Long Island Bankruptcy Lawyer
Get a Fresh Start. A New Beginning. Keep Your Home. Keep Your Assets. Stop Legal Action and Foreclosure. Get Out of Debt.
The rate of foreclosure has accelerated because of unregulated subprime mortgages, placing homeowners in great financial trouble. Some people have become buried in credit card debt with no end to their monetary worries in sight.
If you are struggling with debt, debt-management counseling or bankruptcy may provide relief and a new beginning. Seeking the legal advice and guidance of an experienced debt-relief attorney is an important step. At Blutter & Blutter, our attorneys have helped clients resolve insolvency for three decades.
Stop Unwanted Harassing Phone Calls
Dealing with debt collectors, harassing phone calls and other ongoing debt-collection attempts are pressing problems when you are in financial distress. Filing a petition for bankruptcy creates an automatic stay, which is a legal action that stops debt collection and other motions against you, such as foreclosure.
Types of Bankruptcy for Reducing or Eliminating Debt
The most common types of bankruptcy are Chapter 7, Chapter 11 and Chapter 13. These are the bankruptcies on which the attorneys at Blutter & Blutter primarily focus their practice.
Chapter 7
Chapter 7 bankruptcy, referred to as a straight bankruptcy or liquidation bankruptcy, gives the debtor, who may be an individual or a business, the ''fresh start.'' The objective of Chapter 7 is to discharge all debts. The Bankruptcy Court will assign a trustee to oversee a Chapter 7 bankruptcy and collect all non-exempt assets, selling assets and distributing proceeds to creditors.
Debts that cannot be eliminated by a Chapter 7 bankruptcy include child support, alimony, student loans from government organizations, Internal Revenue Service taxes, fines and penalties for law violations (e.g., traffic tickets) and debts for personal injury or death caused by driving while intoxicated.
Chapter 11
Chapter 11 bankruptcy allows businesses and corporations to restructure debt and pay creditors in installments. It allows a business to remain in operation while recovering from overwhelming debt. Also referred to as “business reorganization,” Chapter 11, while generally prolonged and costly, benefits businesses when other forms of debt relief are not viable.
Chapter 13
Chapter 13 bankruptcy is available to individuals earning a steady income but who need to stabilize their financial situation. Sometimes called ''wage earner'' bankruptcy, Chapter 13 allows you to pay off debts and loans over a period of three or five years through payment installments. When facing foreclosure, you can keep your home and other valued assets such as a boat or car. Debt-collection efforts halt and new debt collection is prevented while you pay off debts according to an established payment schedule. An advantage of Chapter 13 is that tax debt may be resolved through payments over time. Some interest and penalties may be eliminated, and if the debt is old enough, a portion of or the entirety of the tax delinquency may be discharged.
Debt-Relief Agency
As a debt-relief agency, Blutter & Blutter offers legal counsel to clients facing financial difficulty, advises them about debt-management alternatives and evaluates whether bankruptcy is appropriate. When bankruptcy suits your needs, we help file petitions for bankruptcy, deal with motions against you and handle all other legal actions associated with your bankruptcy.
If you are overwhelmed with debt, contact our law firm to arrange a consultation and find out how we can help. Call our office in Plainview at (516) 433-7777 or our office in Queens at (718) 529-7777 or contact us online to schedule an appointment.
Blutter & Blutter represents clients throughout the New York City metro area, including residents of Kings, Nassau, Queens and Suffolk counties.