Hofstra University Museum

People of all ages call Uniondale, New York home. Whether you are a homeowner with a growing family or are a student at Hofstra University, the Uniondale area has a lot to offer. It is a diverse area with an exciting mix of races, ethnicities, and ages. Many successful people have come from Uniondale, including Broadway and film star Sheryl Lee Ralph and famous chef Richard Blais.

There are several convenient and affordable ways to get from Uniondale to New York City. Because of this, many people choose to live in Uniondale and commute on a regular basis. Whether you drive via Cross Island Parkway or take the train to Penn Station, it’s easy to spend your days, evenings, or weekends in Manhattan. It’s also popular for people to visit Uniondale to visit the historical Belmont Park, the Hofstra Museum, Eisenhower Park, or to catch a game of the Long Island Rough Riders or the Long Island Lizards.

Reports indicate that households in Uniondale make an average of $69,655 per year. This is not a high number when you consider that the cost of living in Uniondale is significantly higher than the national or even New York state average. Housing costs are particularly high and for these reasons, it was reported that more than 12 percent of residents live below the poverty line.

Financial struggles are common in Uniondale. Many people have crushing debt and are not sure of their options to find relief. If you’re in this situation, you should not hesitate to discuss your situation with a highly experienced bankruptcy attorney. The Law Offices of Ronald D. Weiss have helped many clients in the Uniondale area and we can help you understand your options.

Filing Bankruptcy in Uniondale

Unlike many legal cases, bankruptcies are not handled in New York State courts. Instead, Uniondale bankruptcy cases are filed and processed in federal court, specifically the United States Bankruptcy Court for the Eastern District of New York, which handles cases filed by Nassau County residents. This means that federal law and federal court procedures apply to these cases and your attorney should be thoroughly familiar with all relevant rules of federal bankruptcy courts.

Bankruptcy laws were enacted by Congress to provide a type of legal relief for individuals, married couples, or businesses that cannot pay their debts. If you have overwhelming debt, it does not have to haunt you for the rest of your life thanks to the United States Bankruptcy Code. People can get over their heads in debt for numerous reasons, many of which are beyond their control. Some common reasons include the following:

Payments on credit cards or medical bills can drain your resources, making it difficult to pay for your family’s basic needs and expenses. If you ignore these payments to cover other bills, you may face a lawsuit by the creditor and may have a legal judgment ordered against you. The creditor may try to enforce the judgment by garnishing your wages or placing a lien on your property, both of which can only make your financial situation worse.

In addition, many people fall behind on their mortgage or auto payments due to unforeseen circumstances. If you default on these loans, the bank can initiate a case to foreclose on your home or repossess your vehicles. This can leave your family without a place to live or without a way to get to work or school. A surprising number of people in New York live in fear of foreclosure and it is important to discuss your legal options with a bankruptcy attorney who also fully understands foreclosure defense in New York.

The legal team at the Law Offices of Ronald D. Weiss understand that financial issues can arise when you least expect them. We have the knowledge and experience to explore all debt relief options, including bankruptcy, loan modification, and foreclosure defense. If you would like to learn more about a possible bankruptcy case, call our office today.

The Complex Bankruptcy Process in Uniondale, NY

While bankruptcy helps thousands of people and businesses each year in Nassau County, the process is not always a simple one. Bankruptcy laws set out specific requirements and procedures that must be followed for you to have a successful resolution to your bankruptcy case. These cases involve you, the petitioner, a U.S. bankruptcy judge, a court-appointed bankruptcy trustee, and any of your creditors who wish to participate. You must follow any instructions issued by the law, judge, or trustee and your attorney can ensure you are in full compliance to preserve your case.

In addition, every bankruptcy case will involve complex paperwork to be filed with the court. You are required to provide in-depth information about your debts, assets, and income and it is all too easy to make a mistake or leave something off a bankruptcy document. However, any error or omission on bankruptcy paperwork can cause unnecessary delays in your case, may result in a dismissal without a discharge, or may even lead to suspicions of bankruptcy fraud. For this reason, you should always have a skilled attorney handling your petition and supporting documents to ensure everything is complete and accurate.

Is Bankruptcy Right for You?

Not everyone who struggles to pay a debt should rush to file bankruptcy. There are often other options that can provide financial relief, including having a lawyer negotiate settlements with your credit card companies, help you obtain a modification of your mortgage, and seek other ways for relief from your debts. In other situations, however, bankruptcy may seem like the right choice, though this choice should be carefully considered.

Bankruptcy may seem like a magic wand that erases all your debts; however, it also has certain downfalls. Bankruptcy will be reported on your credit and can make it difficult to get a loan, buy a home, or even rent an apartment for several years. It also does not always leave you with a completely clean slate, as bankruptcy cannot wipe out every type of debt. Some debts that may survive bankruptcy include:

• Child support and domestic orders
• Certain tax debts
• Judgments stemming from drunk driving accidents
• Criminal fines and restitution
• Debts due to fraud
• Student loans (in most situations)

Furthermore, bankruptcy will not simply discharge secured debts such as mortgages and car loans. Certain types of bankruptcy can address arrears on these loans but the debts themselves can remain after the process is over.

