• Bankruptcy Solutions
• Foreclosure Solutions
• Modification & Negotiation
• Credit Card Debt Relief

Bankruptcy Attorneys for Glen Cove Residents
Glen Cove is home to an extensive waterfront area on the Hempstead Harbor and Long Island Sound with 3 public beaches. Used as a port by English migrants fro New England, Glen Cove is home to the U.S. post office, built in 1932 during the Great Depression, which is listed on the National Register of Historic Places^[1].
Residents of Glen Cove who are facing financial difficulties can contact the skilled legal team at the office of Ronald P. Weiss to discuss bankruptcy and other financial solutions.   The U.S. Bankruptcy Court Eastern District of New York^[2] reports that in 2015, 1,979 bankruptcy Petitions were filed in Nassau County.  Of those, 1,416 were Chapter 7 Petitions.
Types of Glen Cove Bankruptcies 
There are several types of bankruptcy provided under the U.S. Bankruptcy Code, each with its own rules and procedures:

• Chapter 7

Chapter 7 Bankruptcy is titled “Liquidation” in the Code since most of the debtor’s assets are sold for cash (or “liquidated”) and used to pay creditors. However, there are certain limits to which assets may be liquidated which can be explained by an experienced Glen Cove bankruptcy attorney.  A Chapter 7 filing where there is little or no nonexempt property is called a “no-asset case.” Creditors holding unsecured claims, such as credit card issuers, typically do not receive proceeds unless it is an asset case and the creditor has filed a proof of claim with the court.
Under Chapter 7 a means test is used to determine whether or not the debtor has too much income for this type of filing.

• Chapter 13

Chapter 13 Bankruptcy is titled “Adjustment of Debts of an Individual with Regular Income.” Unlike Chapter 7, Chapter 13 is best suited to debtors with regular income. Those who file under Chapter 13 typically are able to hold onto valuable assets, such as a house and car. Instead of liquidating assets, Chapter 13 debtors work out a plan to repay creditors over a longer period of time, usually three to five years.  The court either approves or rejects the repayment plan at a confirmation hearing, based on whether it meets requirements established by the Code. The main difference, as opposed to Chapter 7, is that the Chapter 13 filer typically remains in possession of the property and makes payments to creditors through the trustee. The plan is based on the debtor’s projected income over the life of the bankruptcy plan. The debtor does not receive an immediate debt discharge upon approval, but must complete payments first.
While the plan is in effect, the debtor is shielded from wage garnishments, lawsuits, and other creditor or collections actions. Additionally, debtors may be able to eliminate more debts under the Chapter 13 discharges.
If the debtor’s current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years in accordance with the terms of  11 U.S.C. §1322(d)^[3].
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7, which can be explained by an experienced Islip bankruptcy lawyer.  Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of Chapter 13 is that it allows individuals to reschedule secured debts, other than a mortgage for their primary residence, and extend them over the life of the Chapter 13 plan. Doing this may lower the payments. 
Chapter 7 Bankruptcy in Nassau County 
Only a Nassau County bankruptcy attorney can determine which petition is appropriate based upon your financial situation.  If you decide that a bankruptcy filing is best for you and your family, there are possible benefits including:

• Debts: Most debts are discharged providing a fresh start
• Garnishments: Bankruptcy stops garnishments and harassment by collection agencies
• Utilities: After filing for bankruptcy, an individual can stop utility shutoffs or restore service after paying a reasonable deposit and paying for current service 

What is a Glen Cove Bankruptcy Discharge?
A bankruptcy discharge^[4] releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls, letters, and personal contacts.  The bankruptcy discharge varies depending on the type of case the debtor files such as Chapter 7 or Chapter 13.
Contact a Glen Cove Bankruptcy Attorney
It can be hard to admit you need help getting out of debt, or that you cannot do it alone, but that is why our government has bankruptcy laws.  If you have a nerve-racking debt-load, it may be time to face financial facts. Perhaps you have been trying to ignore the ringing phone and the pile of unpaid bills that won’t go away.  With a good lawyer and the right information, filing bankruptcy could give you the financial footing you need to get a fresh start and offer the new beginning you need.
If you are struggling to pay your bills it is important to speak to a Glen Cove bankruptcy attorney who can interpret and apply federal and New York laws and discuss all of the issues that may arise from your financial situation. Our office is located in Melville, New York and is easily accessible to Glen Cove residents from NY-107.  Take the ramp toward Hauppauge and merge onto the Northern State Pkwy E.  Then use the NY-110 exit (#40) and take a left onto NY-110/Walt Whitman Road.  If you need further directions or wish to review all of your bankruptcy solutions, call the office of Ronald P. Weiss today at (631) 296-036.
References:
[1] https://www.nps.gov/nr/
[2] http://www.nyeb.uscourts.gov/statistics?field_stat_date_value_1%5Bvalue%5D%5Byear%5D=2015
[3]  https://www.gpo.gov/fdsys/granule/USCODE-2011-title11/USCODE-2011-title11-chap13-subchapII-sec1322
[4] http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics