Bankruptcy Lawyers

Divorce is something that we don’t like to think of happening to us. But the facts would tell us something quite different. The other day, after speaking with a Long Island divorce lawyer I was informed that the divorce rate here in Long Island was several percentage points higher than the national average.

In the research that I was doing concerning the issue of bankruptcy relative to a divorce proceeding, another Long Island divorce attorney told me that almost every divorce carries with it a financial hardship. Particularly when children, homes, and other property are involved, there is almost never a way to divide things evenly without costing some financial pain to one or both parties. Many couples end up going through divorce bankruptcy because they simply cannot do it on their own and adhere to the terms of the divorce decree, at least financially. Sometimes, bankruptcy after divorce is the only way that some start over with a clean slate.

Most of the Long Island Divorce Lawyers that we had the good fortune to meet during our research were well grounded in several critical disciplines. Most importantly after marital and family law, their knowledge of bankruptcy protection was flawless. Consider the importance of finances when you schedule your consultation with a divorce attorney

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These days, debt is a huge problem in America. With increased use of credit cards, it has become easier than ever for people to become overwhelmed by debt, and with the recent recession even more people are being affected. And even though hundreds of thousands of Americans are up to their eyes in debt, it is a lonely, frightening situation to find yourself in. For people who have hit rock-bottom in their debt, it seems like there is no way out. Filing for bankruptcy can be the most appealing decision, because it is sometimes advertised as being a “fresh start”. As wonderful as that sounds, there is a lot more to it than that. If you have considered filing for bankruptcy, contact an experienced Placentia bankruptcy attorney to help you navigate the legal obstacles involved. Remember that bankruptcy will be a black mark on your credit score for many years to come, and will affect your life in many other negative ways. So it is important to weigh the pros and cons of filing for bankruptcy before making the decision. But, paired with a lot of hard work and a sound plan in place, bankruptcy can be a step on the road to recovery.

 

If you live on Long Island you might know that there are record numbers of people who now file bankruptcy. The two most common types of bankruptcy filings are Chapter 7 bankruptcy and Chapter 13 bankruptcy. To understand which of these bankruptcies would better suit you, you should speak with a Long Island attorney.

The biggest differences between a Chapter 7 bankruptcy filing and a Chapter 13 bankruptcy filing is a matter of the type of debt and the manner in which it is discharged.

In a Chapter 7 bankruptcy filing, certain non-exempt property is liquidated and the funds obtained from the liquidation are distributed to the creditors. A Chapter 7 is much faster and an individual can be virtually debt free in a matter of weeks. In a Chapter 13 bankruptcy protection filing, the debtor may keep his or her property and debts are negotiated with the creditors. The debtor then agrees to a payment plan which must be strictly adhered to. At the end of 3 to 5 years the debts are discharged.

If you are concerned about which process is best for you and have questions about Chapter 7 bankruptcy protection versus Chapter 13 bankruptcy protection, what to expect in the process or about life after bankruptcy, speak with a skilled Long Island lawyer today.

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