In order to determine whether bankruptcy is the right decision in your case, you should carefully discuss your detailed circumstances with a Uniondale bankruptcy lawyer. Our lawyers will examine your situation and advise you whether there may be other methods of debt relief that can help you or whether bankruptcy would be most beneficial. We review many factors, including:

Your income – If you earn enough income to pay your debts (as determined by the law), you will not qualify for Chapter 7 bankruptcy and would have to engage in a Chapter 13 case, which can take three to five years. Many people fail to consider all types of income that can affect your bankruptcy case.
Your assets – Certain types of bankruptcy will liquidate certain assets and property before you can receive a discharge. In many cases, our attorneys can apply exemptions set out by New York law to allow you to keep your assets and property. If your assets are not all covered by exemptions, we’ll discuss whether you want to file under Chapter 13 or explore other debt relief options.
The type of debts you have – If most of your debt is dischargeable under bankruptcy law, you can emerge from a bankruptcy case will a relatively fresh start. However, if even after a discharge you will be left facing crippling nondischargeable debts and payments, it may not be worth it for you to file bankruptcy.
Your business goals – If you are a business and are considering bankruptcy, we will evaluate whether bankruptcy fits with your goals. For example, if you want to continue operations and do not want to close your doors, a Chapter 7 bankruptcy would not be the right option for you, as it will liquidate your business to pay your debts. However, a Chapter 11 restructuring bankruptcy can be complicated and costly and is not right for every business.

Deciding to file for bankruptcy is a huge decision that should not be taken lightly. A member of our legal team can skillfully review your situation and provide valuable advice regarding your options. We can help you through a bankruptcy case should you decide to proceed or can assist with other possible ways to obtain financial relief for you if necessary.

Filing Your Bankruptcy Case

If you have decided to file for bankruptcy, you must now make additional decisions regarding the type of case that is best for you. Each type of bankruptcy has its own benefits and detriments, and each alternative should be carefully evaluated in light of your circumstances. The following are your main options when it comes to filing bankruptcy:

Chapter 7 – This is the most common type of consumer bankruptcy, largely because you can obtain a discharge of many debts relatively quickly. Chapter 7 bankruptcy involves a trustee liquidating any nonexempt property and assets you may have in exchange for the discharge of all qualified debts, which include unsecured debt, medical bills, some tax debts, and more. The trustee will take the proceeds from any liquidation and make payments to your creditors and the court can discharge balances that are left over. Both consumers and businesses can file under Chapter 7, however, property exemptions are not available for businesses, so a Chapter 7 bankruptcy generally means the end of operations. Chapter 7 bankruptcy does not require you to make any payments out of pocket toward your debts, so the law disqualifies people who are believed to earn enough income to contribute payments. If your income is low enough and you have the right types of debt, Chapter 7 bankruptcy can be extremely beneficial.
Chapter 13 – Chapter 13 is known as the “reorganization” bankruptcy because instead of paying your debts by liquidation, a trustee will reorganize your debts and require you to make manageable payments. Many people who file for Chapter 13 have too much income to qualify for Chapter 7, and Chapter 13 requires that you earn steady income so you can make regular payments. The trustee will take your monthly payment and distribute it to your creditors as deemed appropriate. After three or five years of payments (depending on your situation), the court can discharge the leftover debt. Chapter 13 bankruptcy does not require any liquidation of your property. With higher housing values in the Uniondale area, the $150,000 New York housing exemption is often not enough to protect your house should you choose Chapter 7. Therefore, Chapter 13 may be a better option. This type of bankruptcy is only available for consumers – not businesses.
Chapter 11 – Chapter 11 bankruptcy is available for businesses who do not want to liquidate and for consumers who have too much debt to qualify for Chapter 13. Because this type of bankruptcy can be more expensive, it is far more common for larger businesses. If you believe your business has a chance to come back from its debts, we will examine whether you qualify for Chapter 11, which is another type of reorganization bankruptcy. Your case will involve taking orders from the court and regular reports to the court regarding your company’s finances. You can continue operations during your payment plan and obtain a discharge at the end of your case. This type of case involves intricate compliance requirements, however, and it is important to have an experienced bankruptcy lawyer handling your case who can help you receive a successful resolution.

Any type of bankruptcy can change your life – both for the better and for the worse. We will help you weigh your options to ensure you are seeking the best outcome possible for your situation.

Contact a Uniondale Bankruptcy Attorney to Learn More about Your Options

Bankruptcy is a major decision that can significantly improve your financial future. The legal process and laws are complicated but with the help of the right Uniondale bankruptcy law firm, you can get a fresh start after struggling with debt. Call the Law Office of Ronald D. Weiss, P.C. at (516) 858-3003 or contact us online today to schedule a free consultation. We have a conveniently located Uniondale Office at 626 RexCorp Plaza Room, 681 Uniondale NY 11556

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