Bankruptcy Lawyer Serving Long Island

Are you struggling with debt in Nassau or Suffolk County?

Dealing with debt is not something that occurs overnight. In fact, it is not unlikely that you will find yourself seeing indicators in your life that a financial crisis is looming. These things may be starting to occur several months prior to you actually filing for bankruptcy:

You are paying the minimum on your credit cards or other debt;
Several of your credit cards have unpaid balances;
You are charging more than you can afford to pay off;
You turn to home equity loans to remedy your debt problems;
You have been turned down for a loan or credit;
You skip mortgage or car loan payments or just don't pay your bills;
Creditors are calling repeatedly demanding payments;
You've been maxing out your credit cards;
You are getting cash advances from one credit card to pay off another; and
You start using credit cards to pay for groceries or other every day expenses

This should be a wakeup call to you that you need to do something fast to change the financial disaster you may be heading for. A Long Island bankruptcy lawyer from the Law Offices of Scupp & Berman, LLP should be contacted immediately. We have over two decades of experience helping debtors file for bankruptcy and can advise you about additional possible debt-relief alternatives.

About the Bankruptcy Timeline

At our firm, we recognize that there is no black-and-white answer to what the bankruptcy process will be like for you. We, however, also know that it is likely that you are curious about the timeline that you will be facing should you choose to file for bankruptcy. While this timeline will vary depending on your individual circumstances, the following is a skeleton of an idea of the timeline you're facing:

180 days before filing. You must meet with an approved non-profit budget and credit counseling agency for an individual or group briefing within 180 before filing.
90 days before filing. You must have been a New York state resident for at least 90 days before filing for bankruptcy. If you have not lived in New York for more than 90 days, you must file for bankruptcy in your previous state.
Once your case had been filed. Your case will officially begin as soon as you file the bankruptcy petition. A bankruptcy trustee will be appointed to oversee your case and ensure you are eligible for bankruptcy. The trustee is responsible for reviewing your petition, making sure everything has been completed and scheduling a meeting with your creditors. The court will also notify all of the creditors listed in your petition of your bankruptcy, and enter an Automatic Stay, which will prohibit your creditors from trying to collect or take legal action against you.
15 days after filing. You will receive a Notice of Commencement of Case within 15 days of your filing. The court will also send this notice to your creditors. This notice will indicate the date of the Meeting of Your Creditors, as well as the deadlines for creditors who wish to object to your petition and file their own claims against you. In addition, if you did not declare your assets, liabilities, expenses, and income at the time you filed your bankruptcy petition, you have 15 days from the date your petition was filed to do so.
30 days after filing. Within 30 days you must file a Statement of Intention, which will inform the court of whether or not you intend to surrender your property that serves as collateral, or if you plan on keeping it. If you decide to surrender your property, you have 45 days to do so from the date you filed your Statement of Intention. If you decide to make payments so you can keep your property, you must make those payments within 45 days as well.
45 days after filing. You must file a statement that acknowledges that you received an explanation of which bankruptcy chapters are available to you, evidence of payment from your employer from within the last 60 days, an itemized statement of your monthly income and an estimate of any anticipated increases in income or expenditures in the next year.
Six weeks after filing. The bankruptcy trustee will hold the Meeting of Your Creditors. You are required to attend this meeting. At the meeting, you will be required to testify under oath that your petition is accurate. If you fail to appear at this meeting your bankruptcy case will be dismissed and you will have to file all over again. Furthermore, if your creditors or bankruptcy trustee have any objections to your claims for exemptions, they have 30 days following this meeting to make their objections known.
60 days after the Meeting of Your Creditors. Your case will be discharged after 60 days from the date of your meeting as long as the trustee does not motion to dismiss your case or your creditors object to the discharge of your debts.
90 days after the Meeting of Your Creditors. All creditors, with the exception of the government, must file proofs of claim if they wish to receive payments from your case in the event that you have assets that are available for liquidation.

Contact a Long Island bankruptcy attorney today!

Having the proper information about bankruptcy, including its various timelines, can better prepare you for the process and increase your chances of a successful filing. At our firm, we have an experienced legal team that can provide you with that information, as well as advice and guidance throughout your bankruptcy case. If you are interested in filing for bankruptcy, please contact us as soon as possible. Our experienced attorneys will evaluate your case, and provide you with advice and guidance throughout the bankruptcy process!

If you would like to learn more about the bankruptcy timeline, it is in your best interests to contact a Long Island bankruptcy lawyer from our firm as soon as possible!