Find a Bankruptcy Lawyer in Elmont, New York

Find the right Bankruptcy attorney in Elmont, NY

Bankruptcy in Elmont, New York is a court proceeding through which a person or business who is unable to pay their debt is able to have some of their debt legally absolved, or "discharged." This theoretically allows the debtor to move on with a clean slate. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are honestly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Accordingly, it might be a good idea to consult with an Elmont, New York bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Elmont could prove invaluable.

Types of Bankruptcy in Elmont, New York

There are three basic bankruptcy schemes that are most commonly used in Elmont: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Elmont, New York will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is fulfilled, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and varied classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other popular bankruptcy system in Elmont is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their contract with the debtor. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

During the Chapter 11 process, a business can normally continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Elmont Bankruptcy Lawyer Help?

Filing for bankruptcy in Elmont is a very important decision, and should not be made lightly. Before filing, one should consult with a good Elmont bankruptcy attorney for help.

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Life in Elmont

Elmont, New York is an unincorporated community Nassau County, New York. It is a suburb and bedroom community (a community that is almost entirely residential, populated in large part by people who commute to a nearby, larger, city for their jobs) of New York City. Its population is estimated at about 33,000. The community now known as Elmont can trace its roots back to a land purchase in 1650. Dutch colonists established New Amsterdam in the region, and the colony was eventually transferred to the English, who renamed it "New York." In 1905, the Elmont became home to the Belmont Race Track, which is a major venue for horse racing, and hosts one of the legs of the Triple Crown. During the economic boom following WWII, attractive suburban tract homes began springing up in Elmont, which is largely how it adopted its current role as a residential suburb of New York City. Modernly, Elmont, New York is an extremely diverse city, with roughly equal parts of its population (about 40% each) being African-American and white. It also has significant concentrations of several other ethnicities and cultures, reflecting the diversity of New York, and the U.S. as a whole. Elmont, New York attorneys are numerous, and the selection of attorneys in the greater New York City area is practically unlimited. If you're facing a legal issue, it's very like that an Elmont, New York lawyer can help.

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