Assisting Clients In and Around Melville Obtain Relief Through Bankruptcy

Melville, New York is generally considered to be an affluent community, yet you may be surprised by how quickly financial problems can arise when you least expect them. Whether your household suffers the sudden loss of a job, a major illness or injury, or simply unfortunate investment or spending decisions, the bills may accumulate much faster than you can pay them.

It is important to recognize that ignoring your financial problems will not make them disappear—in fact, it often only makes them significantly worse. Instead, you should learn about the legal solutions available to help you obtain financial relief and regain control.

At the Law Office of Ronald D. Weiss, we regularly assist clients in the Melville area and throughout New York to resolve financial difficulties so they can move on with their lives. If you would like to learn more about how our office can assist you, please do not hesitate to call for a free discussion today.

Is Bankruptcy Right for You?

Some people get behind on their bills or overwhelmed by a credit card balance and bankruptcy is the first thought that comes to mind. Still, while bankruptcy does help many individuals, couples, and businesses, it is not always the right solution for everyone.

There are numerous factors that may make filing for bankruptcy impractical or impossible. Our office will evaluate the following:

• Have you previously filed for bankruptcy or had a case dismissed for certain reasons?
• Do you have co-signers on loans other than your spouse?
• Are most of your debts nondischargeable?
• Have you recently spent excessive amounts on luxury items?

In the above situations, bankruptcy may not be a feasible solution to your financial problems. Our firm regularly explores other effective financial solutions for clients if bankruptcy is not the best way to resolve their case. For help in determining the most effective resolution for your situation, contact the Law Office of Ronald D. Weiss.

Deciding to file for bankruptcy is only the first step of the process. Next, you must determine which type of bankruptcy will be most beneficial for you. This will also depend on several factors, including the following:

Income – Chapter 71 is often the most sought-after bankruptcy type, as it discharges qualified debts without requiring a repayment plan. If your income is relatively low, Chapter 7 will likely be the best solution as you may not be able to afford payments. However, if you have too much income, you will not qualify for Chapter 7 because the court will assume you have enough income to repay at least part of your debts. In this situation, Chapter 132 may be the option for you.

Property – Because Chapter 7 does not require a repayment plan, it does allow the bankruptcy trustee to liquidate some of your property to pay as much toward your creditors as possible. While exemptions allow you to protect certain property, people with a lot of property or assets may not want to see them liquidated. Therefore, Chapter 13 may be the best way to protect their property and ultimately obtain a discharge.

Business type – If you own a business and cannot pay the business’ debts, you have two options—Chapter 7 or Chapter 11.3 If you file for Chapter 7, your business will be liquidated to pay your debts and you will not be able to continue operations. While Chapter 11 allows you to remain in business, it is a lengthy, costly, and extensive process, and most businesses who start out filing for Chapter 11 end up converting to Chapter 7 at some point. Chapter 11 is generally more appropriate for much larger corporations.

You should always have a highly experienced bankruptcy attorney analyze your situation and weigh in on which type of bankruptcy filing is right for you. Attorney Ronald Weiss has handled many cases involving Chapter 7, Chapter 11, and Chapter 13, and can assist you regardless of the type of case you file.

Taking the Next Step Toward Relief

If you are reading this, you are likely already considering whether bankruptcy is a valid option to solve your financial woes. The next step toward obtaining financial relief is to contact our office to learn more about the bankruptcy process and how it can help you. Bankruptcy assists petitioners in many ways, including:

• Halting all collection efforts and legal cases through the automatic stay
• Buying you time to address a foreclosure or repossession
• Allowing you to pay toward your debts through either liquidation or a manageable repayment plan
• Discharging your qualified debts so you no longer have certain repayment obligations