Find a Bankruptcy Lawyer in Levittown, New York

Find the right Bankruptcy attorney in Levittown, NY

Bankruptcy in Levittown, New York is a court procedure through which a person or business who is unable to pay their debt is able to have some of their debt legally excused, or "discharged." This theoretically allows the debtor to move on with a clean slate. Bankruptcy should be treated as an option of last resort, and should not be viewed as a convenient way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to get loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

Therefore, it is advisable to consult with an experienced Levittown, New York bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Levittown bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Levittown, New York

There are three basic bankruptcy schemes that are most commonly used in Levittown: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Levittown, New York will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other largely used bankruptcy system in Levittown is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Chapter 11 bankruptcy is almost always used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, fix their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a Levittown Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Levittown is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Levittown bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Levittown

Levittown, New York is a hamlet, and census-designated place, located on Long Island, in Nassau County. It has a population of about 55,000 people.

Levittown was built as a planned community, starting shortly after the end of WWII, with construction complete in the early 1950s. It was one of the first planned communities in the U.S., and one of the largest at the time. It quickly became a symbol of suburban America and the unbridled optimism of the postwar era. Levittown is named after the construction firm Levitt Sons, which developed the community, and is largely credited with inventing modern suburban America, for good and ill. "Levittown" became a disparaging term for large, bland, suburban developments featuring identical homes. Ironically, however, the homes currently in Levittown have been remodeled or rebuilt to such an extent that there is now a great deal of architectural variety.

Modernly, Levittown is an affluent community, with a median family income of over ,000, and just over 1% of the population living below the poverty line.

Accordingly, the lawyers in Levittown, New York are used to handling fairly sophisticated cases. If you have a legal issue, whether it deals with real estate, family, criminal, or any other area of law, you can be sure that there is probably a Levittown, New York lawyer who can help.

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