The Long Island bankruptcy lawyers practicing at McBreen & Kopko Attorneys at Law have the experience, integrity and professionalism to help you successfully and efficiently file your New York bankruptcy petition. We will thoroughly review the specifics of your bankruptcy case and advise you on the best course of legal action. Our seasoned attorneys are fluent in New York bankruptcy law and will bring that knowledge and dedication to your bankruptcy case.
Filing Bankruptcy in Long Island
After discussing the details of your financial status, the skilled lawyers at McBreen & Kopko Law Firm will suggest the bankruptcy chapter options you are legally allowed to pursue. Chapter 7, also referred to as liquidation, is the easiest and fastest type of bankruptcy and involves a court selected trustee who will collect and sell all of your non-exempt assets and utilize those monies to repay your creditors. The assets that you are allowed to hold onto are called exempt property and each state dictates what those include.
Chapter 7 Bankruptcy in Long Island
In October of 2005, the federal government passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 which imposes a “means test” in order to legally file for Chapter 7 bankruptcy. The means test involves close scrutiny of your income and expenses and compares them to a standard developed for the part of the country you live in. If your income falls below the median income for a similar sized family in your respective state, then you qualify to file for Chapter 7. However, if your income is higher you will be required to file for Chapter 13 bankruptcy. Chapter 13 mandates you to repay some of your debts over a period of time.
Long Island Bankruptcy Law Firm Can Help
If your financial situation is in chaos, and you reside in the New York metropolitan area, the Long Island bankruptcy lawyers at The McBreen & Kopko Law Firm can help you decide which bankruptcy chapter best suits your needs from a legal and personal standpoint. Call us today at 516-829-1600 or fill out our online quick contact form and schedule a consultation. We look forward to partnering with you towards reaching your financial freedom. The McBreen & Kopko Bankruptcy Law Firm proudly provides sophisticated and competent legal services to the five boroughs of New York and Long Island.