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Long Island Injury Law Firm of Siben & Siben LLP
Siben & Siben LLP
90 East Main Street
Bay Shore, NY 11706
(631) 665-3400
Siben & Siben Long Island Bankruptcy Lawyers

Are you being harassed by creditors? Are you smothered by debts that you cannot afford to pay? With the economy in a continued state of upheaval, more and more folks are turning to bankruptcy when they can no longer afford to meet their current monthly payment obligations.  A Long Island bankruptcy lawyer can help you to determine if bankruptcy is the best action in your particular situation, and then help you to navigate the bankruptcy court system.  Bankruptcy is a powerful action that was developed to help you eliminate your debts, silence lenders and other creditors, and allow you to have a fresh financial start.

Siben & Siben Long Island bankruptcy lawyers have been representing clients with both chapter 13 and chapter 7 bankruptcy proceedings for decades.  There have been many changes to bankruptcy law during that time.  These two basic types of personal bankruptcy are both filed in federal bankruptcy court.  There are some substantial differences in chapter 13 and chapter 7 bankruptcies, however.  Your Long Island bankruptcy lawyer can help you understand these differences and decide which chapter is best for you. The main differences are:

- Chapter 13 bankruptcy can allow you to keep certain property if you have a steady source of income.  This property can include your mortgaged home or your automobile.  In this type of bankruptcy, the bankruptcy court will approve a plan for repayment of your debts with your future income. This period is generally a three to five year period of time.  You do not have to surrender the property.  Once you have complied with the terms of the repayment plan, you will receive a discharge of debts via the court.

- Chapter 7 bankruptcy is sometimes referred to as a “straight” bankruptcy.  During chapter 7 bankruptcy, all non-exempt assets will be liquidated (sold).  Property that is exempt from liquidation include basic household furnishings, tools related to your work, and automobiles.  Some of this property may be sold by a trustee or court-appointed official, or transferred to your creditors for sale.  Your debts can be discharged fairly quickly when filing chapter 7 bankruptcy.  In some instances, you can file this type of bankruptcy more than once.

Contact your Long Island bankruptcy lawyer, Siben & Siben, right away to discuss your legal options under current bankruptcy laws.