Find a Bankruptcy Lawyer in West Babylon, New York

Find the right Bankruptcy attorney in West Babylon, NY

Bankruptcy in West Babylon, 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 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 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).

Accordingly, you should speak with a good West Babylon, New York bankruptcy lawyer. Your West Babylon bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional evaluation as to whether or not it's a good option, given your specific circumstances.

Types of Bankruptcy in West Babylon, New York

In West Babylon, New York, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in West Babylon, New York will be very similar to those in any other part of the United States. Chapter 7 bankruptcy involves liquidation of part of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is done, 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 various 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 typical bankruptcy scheme used by consumers in West Babylon is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the arrangements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Though applicable to individuals, Chapter 11 bankruptcy is typically used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is finalized, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

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 West Babylon Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in West Babylon easily. Before making any such decision, it would be highly advisable to contact an efficient West Babylon bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in West Babylon

West Babylon, New York is located in Suffolk County, New York. The beautiful city is home to close to 45,000 residents, and a very popular place to visit on the East Coast. West Babylon is situated on eight square miles. The city of West Babylon has some famous faces that once called it home, including: Geraldo Rivera and Dan Deacon.

One of the more notable aspects of this city is the West Babylon School District. Comprised of five elementary schools, one middle school, and one high school the district has been the recipient of the Healthiest School in America award. With the stress on education and health it is no wonder that West Babylon has a thriving professional community, and a very active city. From golf courses to running trails to camping excursions, the city has a lot to offer both residents and tourists alike.

West Babylon lawyers are some of the best in the business, specializing in a range of issues to help serve their client. In addition to great lawyers, West Babylon also has fantastic doctors, accountants, and businessman. West Babylon is one well-rounded city!

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