Before filing for bankruptcy, you may feel intimidated or even shame. However, letting go of this sense of resentment and blame could be the solution to your current financial woes. Filing for bankruptcy, whether as an individual, married couple, or business, can be a highly effective means of regaining financial control of your life, business, or, in some scenarios, both.
The process of filing for bankruptcy, and the steps following after, 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 be of most benefit to you and the one you will ultimately pursue.
In some instances, a corporation or individual will find during the evaluation process that a liquidating bankruptcy is not necessary, 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.
To ascertain the next step to your financial future, it is crucial to consult a qualified and experienced Long Island bankruptcy attorney. Your bankruptcy attorney will identify all potential options, inform you of each option’s positives and negatives, and help you proceed with 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. There are hundreds of factors that must be considered throughout the bankruptcy process. Have a leading Long Island bankruptcy lawyer lead you through this challenging legal process and financial journey.
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 us as soon as possible for your free consultation. During your initial consultation, we will discuss your current financial situation 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 financial future.
Title 11 of the United States Code codifies bankruptcy law in the United States. Title 11 also prescribes the several types of bankruptcy options available. Chapter 7 and Chapter 13 are among the most common types of bankruptcy. Chapter 7 and Chapter 13 are the most common bankruptcies 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 from the bankruptcy process. Chapter 11 bankruptcy is typically reserved for business and those limited individuals who fail to meet the requirements of a Chapter 13. To learn more about the most common types of bankruptcy, continue reading below.
Our firm is led by dedicated bankruptcy attorneys with over 60 years combined experience practicing law. Not only have we filed thousands of successful Chapter 7 and Chapter 13 bankruptcy petitions, our partners are 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.
See what our clients say about us.
“Cooper helped my wife and I from the very beginning with our closing. He explained everything in a way that helped us understand what we were signing. He is professional and very easy to talk to. He was very responsive with all of our questions and got back to me very quickly when I would reach out. I would suggest Macco Law to everyone I know!!! Will not work with anyone else going forward!! 5 stars!! Would give more if I could!!! ”
“Coopr Macco was very professional. Every time I called or sent an email, he responded in a timely manner in regards to my case. I highly recommend Macco law firm.”
“I had the honor of having Cooper Macco handle my case. He and his firm were professional, attentive and always communicated with me. I never had to question what was next. Cooper was always on top of everything and always made sure I was prepared and informed. I was very pleased with the firm and would highly recommend the Macco Law Group to all seeking great lawyers. Highly, highly recommend.”
“Very professional and answered all my questions until I was satisfied. Prompt at return calls and general feedback. Would recommend. Simplified a stressful event.”
“I am very thankful I was referred here. Cooper Macco is the lawyer that worked with my case. He answered any question I had quickly, was affordable and overall was just a very pleasant and easy experience. I would 100% recommend this law group.”
“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.”
Filing for Chapter 7 bankruptcy might be your best chance to free yourself from burdensome ...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 move forward to acquiring your financial future. Contact us for your free consultation today!Contact Us
Call us at 631-549-7900 or use our contact form to arrange a free consultation with an experienced Long Island