Bankruptcy/Debt Relief FAQs

Frequently Asked Questions About Bankruptcy and Debt Relief Options

It is understandable to have a lot of questions and concerns if you’re contemplating bankruptcy. At Meaney Law PLLC, we can review the specifics of your situation and discuss your bankruptcy and debt relief options.

1) How do I know when it’s time to call a bankruptcy attorney?

Facing financial problems can put a tremendous strain on your personal and professional life and denial can sometimes play a role. If you have been unable to pay your bills and have received collection, foreclosure or repossession notices, it may be time to contact a bankruptcy or debt relief lawyer.

2) What will a bankruptcy lawyer do for me?

The first thing your bankruptcy lawyer will do is carefully review your finances with you and discuss all of your legal options. Your attorney may be able to negotiate with some of your creditors on your behalf. If bankruptcy is your best option, your lawyer will help prepare the various papers that must be filed, and advocate on your behalf in dealings with the trustee, your creditors, and the court.

3) What is a Chapter 7 bankruptcy?

In a Chapter 7 bankruptcy, many (and in a lot of cases, all) of your debts may be cancelled. The bankruptcy trustee may sell some of your non-exempt assets in order to pay your creditors. Whether you are eligible for a Chapter 7 bankruptcy depends on your income, expenses, and debt burden.

4) What is a Chapter 13 bankruptcy?

Also known as a wage earner’s plan, Chapter 13 bankruptcy enables individuals with regular income to develop a plan to repay all or part of their debts. Under Chapter 13, debtors propose a repayment plan to make installments to creditors over three to five years. During this time the law forbids creditors from starting or continuing collection efforts.  The debtor must file schedules and documents similar to those required for Chapter 7 bankruptcy.

5) Can I keep my house/car/diamond ring/dog?

The law allows you to exempt a certain amount of property from being sold by the trustee. Oftentimes, these exemptions are enough to allow you to keep most, if not all, of your property. This depends on the amount of your assets, among other factors. A bankruptcy lawyer can detail for you how the allowable exemptions apply to your particular case.

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Meaney Law PLLC helped me to keep my home. They were thoughtful and accommodating to my needs. Andrew and James treated me like family, not a client. I would recommend them to anyone. Meaney Law PLLC really helped me more than you can imagine. I never thought I could have recovered from that and keep my home. Thanks again!

~ Lori Y., Northport

We were first-time homebuyers without a clue of how the whole process worked. Meaney Law PLLC took the time to explain everything to us in clear, understandable language, from the time we signed the contract to the day we finally closed. When a problem came up on the title report, James and Andrew went above and beyond to take care of it, and with their expertise, we were able to close on time. Thank you Andrew and James!!

~ Susan L., Huntington

My husband lost his job and were getting in over our heads with debt. After a few unfortunate failed attempts at directly asking out mortgage company for help , we found Meaney Law PLLC. Not only did they get us into a mortgage payment that was affordable for our family, they were so understanding and compassionate. Andrew and James were reachable and honest through the process and truly cared about helping us. They never left us hanging and always followed through with their word. If it wasn’t for Meaney Law PLLC, I’m not sure we would be in our home today. We are so grateful!!!

~ Angela B., Kings Park.

Meaney Law PLLC handled the sale of our previous home and the purchase of our current one. This involved multiple parties on a very tight schedule and could have been a very stressful experience but everything was concluded on time with a welcome lack of drama.

~ Richard T., Lloyd Harbor