Bankruptcy Attorney for Long Island, NY

If you're a resident of Long Island in New York, you may have a plethora of attorneys to choose from when planning to file for bankruptcy. But who can you trust to put you first? The answer -- Kanzer & Associates.

Michael F. Kanzer & Associates, P.C. has helped Long Islanders file bankruptcy and discharge their debts for over 10 years. If your debts are creating hardships for your life, filing bankruptcy can help you clear or repay some or all of what you owe, so you can get back to living life without the harassing calls from creditors, and the past due notices and credit collection letters coming in the mail.

Give Kanzer & Associates a call today. A Long Island bankruptcy attorney you can trust to help you put your debts in the rear view mirror and turn your life around.

Avoid Credit Cards this Holiday Season

Christmas comes later next month and, for some, the ritual of running up a large credit card tab and spending the next year paying it off feels necessary. In this economy, however, and in the wake of changes to the Bankruptcy Abuse Prevention and Consumer Protection Act, we suggest re-thinking this strategy.

According to the new rules, debts to a single creditor totaling more than $550 for luxury goods or services can't be discharged in a bankruptcy. Should you find yourself in a tough spot after the holiday season -- so tough that you're forced to declare bankruptcy -- you might not be able to discharge credit card debt you've rung up for Christmas purchases. If you've accumulated thousands of dollars in Christmas credit card debt, you'll be paying it back no matter what.

Instead of relying on your credit cards this holiday season, instead try to save up enough money to do your Christmas shopping, or look into making your own gifts. The potential trouble over-spending could cause you down the line is not worth it.

Smart Christmas Spending

The holiday season is one that brings joy to the hearts of many. It's a chance to see and spend time with loved ones, eat cookies, drink hot cocoa and exchange gifts.

For some, however, this same season can be an extremely stressful period of time.

The pressure to purchase gifts for everyone can take its toll, and in some cases, can cause people to spend more money than they can possibly afford. They ring up astronomical credit card bills and spend themselves completely dry. Christmas shopping can become the catalyst that sparks an eventual bankruptcy, if you aren't careful.

Here are a few tips on how you can avoid holiday over-spending and eventual financial issues.

1. Establish your holiday shopping savings early and contribute to it throughout the year.
2. Buy gifts during the year, even when you're nowhere near Christmas.
3. Set a limit for your Christmas shopping.
4. Don't bring your credit cards. This forces you to shop only with the cash you've saved.

How to Take a Positive Approach into Bankruptcy

Bankruptcy can be seen as a low point in the life of the filer, but it shouldn’t be. One should think of the low point as being the event that has forced one into filing for bankruptcy, like illness or the loss of a job. If you’re filing for bankruptcy protection, you should see it as a fresh start, since this is the reason bankruptcy was first created.

The bankruptcy process gives the debtor the chance to clear away many overwhelming debts, freeing up income for secured debts like a mortgage. When discharged from bankruptcy, the petitioner will find less hassle from creditors.

If someone has filed because of an illness, divorce or unemployment, the last thing he or she needs is stress from collection agencies. To most of these folks, however, the filer is just a name, number and collection amount. However, debt collectors work everyday with people in default, so they become hardened.

If you switch your mindset from looking at a bankruptcy filing as a low or looking at yourself as a failure to seeing the process as a fresh start, you can let the filing take away a lot of stress. Let your bankruptcy lawyer help you remove the negative images you might associate with it. If you’re filing for bankruptcy, don’t think of it as a negative. Think about the fresh start it will provide and new hope you will have.

Should You File for Bankruptcy?

“Should I file for bankruptcy?” It’s a common question many are asking themselves, especially in these tough times. However, the answer can only be answered by the person who is thinking about filing for bankruptcy protection. Bankruptcy was designed to protect individuals and business from their creditors and discharge eligible debts, and after this discharge is entered by the court, the parties can go on without being burdened by debt and lead a productive life. Essentially, bankruptcy is able to provide one with a fresh start.

