Find a Bankruptcy Lawyer in Lynbrook, New York

Find the right Bankruptcy attorney in Lynbrook, NY

Bankruptcy in Lynbrook, 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 cleared, 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 fitting 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 acquire 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 Lynbrook, 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 Lynbrook bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Lynbrook, New York

There are three basic bankruptcy schemes that are most commonly used in Lynbrook: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Lynbrook, New York will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

Under Chapter 13 bankruptcy in Lynbrook, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over an extended period of time, therefore theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though Chapter 11 bankruptcy can be used by individuals, it is almost always 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 authorized by a vote of participating creditors.

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

How Can a Lynbrook Bankruptcy Lawyer Help?

Filing for bankruptcy in Lynbrook is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Lynbrook bankruptcy attorney for assistance.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Lynbrook

Lynbrook, New York is a village located in Nassau County. In New York, "villages" can be located within towns. In this case, Lynbrook is within the town of Hempstead. Lynbrook currently has a population of about 29,000, according to a 2006 U.S. Census estimate.

Lynbrook has gone through several name changes in its history - it was originally known as Bloomfield, and its name was then changed to Pearsall's Corners. After the town was incorporated in 1911, its name was changed to "Lynbrook," which was created by switching the order of the two syllables in "Brooklyn," which is where many of its original residents came from.

Modernly, Lynbrook is a relatively affluent community, and it attracts residents who are looking for a quiet, residential area to settle down. Its proximity to New York City, however, ensures that residents who want to occasionally experience what a big city has to offer, can.

If you are looking for an attorney, and live in the Lynbrook, New York area, you're in luck. There are plenty of competent and educated Lynbrook, New York attorneys who can help you with whatever legal problem you might be facing.

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