Attorney for Long Island Bankruptcy

Understanding the laws that govern bankruptcy is an important issue to address if you are considering filing for bankruptcy, are facing overwhelming debt or are facing foreclosure. At Jacoby & Jacoby, we are experienced bankruptcy attorneys here to help you understand how state and federal law may affect your case. For more information, call a Long Island bankruptcy attorney at our law offices at (888) 452-2629.

Managing Partner Richard Jacoby gives a brief overview of Chapter 7 Bankruptcy and the importance of hiring a dedicated Long Island bankruptcy lawyer to assist with your case.

Our bankruptcy lawyers are always prepared to help you, so contact our firm today! Call 631-289-4600.

In essence, bankruptcy law offers a debtor different options in eliminating debt and getting a fresh financial start. Depending on the Chapter of the U.S. Bankruptcy Code under which a person files for bankruptcy, this will be accomplished in different ways. For example, a Chapter 7 bankruptcy involves the liquidation of unprotected assets to pay part or all of the filer’s debt. Chapter 13 bankruptcy, on the other hand, involves a payment plan completed over a period of 3 to 5 years wherein the debtor pays a portion of the debt he or she owes. Successfully completed, either a Chapter 7 or Chapter 13 bankruptcy will result in the elimination of all eligible debt.

Bankruptcy is governed by both state and federal law. U.S. Bankruptcy Code is the federal law that governs bankruptcy, and states have individual laws as well. In New York, there are also particular state laws that apply to bankruptcy, such as the property and assets that may be exempt from liquidation. For a person filing for bankruptcy in Long Island, the following exemptions may apply:

  • Real property of up to $50,000
  • 90% of earnings
  • Motor vehicle worth up to $2,400
  • Other property, such as clothing, furniture, cookware, wedding ring, food, domestic animals, and trade tools – possibly up to a certain value

To find out more about how bankruptcy law affects your financial situation and how it may offer you the protection you need, contact a Long Island bankruptcy lawyer at our law firm today.

FOR MORE INFORMATION CALL JACOBY & JACOBY AT (631) 289-4600.

Why Choose Jacoby & Jacoby?

Experienced and Qualified Representation

When you work with a New York bankruptcy lawyer at Jacoby & Jacoby, you have the benefit of our years of experience and our extensive resources, all at your disposal as you face these trying times. The stress and emotions associated with mounting debt may leave you feeling hopeless and lost. Thankfully, with the help of a lawyer at our firm, you can begin to take control of your finances and experience much needed relief.

By discussing your situation with an attorney at our firm, you can decide whether bankruptcy is right for you. You can learn what your options are. When you work with an experienced attorney at Jacoby & Jacoby, you will have the support and legal counsel of a professional who will know what to do to help. Finally, you can experience relief from creditors. You can stop worrying about losing your possessions or your home.

Contact our firm today, and learn more about the many ways that we can come to your aid. Call Jacoby & Jacoby at (631) 289-4600.

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