So, should you file for bankruptcy? First, you’ll need to weigh the positives and the negatives, and then make the soundest financial decision. When it comes to overburdening debt that has you thinking of filing for bankruptcy, there are no easy answers. You should meet with a bankruptcy attorney to discuss your income, expenses and assets to determine the best course of action, whether it’s Chapter 7 bankruptcy, Chapter 13 bankruptcy or not filing at all. Each option comes with its own sets of rules: Chapter 7 is to completely discharge all your debts, while Chapter 13 reorganizes them to make it easier to pay them down.

At the end of the day, the decision for file for bankruptcy is a personal one that must be made by the filer, and should not be taken lightly. How the party goes about the process depends on income, expenses and assets, and these are all different, which is why it’s important one seeks the advice of a competent bankruptcy lawyer.

Need to get in touch with a bankruptcy attorney in Brooklyn? Contact the experts at Kanzer & Associates by visiting www.KanzerLaw.com.

Bankruptcy: Don’t Let Credit Card Debt Overwhelm You

If you’re constantly in the financial red because of credit card bills, then filing for bankruptcy might be an option to consider. It can help many persons in similar situations, but before you phone up the first bankruptcy attorney you find, you should know about the benefits and disadvantages to filing for bankruptcy because of credit card debt.

Advantages

• You can learn sound financial tips that can help you in the future.
• You will be able to get out of debt in a fast manner.
• You can stop harassing creditors from constantly calling you.

Disadvantages

• You will not be allowed to use your credit cards and not be able to apply for new cards for a while.
• You will have to attend credit counseling classes in order to obtain certificates of financial education.

You have the ability to file the paperwork yourself, but you should contact a bankruptcy lawyer. If you need a bankruptcy attorney in Brooklyn, then get in touch with the experts at Kanzer & Associates by visiting www.KanzerLaw.com.

Bankruptcy Rules

It can be a daunting and stressful process to declare bankruptcy, but knowing the rules and having on your side an experienced bankruptcy attorney can help lessen the pains.

Chapter 7 vs Chapter 13

Chapter 7 bankruptcy will write off most unsecured debts within 90 days of filing. The bankruptcy will stay on your credit report for 10 years, and while your debts are forgiven, you may have to sell off some property and those proceeds will be distributed to creditors.

Chapter 13 bankruptcy will establish a repayment plan (three or five years) to repay the debts. This will remain for seven years on your credit report, but you’ll get to keep all your property.

When does each make sense?

Chapter 7 can make sense if you no assets (house, car, etc.) to lose, but you may be forced to sell valuable belongings. Chapter 13 is recommended for those who fell behind on payments thanks to a job loss or medical problem, but can pay if given time.

Credit: What happens and how do I rebuild?

You’ll get a notation on your credit report of filing for bankruptcy. Your credit score will most likely take a hit, but how bad depends on what your score was prior to filing. This won’t be forever the case.

Rebuilding credit might be troublesome for filers, as credit got them into this predicament after all. To rebuild, you’ll need to make sure the accounts on your report are all at a zero balance. Then, get credit cards (consider secured ones) and pay them off every month. Another way to rebuild may be to ask a friend or relative if they’ll let you piggyback on their credit.

Don’t go into bankruptcy alone. Kanzer and Associates has a qualified New York bankruptcy attorney that can help you. Enlist our services today by visiting www.KanzerLaw.com. 

Bankruptcy Code

The federal bankruptcy code can be often hard to understand. It’s important (and in some cases required) that you hire a competent bankruptcy attorney who can guide you through the process.

Does bankruptcy code require my belongings to be liquidated?

Most of the filings are liquidations, and they come under Chapter 7. Chapter 7 bankruptcy usually involves the trustee to sell all non-exempt assets, and the funds made are distributed among the creditors. For individuals, the court might discharge any of the remaining debt. For businesses, the operation is shuttered.

What about reorganization?

Creditors often have a better chance for being repaid under Chapter 11 and Chapter 13. Chapter 11 bankruptcy is used more by businesses and those with high incomes or complex debts. Chapter 13 bankruptcy is more for individual consumers. Either way, debtors who file under these chapters agree to repay the debts according to a court approved schedule.

How about voluntary and involuntary bankruptcy?

Most of the filings are filed voluntarily by debtors. After you file, debt collectors are forbidden to contact you and repayment is decided by the court. Creditors, however, have the option of forcing the debtor(s) into involuntary bankruptcy, but this is done when a number of creditors petition the court, which will determine whether they are entitled to relief.

