When mortgage payments, medical bills, credit cards, and student loan debt get out of control, you may feel overwhelmed. The Nassau County Bankruptcy Lawyers at Masini Law Group understand that coping with debt is difficult. In some cases, bankruptcy may be the best and only option. With offices conveniently located in Garden City, NY, our experienced Bankruptcy Attorneys represent individuals and couples in Chapter 7 and Chapter 13 bankruptcy filings in Nassau County and throughout Long Island, New York.
We offer the personal assistance you need to protect your assets, stop creditors from harassing you, and start over again in New York. No matter how difficult your financial situation, our law firm can provide you with reliable and proficient legal services. Our Nassau County, NY Bankruptcy Lawyers can help both business and individuals resolve their financial issues.
What is Bankruptcy?
Bankruptcy is a federal court process that enables individuals and businesses to eliminate their debts. As Long Island Bankruptcy Lawyers we meet with individuals everyday that express concerns about not being able to get caught up on their credit cards or mortgage payments. They have debt collections companies calling them all the time. In many case bankruptcy is a good solution for them.
When someone asks our Long Island Bankruptcy Lawyers about what type of bankruptcy they need to file, the first questions we have to ask are, “what are the nature of your debts?” “What kind of debts do you have?” Is it just credit card debt? “Are you just behind on your mortgage payments?” “Is it just one debt?” Or “is it child support?” “Is it a judgment?” It depends on the type of debt that you have. Some debts are dischargeable and some are not. Our experienced Nassau County, NY Bankruptcy Lawyers will teach you what you need to know about Bankruptcy and how to analyze your debts.
Preparing for Bankruptcy
When we first meet with a client to prepare the schedules for a bankruptcy petition, we advise them we are going to need the following documents:
- Bank statements for the past 12 months.
- Pay stubs for approximately 2 months preceding the filing of the petition.
- Most recent tax returns.
- Residential lease and/or mortgage.
- Deed to real estate
- Mortgage payoff statement(s)
These documents are needed prior to filing the bankruptcy petition. If you have a question about preparing for bankruptcy, contact our experienced Long Island Bankruptcy Lawyers.
Life After Bankruptcy
After bankruptcy your credit can be restored. A bankruptcy does stay on your credit report for approximately 7-10 years. Many people think that that it is a badge of dishonor. Other people think they will never be able to get a mortgage. Other think they will never be able to get a car loan. As Long Island Bankruptcy Lawyers we tell everyone that all of these myths are simply not true. It all depends on your ability to repay debt.
As experienced Long Island Bankruptcy Lawyers we always tell clients that what most credit card companies will do is, they will give you small credit limit. They will see how well you are in making payments. With a home mortgage it takes a little longer. In some cases it take up to 3-5 years to get a mortgage. The bankruptcy may stay on your credit report for 7-10 years but your credit ability and your ability to pay is restored much more quickly. So yes, there is life after bankruptcy. If you have questions about life after bankruptcy, contact our experienced Long Island Bankruptcy Attorneys.
It is important to have a dedicated Lawyer who specializes in bankruptcy law, cares about your situation, and can make the bankruptcy process as simple and painless as possible for you. Give our office a call (516) 513-5200 to speak with our experienced bankruptcy professionals.