Long Island Bankruptcy Lawyer
Bankruptcy Offices throughout Long Island, New York
Long Island Bankruptcy Attorney Firm Overview Attorney Profiles Evaluation Form Contact Our Firm
Bankruptcy Areas of Practice
Long Island Bankruptcy
Alternatives to Bankruptcy
Bankruptcy Exemptions
Bankruptcy FAQs
Bankruptcy Law
Bankruptcy Overview
Consolidate Your Bills
Creditor Harassment
Debt Consolidation vs Settlement
Discharging Debt
Eliminate Your Bills
Filing Jointly
Foreclosure
Freezes On Your Bank Accounts
Is Filing Bankruptcy Right For Me?
Life After Bankruptcy
Loan Modification
Repossession
Tax Debt & Bankruptcy
The Jacoby and Jacoby Difference
The Means Test
Top Bankruptcy Myths
Types of Bankruptcy
Wage Garnishments
Why Hire a Bankruptcy Attorney
Your Bankruptcy Consultation
Bankruptcy Blog
Bankruptcy Videos
En Espanol
Bankruptcy Law

Bankruptcy Law

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.

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.

Click here to watch our informative videos
Contact us today to receive a free legal consultation




Leave feedback about our services here.
Bankruptcy Law Visit us on Facebook Follow us on Twitter
Bankruptcy Law

Attorney Web Design

We are a qualified debt relief agency. This is Attorney Advertising. The information on this website is for general information purposes only. Nothing on this or associated pages should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.