The team at the Law Office of Ronald D. Weiss provides legal solutions to residents of Lake Ronkonkoma, NY in the practice areas of bankruptcy (Chapter 7, 11, & 13), foreclosure, and mortgage modification. Our attorneys have decades of experience in these areas.
Situated in Suffolk County, Lake Ronkonkoma is a hamlet with a population of 20,155 (U.S. Census figure, 2010). It should not be confused with the actual body of water that shares its name, which touches the hamlet’s western border and forms the largest lake in Long Island. Lake Ronkonkoma lies across portions of the towns of Brookhaven and Smithtown.
With a median family income of $97,575 (mean income: $110,339), this area enjoys a fairly comfortable standard of living, but the nationwide economic problems of recent years has left its mark here as in so many other regions. The American Community Survey lists the local five-year unemployment rate at 6.3%, and about twenty percent of households get by on a yearly income below $50,000. If you find yourself burdened by insurmountable debts, filing bankruptcy may be your best solution. Our team of attorneys can help you explore your Chapter 7, 11, and 13 options.
On the real estate front, Lake Ronkonkoma holds 7,205 housing units, approximately two-thirds of them built prior to 1980. Nearly three-fourths (74.1%) of owner-occupied housing units are valued between $300,000 and $500,000. 79.1% of local owner-occupied units are mortgaged, and homeowners in this situation pay $3.247 (median) per month. For 1,652 housing units, these payments take up 35% or more of the owner’s income. Mortgage modification has helped many homeowners negotiate a better deal; contact our office for further information.
The Law Office of Ronald D. Weiss offers legal assistance to those living in Lake Ronkonkoma and other regions throughout Long Island in the areas of bankruptcy, foreclosure, and mortgage modification. A free consolation is available, so call us at 631-271-3737 or email us at weiss@ny-bankruptcy.com.
The reorganization plan, which details how the debtor will treat each creditor, which creditors will be paid and how much they will be paid, and which creditors will not be paid or will not be paid all they are owed, is a critical component of any Chapter 11 bankruptcy. When a Chapter 11 debtor develops a reorganization plan, creditors are given the opportunity to vote on it. To be “confirmed” and put into action, the plan must be approved by a majority of creditors.
As you might expect, creditors may object to a plan even if it is sound. In these cases, the debtor may be able to force creditors to accept the plan by utilizing a provision of US bankruptcy law known as the “cram down” provision. To be successful with the cram down provision, however, the proposed plan must meet certain statutory requirements and be approved by the bankruptcy judge.
Requirements for Confirming a Plan Using the Cram-Down Provision
A bankruptcy judge must use the cram down provision to confirm a reorganization plan over the objections of creditors if the plan meets the following criteria:
If a debtor can persuade creditors to approve a reorganization plan without using the cram down provision, bankruptcy proceedings can be completed faster and with less conflict. By anticipating creditors’ objections and reasoning, a Lake Ronkonkoma bankruptcy attorney who is experienced in Chapter 11 bankruptcy proceedings can reduce the possibility of a reorganization plan being rejected. A debtor who is willing to respond to objections usually receives fewer votes against their proposal.