New York bankruptcy attorney Michael Kanzer of Kanzer and Associates can assist you with all these issues. Enlist his services today by visiting www.KanzerLaw.com. 

NY Bankruptcy Facts

If you’re thinking about filing for bankruptcy, keep in mind the following facts:

• Chapter 7 is debt liquidation, while Chapter 13 is debt reorganization
• If you’ve filed for bankruptcy for, it’s best to remember that certain waiting periods exist
• It IS possible to save your home from foreclosure and avoid having your car repossessed
• Debt will not just go away
• You will have the opportunity to improve your credit score and obtain credit

Need a NY bankruptcy attorney? Get in touch with Michael Kanzer & Associates by visiting www.KanzerLaw.com. 

NY Bankruptcy FAQ

Here are some of the questions we get about NY bankruptcy:

What is Chapter 7 bankruptcy?

Chapter 7 is known commonly as a straight bankruptcy or liquidation proceeding, where the debtor turns over all non-exempt property to the trustee to convert into cash distributed to all creditors. In most of these cases, the bankruptcy filer is without any assets, so this will give the person a quick fresh start.

What are the most common reasons for filing Chapter 7?

Unemployment is the most frequent, followed by large medical expenses, overextended credit and martial problems among other large, unexpected expenses.

What is Chapter 13 bankruptcy?

Chapter 13 is a reorganization type of bankruptcy filed by persons who want to pay off debts within three to five years. This appeals to those who have non-exempt property they want to keep, and is available only to those with predictable income sufficient to pay reasonable expenses.

Will I stop getting harassed by creditors?

By law, they have to cease once documents are filed. The creditors are prevented from continue or file any lawsuits or garnishees demanding payments.

Will my utilities be affected?

Electric companies and other providers of public utilities cannot take disruption actions, such as refusing or cutting off service, because you filed for bankruptcy. They may, however, require a deposit for future services.

NY bankruptcy lawyer Michael Kanzer can help you with all your bankruptcy matters. Contact his office today by visiting www.KanzerLaw.com. 

Bankruptcy: Things To Remember Before Filing

Filing for bankruptcy is a big step for anyone, and it’s not one that should be taken lightly. You don’t want to rush into the process with considering all the consequences. It will have effects on your credit, and there are effects that may not fit every debtor. There are several things you must remember when filing for Chapter 7 or Chapter 13.

Co-debtors

These are the people who have signed with you on a debt, like a mortgage or car loan, and are often close family and friends. If you’re filing for bankruptcy, these co-signers are now left in a tough circumstance, as they may be solely responsible for these debts.

Do you want to kill your debt as quickly as you can? Chapter 7 bankruptcy will assist in this effort, but your co-debtors won’t be protected, leaving creditors able to collect from them. You can protect your friends and family with a Chapter 13 bankruptcy repayment plan, but the downside is you are guaranteeing to creditors a 60-month schedule to pay to them your disposable income.

Playing favorites

If you have one debt that’s more overwhelming than the rest, it might be easy to play favorites. Maybe you have $10,000 in credit card debt that’s leaving you in the lurch, or you owe someone a huge loan. Unsecured creditors include credit card companies and those who lent you money with no collateral backing, like a car loan or mortgage.

Having a bankruptcy attorney in these situations is immensely important, as it will help you to avoid accidental fraud. If you decide not to include the huge loan in your filing, so it won’t be discharged, this could lead to your case being discharged. All your records will be reviewed, and there is nothing to stop you from repaying a discharged debt.

Non-discharged

If your aim is to get rid of all the debt you can, you must know what types of debts you have. Mortgage payments, for example, are secured debts and must be repaid. Other secured debts include taxes, student loans, child support and alimony, among others. If these make up the bulk of your debt, filing for bankruptcy won’t assist you greatly.

Need a New York City bankruptcy attorney? Get in touch with Kanzer & Associates by visiting www.KanzerLaw.com.  

Bankruptcy Advice - Keeping Your Car

One of the biggest reasons many don't file for bankruptcy is concern over losing their home or car. Your car is one of your most important assets. It gets you to and from work, directly assisting you in earning a living. To lose it would mean to lose the main tool toward your financial solvency.

