Rockland County Ny Bankruptcy Lawyers

Bankruptcy often carries misconceptions that frighten people away and sink them deeper into debt. This can lead to bad decisions like borrowing against their own retirement accounts and future to pay off the ever mounting debt.

What they don’t know is that many people file qualify for bankruptcy relief and KEEP their homes, automobiles and retirement accounts. And in a short amount of time they rebuild their credit and have a fresh start that at one point seemed impossible.

Whether you decide to file or not – the information we can give you can help you make the RIGHT choices and AVOID disastrous ones. The difference between sinking deeper into debt and a possible fresh start is only one phone call away . . . you have nothing to lose . . .but your debt.

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Chapter 7 And Chapter 13 Attorneys

Rockland County, Ny Chapter 7 Bankruptcy Filing

This is the simplest and most common type of bankruptcy. Our office will ask you some simple questions and determine whether you are eligible.

If you are eligible, this chapter of bankruptcy will give you a fresh start within a few short months. You will often discharge all of your debt with no payments to creditors.

In many cases:
You CAN keep your house.
You CAN keep your car.
You CAN keep your retirement accounts.

There are some types of debt which are non-dischargeable, but most people begin with a clean slate and a better tomorrow. Certain debts like RECENT taxes or student loans will survive.

TAXES:

Some people believe taxes are non-dischargeable in bankruptcy – NOT TRUE.

Some taxes, if they meet the guidelines, ARE dischargeable. If you have taxes more than three years old, we can work with you to find out if they too can be discharged.

The most common problem people face with a Chapter 7 is the unknown. Once they learn exactly how bankruptcy works they often decide it’s exactly the relief they need.

CHAPTER SEVEN BANKRUPTCY INFORMATION

Rockland-Bankruptcy is a Rockland County NY Bankruptcy Lawyer law firm. Our main offerings include: Chapter 7 Bankruptcy Lawyers and Chapter 13 Bankruptcy Lawyers for your bankruptcy cases.

Common Tags: Filing for Chapter 7 Bankruptcy Rockland County NY, Stony Point New York Law Attorneys, Garnerville NY Lawyers, Information, Laws

Rockand County, Ny Chapter 13 Bankrupctcy Filing

This chapter of bankruptcy is where debtors repay a portion of their debt over a 3 to 5 year plan. The amount of their payment depends upon their income or on whether they have any unexempt assets they wish to keep.

DISPOSEABLE INCOME

If you have money left over after your reasonable and necessary expenses, (in excess of approximately $167 or more per month), then you may have to commit that amount to a monthly repayment plan. At the end of your plan the ENTIRE amount of your debt is discharged.

Like a Chapter 7 – in most cases you are keeping your home, your car and your retirement accounts.

This is also a great tool if you have fallen behind in your mortgage, but aren’t able to make a deal with your lender. You can take those mortgage arrears and simply pay them monthly in your repayment plan.

UN-EXEMPT ASSET

Another reason you might file a Chapter 13 bankruptcy is if you have an asset you want to keep, but it’s worth more than the allowed exemptions. For example, you are allowed a certain amount of equity in a car or your home. If your car or home is worth more than the allowed exemption, you can simply pay the un-exempt portion to the court in your 3 or 5 year bankruptcy plan. That amount is distributed to your creditors and at the end of your plan ALL the debt is discharged and you keep your assets.

INFORMATION FOR CHAPTER THIRTEEN BANKRUPTCY

2011 was a banner year for bankruptcy in New York State. Governor Patterson increased many of the older exemptions, opening up a world of possibilities for potential debtors.

An individual debtor can have up to $150,000 (in most NY counties) equity in their home ($300,000 for a married couple). Car exemptions are now $4,000. Your 401K and IRA retirement accounts are still exempt up to one million dollars.

So many people are struggling because they fear bankruptcy leaves them with nothing. The reality is it will put them in a better place than they were before they filed.

In fact, many debtors will actually see their FICO score go UP in just a little over a year from filing their bankruptcy. And often, after two years, debtors will be able to qualify for mortgages again.

While each case is different, the above is based on the typical bankruptcy filing. Far too often, people fear what they’ve heard about bankruptcy and never acquire the first hand knowledge from experts in the law. Even if you are still unsure, we provide a free consultation to evaluate your case and give you your options.

Again – the only thing you have to lose . . .is your debt.