Bankruptcy Information from Bankruptcy Lawyers in Bay Shore, NY 11706

PRLog (Press Release) - May 16, 2012 - Let’s take a closer look at how filing for bankruptcy works, and specifically how Chapter 7 Bankruptcy affects you, as stated by Chapter 7 Bankruptcy Lawyers. In a Chapter 7 bankruptcy the purpose is for debtors to wipe out all of their dischargeable debts. Most debts are dischargeable except for most student loans; most IRS and NYS debt; child support and criminal fines). When speaking to a bankruptcy lawyer, you’ll be told that you have to pass a “means test” to determine if you’re eligible for a Chapter 7 bankruptcy. The main goal of a Chapter 7 is to give almost everyone a “fresh start”.

http://howtofilebkinny.com/ - Bankruptcy Lawyer New York - Bay Shore Long Island

There are substantial benefits to working with a Bankruptcy Lawyer, and more specifically, a Bankruptcy Lawyer New York who will supply you with the bankruptcy information you need. When you work with a Long Island Bankruptcy attorney, you'll be getting your questions answered that you didn’t even know to ask. For instance, most people have no idea what the difference is between filing Chapter 7 bankruptcy or Chapter 13.  

After a Bankruptcy Lawyer in your local zip codes of 11706 determines that you are eligible to file a Chapter 7 bankruptcy by the means test, the bankruptcy petition is prepared and filed. Prior to filing for bankruptcy you’ll have to obtain a credit counseling certificate from an outside.   http://howtofilebkinny.com/privacy-policy

You will also be required to attend a meeting of creditors, which is where a Chapter 7 Trustee will ask you questions about the bankruptcy petition and schedules. In most instances, this is a simple process and after the meeting of creditors you will receive a discharge notice after sixty days, and your dischargeable debts will be wiped out.

Find a Local “A+ BBB Rated” Bankruptcy Lawyer in Bay Shore Long Island, NY - http://howtofilebkinny.com/bankruptcy-lawyers-in-11706-ba...

With that said, the value in, and purpose of declaring Chapter 7 bankruptcy is for debtors to repay creditors, but when you file a Chapter 13 bankruptcy, it’s because you own a home and wishes to repay the arrears on the mortgage. The Chapter 13 plan will usually require that a certain percentage of the unsecured debt (usually credit card debt) be paid.

Bankruptcy Lawyer New York will explain to you that this payment plan is within a three to five year period. Chapter 13 is often used to stop foreclosure and save your home. Let’s finish up with “how the Chapter 13 bankruptcy process” works, and what’s required of you to finally receive a discharge. First, the bankruptcy petition, schedules and Chapter 13 plan are prepared after Bankruptcy Lawyers in Bay Shore, NY 11706 determine your income and expenses. When looking for a Bankruptcy Attorney, be sure to take notes and ask questions.

Bankruptcy Lawyer New York, bankruptcy information, Long Island Bankruptcy attorney

Photo:
http://www.prlog.org/11877116/1