our bankruptcy attorneys can help give you a solution.

Even though there is a social stigma surrounding bankruptcy and other debt relief methods, and many individuals feel ashamed when they consider it, bankruptcy is a great option for individuals facing large amounts of debt. Federal bankruptcy laws were created with the purpose of relieving debt-ridden individuals from their financial burdens by giving them a fresh start. There are two main types of bankruptcy that are most frequently filed by families and individuals in Long Island, Chapter 7 and Chapter 13. A Long Island Chapter 13 bankruptcy attorney at our firm can represent you and provide you with legal guidance as you embark upon the bankruptcy process regardless of which type you declare.

Experienced Chapter 13 Bankruptcy Attorney in Long Island

It is not required that you hire an attorney when filing Chapter 13 bankruptcy, but it is most definitely a good idea to do so. A Long Island Chapter 13 bankruptcy lawyer will be extremely helpful to you during the process, because the bankruptcy process can be complex and confusing for those with no knowledge of bankruptcy laws and procedures. An attorney can help you through every step of filing Chapter 13 bankruptcy and will always provide you with information regarding the advantages and disadvantages of filing for Chapter 13 bankruptcy. Deciding whether or not to declare Chapter 13 bankruptcy is never easy, but with guidance from an experienced Long Island bankruptcy lawyer you will be able to make your choice as an educated, prepared, and informed individual.

Advantages of Filing Chapter 13

When a person is struggling with a large amount of debt and unsure of how to handle the situation, they often are stuck wondering whether bankruptcy is an option for them. With such a negative reputation, many people turn away from bankruptcy in the beginning, believing that they may lose all of their possessions by filing. This is untrue, along with many other misconceptions that can be understood with help of a bankruptcy attorney. When a person files for Chapter 13, they will immediately have a stop put to foreclosure proceedings and abusive debt collectors. Additionally, a person will be able to retain their possessions, as Chapter 13 bankruptcy code allows an individual to simply restructure their debt into a more affordable monthly payment over a three to five year period. While Chapter 13 bankruptcy is not for everyone, it is worth looking into for any person struggling with overwhelming amounts of debt. Click here to read more about the advantages of filing Chapter 13.

About Chapter 13 Bankruptcy in Long Island

Chapter 13 bankruptcy will offer a debtor numerous benefits, from the initial filing all the way through to a discharge. Once you file your bankruptcy petition, all debt collection efforts and lawsuits against you must cease, including foreclosure proceedings. You will then work out a repayment plan to pay off a portion or all of your debt, based upon the amount of income and expenses you currently have. This monthly payment will typically last for 3 to 5 years, and upon the successful completion of your payment plan any remaining unsecured debt will be discharged.

With a Chapter 13 bankruptcy in Long Island, you can finally experience relief from overwhelming debt even if you make too much money to qualify under a Chapter 7 bankruptcy. Best of all, an experienced attorney at our firm can guide you through this entire process to ensure your interests are protected and your case is properly handled from start to finish.

Contact a Long Island Chapter 13 bankruptcy attorney at Jacoby & Jacoby to discuss your options today!