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Expert Bankruptcy Attorney in Long Island, NY: Is Bankruptcy the Right Solution for Your Debt Problems in Long Island, NY?

How to file for bankruptcy?

Is Bankruptcy the Right Solution for Your Debt Problems in Long Island, NY? Facing a mountain of debt in the Long Island, NY area can feel isolating, but you have company. Laws designed for bankruptcy give people like you relief from creditors, and a chance to start over. At Palacios Law Group, our seasoned bankruptcy attorneys will guide you through this process, helping you make smart choices about your financial future. Want to dive deeper? Contact us online or call (631) 673-1000 or (516) 873-8783 now for a free consultation.

Why Trust Palacios Law Group with Your Long Island Bankruptcy Needs?

Standing as a top bankruptcy law firm in Long Island and New York City, Palacios Law Group has a specialty in guiding individuals and small businesses through bankruptcy’s maze. Here’s why you should pick us to help you regain your financial footing:

  • Chapter 7 Bankruptcy Mastery: Looking for a fresh start by wiping out debts like credit card balances and medical bills? Chapter 7 bankruptcy might be your answer. Our expert attorneys will look into your situation to see if Chapter 7 suits you and guide you all the way.

  • Chapter 13 Bankruptcy Guidance: This option suits those who can manage to pay some of their debts. Our team will craft a repayment plan that fits your earnings and expenses. Finish this plan, and you can say goodbye to qualifying debts.

  • Chapter 11 Solutions for Small Businesses: Are financial hardships hitting your business? Chapter 11 bankruptcy offers a lifeline. We understand your challenges and will help you craft a plan to reorganize your finances, keeping your business running.

And that's not all. With Palacios Law Group, you can also:

  • Knock down certain debts or make them more affordable.
  • Stop wage garnishments or bank account freezes.
  • Halt those annoying calls from bill collectors.
  • Avoid repossession or even get back your repossessed car.
  • Put a pause on the home foreclosure process.
  • Work out a better deal with your mortgage lender.
  • Shield assets, including your home and retirement savings.

Tackling Common Bankruptcy Questions

Bankruptcy can confuse many, but we aim to clarify. Let’s dive into frequent questions:

What is bankruptcy?

Bankruptcy is a legal process that allows individuals and businesses to eliminate or repay their debts while providing protection from creditors.

What Happens When You File for Bankruptcy?

When you file for bankruptcy, an automatic stay is initiated, which immediately halts creditor actions such as wage garnishment and creditor harassment.

What is the Downside of Filing for Bankruptcy?

While bankruptcy offers relief, it’s important to understand that not all debts are dischargeable, and you may have to forfeit some assets in certain bankruptcy chapters.

Chapter 7:

Starting Anew Many choose Chapter 7 bankruptcy, often dubbed “liquidation.” This process involves selling non-exempt assets to clear debts. But, many assets, like retirement savings, stay safe. Though powerful, remember that Chapter 7 doesn’t cover all debts. Things like child support, student loans, and recent big purchases might remain. Still, filing for Chapter 7 instantly stops creditor actions, such as wage garnishment.

Chapter 13:

Crafting a Repayment Plan Also called a “wage earner’s plan,” Chapter 13 offers a unique debt relief path. Designed for those with steady income, it lets you make partial debt payments. This plan often spans 36 to 60 months, and finishing it means most qualifying debts vanish.

Many choose Chapter 13 to shield their homes or cars. As long as you keep up with mortgage or car payments, you can wrap any back payments into your plan. Trust Palacios Law Group to guide you in choosing between Chapter 13 or Chapter 7 based on your financial needs.

Chapter 11:

Keeping Businesses Alive For struggling small businesses, Chapter 11 offers a path to reshape and repay debts, ensuring the business remains operational. This method often proves vital to save jobs and keep businesses viable.

It’s vital to stay honest with your attorney and the bankruptcy court about your finances to ensure a smooth process. Palacios Law Group: Tailored Bankruptcy Solutions in Long Island Bankruptcy isn’t a one-size-fits-all solution. We’ll study your case to show you the best way forward. Don’t let debt weigh you down. Reach out to us online or call (631)673-1000 today. Together, we can pave your road to financial freedom.

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