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

Assisting Clients in the Hicksville Area with the Bankruptcy Process

More than 42,000 people live in Hicksville in Nassau County, New York. As a major hub on the Long Island Railroad (LIRR), it is no surprise that many people choose to purchase homes and settle down in the hamlet, including notable residents who hail from Hicksville such as actress Lorraine Bracco and Billy Joel.
While Hicksville can provide a quieter place to live than New York City, it is not always an ideal paradise for residents, as households may face financial difficulties. The cost of living is 45 percent higher than the national average, and the housing costs are 110 percent above the national average. Median home prices are more than $410,000, more than 122 percent above median prices for the United States. With median a household income of $104,000 and a poverty rate of 4.6 percent, many Hicksville residents struggle to purchase a home or, if they do, they struggle to pay their bills.
Financial problems can arise for many different reasons, from medical bills to unemployment to poor financial decision. No matter the reason behind your stress, not being able to pay your bills and debts can cause many problems in your life. If you believe it is time to look for solutions to your mounting financial issues, contact an experienced bankruptcy lawyer at the Law Office of Ronald D. Weiss. Our legal team can help you explore whether bankruptcy is the right choice for you and your household.

Chapter 7 Bankruptcy

Chapter 7 is the most common type of bankruptcy. The following parties may file for a Chapter 7 case:

• An individual consumer
• A married couple
• A business owner

In order to qualify for this type of case, consumers must pass the “means test,” which demonstrates that their income is less than the median income for their state and household size. During the case, a bankruptcy trustee can seize non-exempt property and assets to liquidate and put the proceeds toward debts.
While passing the means test and losing property may not sound helpful, Chapter 7 bankruptcy has a major benefit—the court can discharge your qualified debts without requiring you to make payments. Many debts may be discharged, including unsecured loans, credit cards, medical bills, some tax debts, past due rent and utilities, and much more.

Chapter 13 Bankruptcy

If you do not qualify for Chapter 7 or want to protect non-exempt property, Chapter 13 is available for consumers (not for business owners). In a Chapter 13 case, you can have higher income and do not face the threat of losing assets or property. However, in order to obtain a discharge, you will first need to adhere to a payment plan with the court for three to five years.
In a Chapter 13 repayment plan, you will make a monthly payment to the bankruptcy trustee. The trustee will put the funds toward priority debts and, at the conclusion of your plan, nonpriority debts may be discharged. Chapter 13 will still wipe out qualified debts and allow you to start over financially.

How Bankruptcy Can Help

Of course, the end goal of a consumer bankruptcy case is the discharge of your debts, which removes your legal obligation to make payments on those debts. However, in addition to discharge, bankruptcy can help your situation in other ways.

• Automatic stay – When you file your bankruptcy petition, a court order called the automatic stay will take effect. This order prohibits creditors from taking any action to collect on debts. In addition to relief from collection calls and letters, the automatic stay will halt lawsuits, wage garnishments, repossessions, and foreclosures. This can help you breathe easy while your case is pending.
• Preventing foreclosure – Your mortgage is not dischargeable in bankruptcy and the automatic stay will not permanently stop foreclosure proceedings. However, bankruptcy does pause a foreclosure and free up additional funds. You can have the opportunity to negotiate with your mortgage lender to possible obtain a loan modification or another alternative to foreclosure. With most of your debts discharged, you may be able to stay on top of your mortgage payments to keep your house.
• Your credit score – Bankruptcy will stay on your credit report for seven to ten years, so how can it help your credit score? When it is time to file bankruptcy, chances are you are behind and possibly in default on many different credit accounts. Each missed payment will lower your score, and your score will keep going down unless you find a solution. A bankruptcy may report on your credit, but it will also end the late payments and default reporting to your credit. Many people find that their scores start improving soon after bankruptcy and that they will be eligible for loans in the future.

Bankruptcy allows you to reset your finances and to start over with a mostly clean slate. This legal process can eliminate the stress of unpaid medical bills, high credit card balances, and much more. To learn more about the many benefits of bankruptcy, schedule an appointment with our bankruptcy attorneys today. Our legal team can help with the following and more:

• Helping you determine whether bankruptcy is right for you
• Preparing and filing the petition and all supporting documents
• Communicating with the bankruptcy court and trustee
• Helping you best apply exemptions to protect your property in a Chapter 7 case
• Ensuring your repayment plan is fair based on your income in a Chapter 13 case
• Handling any foreclosure defense matters you may be facing

We take on every aspect of the bankruptcy process to make sure you move forward in the best possible financial position.

Consult Our a Hicksville Bankruptcy Lawyer About Your Options Today

At the Law Office of Ronald D. Weiss, we know that filing for bankruptcy should be a carefully considered decision. We can evaluate your financial situation and advise you of your debt relief options, including Chapter 7 or Chapter 13 bankruptcy. If you are seeking relief from your debts, call our Nassau County bankruptcy attorneys at (631) 271-3737 or contact us online today.

About the Firm

Law Office of Ronald D. Weiss, P.C.
100 Duffy Ave Suite 510,
Hicksville, NY 11801
(516) 858-3003