Consumer Bankruptcy Lawyers in Central Islip, New York

Find the right Consumer Bankruptcy attorney in Central Islip, NY

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Bankruptcy is a court proceeding which lets a person or business have some or all of their debts discharged. It should usually only be considered as an option of last resort, because it can have significant long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in New York is essentially the same as the process anywhere else in the United States. However, particular courts in Central Islip, New York will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Central Islip, New York

There are 2 common forms of bankruptcy in Central Islip, New York. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This usually includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Central Islip, New York is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Central Islip, New York

In Central Islip, New York, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Central Islip, New York

Which Bankruptcy type to file under depends strongly on the facts of each individual case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Whatever your situation, you should speak with a local Central Islip, New York bankruptcy Lawyer. Your Attorney will be able to advise you of your options and their likely consequences, which will help you make a more educated decision.

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Life in Central Islip

Central Islip, New York is a community of about 32,000 people, as of the 2000 census. It is located in Suffolk County, on Long Island.

The name came from Islip, Northamptonshire, England, which was the hometown of William Nicoll, the first European to settle the area, in 1683.

In 1842, the Long Island Railroad's rapid eastern expansion reached Suffolk, and Suffolk Central Station was opened, which caused a rapid expansion of Central Islip.

In 1889, a large mental hospital, which would eventually become the Central Islip Psychiatric Center, was opened. By 1955, it housed over 10,000 patients, and closed in 1996, after the last of the patients were moved to other facilities.

Modernly, Central Islip largely serves as a residential suburb of New York City, especially its outer boroughs. Many residents of Central Islip commute to various parts of New York City for their jobs, but live in Central Islip to enjoy its quiet nature.

Central Islip, New York lawyers are plentiful, and are competent to hand virtually any case that an individual, family, or small business is likely to face. If you have a legal problem, you should get in touch with a Central Islip, New York lawyer today.