Bankruptcy is a legal process that can provide enormous benefits. Not only can it offer debt relief, but also peace of mind knowing that you will not be drowning in bills anymore. Filing for bankruptcy, whether as an individual, married couple, or business, can be a highly effective way of regaining financial control of your life, business, or, in some scenarios, both. If you are overwhelmed with debt problems and financial challenges, then consider contacting a Long Island Bankruptcy attorney today to discuss your options.
The process of filing for bankruptcy and the following steps are almost always complicated and confusing for even the biggest finance aficionados. One of the first factors you need to determine is your qualifying debt and income. From there, you must quantify your assets, in addition to countless other factors that you must evaluate. After these considerations, you will need to decide if you should file for bankruptcy, and if so, what type of bankruptcy will benefit you most and the one you will ultimately pursue.
In some instances, a corporation or individual will find that a liquidating bankruptcy is unnecessary during the evaluation process, instead opting to restructure their debts in a reorganizing bankruptcy. In either scenario, it would effectively wipe out qualifying debts. Under a bankruptcy plan of reorganization, a business or individual is able to continue to operate and retain their property and assets. Alternatively, a person may find that they need to liquidate, walking away from their assets in exchange for a fresh start from their debts.
Do you have debts? Are you worried about losing your current assets? Do you feel that there is no way out of your current financial situation? If you feel stressed about your money problems, you may benefit from debt relief provided by bankruptcy. To ascertain the next step in your financial future, it is crucial to consult with a well-qualified and experienced Long Island bankruptcy attorney. Your attorney will look at your situation, identify all potential legal options, and help you start the bankruptcy process.
A well-versed and seasoned bankruptcy lawyer will help you preemptively address all of your financial and legal issues, taking precautionary measures to prevent mishaps from arising and taking necessary action for potential conflicts that may occur after filing. In some cases, some people may benefit from debt management or financial counseling and not have to file for bankruptcy. In other cases, debt negotiation, spearheaded by a knowledgeable lawyer, can help remedy financial problems. Still, in other cases, people will benefit most from adversary proceedings provided under U.S. bankruptcy law.
There are hundreds of factors that you must consider throughout the bankruptcy process. A dedicated Long Island bankruptcy lawyer can lead you through this challenging legal process toward financial recovery.
Continue reading to learn more about the general concept of bankruptcy, the most common bankruptcy filing options, and who these options typically best suit. Contact the attorneys at the Macco Law Firm for a free initial consultation about your financial situation. During your initial consultation, we will discuss your case and develop a clear understanding of your wants, needs, and goals. The sooner you reach out to Macco Law Group, LLP, the sooner we can get you on the road to a secure financial future.
Title 11 of the United States Code codifies bankruptcy law in the United States. Title 11 also details the types of bankruptcy options available, including a Chapter 7, Chapter 11, or Chapter 13 bankruptcy. Chapter 7 and Chapter 13 are filed by individuals or married couples. The choice between filing for Chapter 7 or Chapter 13 bankruptcy will be contingent on the debtor’s assets, liabilities, and ultimate goals for bankruptcy relief. Chapter 11, on the other hand, is typically reserved for businesses and a limited number of individuals who fail to meet the requirements of Chapter 13. To learn more about the most common types of bankruptcy, continue reading below.
The Macco Law Group, LLP is a bankruptcy law firm with more than six decades of experience providing top care to clients in Long Island, New York. Not only have we filed thousands of successful Chapter 7 and Chapter 13 bankruptcy petitions, but our partners are also court-appointed bankruptcy trustees who know your full range of legal options for dealing with your financial problems.
Attorney Michael Macco is one of only two Chapter 13 bankruptcy trustees on Long Island in the Eastern District of New York. Mr. Macco has held this position since 1983. Macco Law Group, LLP has served our community with integrity for over 30 years. Contact our law office today to learn more about how our law office can help your case!
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“After researching my different options, over the past two years, and having no luck or comfort in substantial conversations with any other law firm, I made an inquiry to Cooper Macco’s group. With great professionalism and knowledge, after my consultation, I felt educated in the current laws and my rights. Under his advice and guidance I successfully filed a petition and won, due to his work and knowledge, I have a greater future. His office assistant was a great and knowledgeable liaison, and made the process go smoothly. Grateful to press forward. Thank you, Cooper Macco.”
Chapter 7 bankruptcy, sometimes called "liquidation bankruptcy," allows individuals to discharge most of their unsecured ...Read More
Filing for bankruptcy is a complicated, challenging, and stressful process. Consulting with the experienced team at Macco Law Group, LLP will allow you to remain calm and focused as you secure your financial future. Contact us for your free consultation today!Contact Us
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