Many times, through no fault of their own, people find themselves in impossible financial situations. This can occur because of the loss of a job, long term unemployment, divorce, massive medical bills or any other unforeseen circumstance. If you find yourself unable to meet your financial obligations you should get in touch with a bankruptcy attorney. Suffolk County residents will have several firms to choose from, so finding the right match for you is important.
Understanding Bankruptcy for Chapter 7 and Chapter 13
The first thing that any bankruptcy attorney in Suffolk County should do is talk to you about the two most common types of bankruptcy options. Chapter 7 is the more drastic of the two and involves an actual liquidation of specific assets to repay outstanding debts to your creditors. Although you will be required to liquidate many assets, there are also protected or exempt properties that are based on the laws of the state where the bankruptcy is filed.
Chapter 13 is much more common, especially for individuals, and involves setting a repayment plan that will last between three to five years to get you current with all you secured and unsecured loans. You are not required to liquidate or sell off any assets with this bankruptcy but you do have to develop a workable repayment plan that the bankruptcy court will accept.
Who Can File
Your bankruptcy attorney in Suffolk County should be able to let you know, after a review of your financial records, if you are eligible for a Chapter 7 or Chapter 13 bankruptcy. They can also help you to determine which assets, in the case of filing a Chapter 7 bankruptcy, are exempt from liquidations and which ones must be included. Failing to accurately report these issues can cause the court to reject your bankruptcy application and may even lead to other legal issues.
Work With an Experienced Bankruptcy Attorney in Suffolk County
When you are dealing with a bankruptcy issue it is critical to work with a bankruptcy attorney in Suffolk County that has extensive experience in helping people through this difficult time. Not only will your attorney represent you to the court but he or she will also be an asset to you in getting back on your feet and rebuilding your life through the process.
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