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Did You Know?

Chapter 7 Bankruptcy

  • That you can discharge all of your unsecured credit card debts, medical debts and more
  • That military reservists don’t have to qualify for the additional income test to qualify
  • That if 50% or more of your debt is business debt, you don’t have to qualify for the income test
  • That a bankruptcy removes the liability for mortgage debts
  • That you can keep your house in bankruptcy

Chapter 13 Bankruptcy

  • That you may be able to:
    • get rid of your 2nd mortgage completely even if you are current
    • reduce the principal balance of your car and of an investment property
    • pay as low as 5% of your unsecured credit card debts
    • recapture a loan modification payment that you previously defaulted on

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With the worst economic crisis that this country has seen in decades, many people are having a tough time paying their monthly expenses. As a result, millions of people throughout Long Island, NY and the United States are suffering from mounting debt and reduced income with no end in sight.

Bankruptcy was designed to help people who have become so inundated with debt that they have fallen behind on their finances and can no longer pay their bills or other financial obligations. The goal of the bankruptcy process is to provide individuals and families with the relief they need to recapture their financial freedom and start fresh again.

When looking for a bankruptcy lawyer, Long Island is home to many. Darren Aronow, PC is a Long Island bankruptcy attorney specializing in personal and business bankruptcy. His knowledge and experience as a Long Island bankruptcy lawyer will help you decide which bankruptcy options are best for you.

Personal Bankruptcy

Bankruptcy refers to the federal court process of eliminating or restructuring a person’s debt. In the United States, the two most common forms of bankruptcy available to individuals and families are Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 Bankruptcy, also known as liquidation, is the most common and most favored form of bankruptcy as it eliminates most of a debtor’s unsecured debt.

However, Chapter 7 does not discharge all of a person’s debt. Certain debts cannot be discharged under Chapter 7, such as: Alimony/Spousal Support, Child Support, , Court fines or penalties, Personal injury damages or restitution.  In some cases we can eliminate student loan debts.

Long Island bankruptcy lawyer, Darren Aronow, can help guide you through filing for Chapter 7 bankruptcy.

However, there are many myths in bankruptcy that are untrue. In most cases, you can keep your car and home, and in some cases, you may be able to get rid of your 2nd mortgage in the bankruptcy.

Chapter 13 Bankruptcy is slightly different from Chapter 7 bankruptcy, as it does not discharge debt completely. Rather, Chapter 13 consolidates a person’s debt and restructures it into a feasible monthly payment plan. Under Chapter 13 bankruptcy, you will have a set amount of time, usually three to five years, to pay off a portion of your debt each month. Although this type of bankruptcy does not completely eliminate your debt, it does restructure it in a way that is manageable.

As a NY bankruptcy lawyer, Darren Aronow will help you through the bankruptcy process. Before you file Chapter 7 or Chapter 13, you should consult a bankruptcy lawyer. Long Island’s Darren Aronow will decide if filing for bankruptcy is the right option for you.

Bankruptcy For Business

Chapter 11 Bankruptcy is available to businesses that are experiencing financial troubles. Under Chapter 11, a business can continue to operate while it restructures or reorganizes its debts and finances. Many businesses favor this form as bankruptcy as it awards them protection from creditors during the reorganization and restructuring period. Furthermore, businesses can also repay their creditor while continuing to operate.

If you are suffering from insurmountable debt and are considering filing for bankruptcy, the first step you should take is to consult a knowledgeable and experienced Long Island bankruptcy attorney. NY Bankruptcy Lawyer Darren Aronow is a leader in bankruptcy law. At The Law Office of Darren Aronow, PC we will review your financial situation, and help you determine whether or not bankruptcy is right for you. To schedule a free consultation, please contact us at (516) 663-0970 and get your finances back on track.