Long Island and New York City Bankruptcy Attorney
Nobody expects to find themselves filing for bankruptcy, but sometimes it is the smartest decision you can make. Bankruptcy is about starting over. It is about taking control of your financial future.
Bankruptcy can be a complex and overwhelming process. Limmer & Associates has helped countless individuals and businesses understand the many options that are available to them. Our firm will expertly guide you through the legal red tape and help you make the most informed choices for your particular financial situation.
It is important to know that there are many myths about bankruptcy and the stigma attached to it. Most people do not realize that although bankruptcy does remain on your credit report for a number of years, it does not necessarily mean your credit is ruined forever. Many people can purchase a car or even a home after just a short period of time.
If you cannot pay your debts because of unemployment, illness, injury, divorce or other factors, or if you need to stop foreclosure, wage garnishment, tax levy, auto repossession or creditor harassment, Limmer & Associates can help you to decide if bankruptcy is the right decision for you.
Contact us today online or by telephone at 888-870-8722 to speak with a knowledgeable Long Island and New York City bankruptcy attorney.
BANKRUPTCY
CHAPTER 7 BANKRUPTCY
Chapter 7 Bankruptcy is the most common type of bankruptcy and is often referred to as a "liquidation bankruptcy." In Chapter 7, all of the debtor's assets, other than those assets which are specifically exempt from liquidation by statute, are turned over to a bankruptcy trustee for sale. Sale proceeds, if any, are distributed amongst the creditors. This means most people keep what they own and wipe out their credit cards, medical bills, personal loans, and similar debts. Most New York Chapter 7 debtors have little non-exempt personal property because of New York's liberal exemption laws. For many people, their house is unaffected by Chapter 7. Most Retirement Accounts are also exempt and are inaccessible to the Chapter 7 trustee. If you lease a vehicle and wish to keep it, you may do so, as long as you continue to make current payments. The same often applies for car loans and primary residences as well. Chapter 7 is used to eliminate or discharge, primarily unsecured debts such as credit cards or medical bills and can even be utilized to eliminate certain back taxes. Chapter 7, however, does not eliminate secured debts, such as vehicle loans (unless the secured item is surrendered). Chapter 7 will not save a house from foreclosure nor a car from repossession if you are delinquent in payments, but will delay the process. To be eligible to file a Chapter 7 bankruptcy, you must pass something called a "means test"; a complicated calculation to determine eligibility based upon your income. People who fail the "means test" will often have an alternate option in Chapter 13. Please feel free to contact our experienced and well-respected attorneys to determine your eligibility.
CHAPTER 13 BANKRUPTCY
Chapter 13 is used, most often, to save a house, or significant asset, from foreclosure. Chapter 13 allows you to pay back any mortgage arrears to the lender over a period of up to 60 equal monthly payments, without interest. While doing so, you are still required to make your regular monthly mortgage payment after the petition is filed. Chapter 13 allows you to potentially "wipe out" a home equity line of credit or second mortgage, depending on the value of your home. Credit cards and other unsecured debts are also included in the Chapter 13 payment plan and can often be eliminated with the payment of only a fraction of the actual balances. Chapter 13 is available to debtors who have regular and steady income. There are, however, limits to the amount of secured and unsecured debts allowed to be filed under Chapter 13. If the limits are not met, the debtor often has an alternate option in Chapter 11. Please feel free to contact our experienced and well-respected team to determine if Chapter 13 is right for you.
We are a federal Debt Relief Agency. We help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.