Personal property exemption rules in New York changed earlier this year. The biggest change was applied toward real estate, but rules for properties like automobiles also changed, including how much equity in a car a person can keep, as well as whether the item is applicable in bankruptcy court.

Previously, if your automobile had no debt on it and you filed for bankruptcy, it could be liquidated. Now, the state offers more flexibility when it comes this asset and bankruptcy. In most cases, you will not lose your car when you file. Bankruptcy serves to help individuals recover from debt, while not losing the items for which they worked hard.

Every situation, however, is different. Bankruptcy attorney Michael F. Kanzer of Brooklyn NY will help you to keep your assets, while eliminating the debt weighing you down. Contact him today by visiting www.KanzerLaw.com and requesting a free bankruptcy consultation.

Michael F. Kanzer & Associates P.C. Can Legally Guide You Through a Divorce

It's never easy to go through a divorce. Divorce is a difficult and tedious process. It can be emotionally draining and difficult to understand. However, divorce attorney Michael F. Kanzer can help you. He has helped hundreds of New Yorkers receive a divorce, while retaining their dignity. Michael Kanzer protects your rights and security, and is sensitive to your needs as a parent.

If you live in Long Island, Brooklyn or Nassau County NY, Michael Kanzer should be the first divorce lawyer you call. Whether it's child support or separation, attorney Kanzer can help you get through this difficult time with the right security and piece of mind.

Contact us today at 718.769.7200 to set up a consultation. For more information on New York divorce, visit www.KanzerLaw.com.

Let Michael F. Kanzer & Associates, P.C. Help You Through Your Bankruptcy

In today’s struggling economy, bankruptcy is becoming an option for more and more people. According to the latest data from the U.S. Bankruptcy Courts, over 1.5 million people and companies as of March 2010 filed for Chapter 7, Chapter 11, Chapter 12 or Chapter 13 bankruptcy.

That’s over 200,000 more persons and business that filed as of the end of March 2008.

Times are tough and people everywhere are hurting. You probably know a few family members or friends who have lost their job or home to foreclosure.

Bankruptcy is a somewhat difficult and tedious process. It can be emotionally draining and difficult to understand. However, bankruptcy attorney Michael F. Kanzer can help you.

If you live in Long Island, Brooklyn or Nassau County NY, Michael Kanzer should the first bankruptcy lawyer you call. Whether it’s Chapter 7 bankruptcy or Chapter 13 bankruptcy, attorney Kanzer can help you get through this difficult time with the right security and piece of mind.

Contact us today at 718.769.7200 to set up a consultation. For more information on New York bankruptcy, visit www.KanzerLaw.com.

Paycheck Garnishment Explained

Much stressed is caused to people who are being chased by creditors. Certainly nobody wants to fall into debt and not be able pay their bills - but it happens and you have protections from those seeking payment from you.

One of the scariest terms people hear about is "garnishment". Most people understand that this means your employer is obligated by court order to take your paycheck and apply the funds toward your outstanding debt. However, many people are very unclear as to the specifics and limitations of this legal process. Most fear that their entire paycheck can be taken from them!

Fortunately, for you this simply is not true. Title III of the Consumer Credit Protection Act (CCPA) limits the amount of pay that can be garnished and is applicable in all states. The amount of pay that can be taken per week is dependent on what is called "disposable earnings". This income is the amount you get in your paycheck after taxes and other mandatory items are paid. For all deductions not stemming from bankruptcy, taxes or child support obligations, the maximum amount that can be taken is the lesser of 1) 25% of a person's disposable earnings or 2) the amount by which a person's disposable income is thirty times greater than the federal minimum wage ($7.25).

In short, if your paycheck per week is $217.50 or less, you can't be garnished. By extension, if your bi-weekly paycheck is $435.00 or less, you can't be garnished. If your weekly earnings are between $217.50 and $290.00, the amount above $217.50 can be garnished. Any pay above $290.00 would mean that 25% could be taken for garnishment. For example, if you make $750 per week, $187.50 could be taken at maximum. As you can see, your entire paycheck simply can't be taken from you. Plus, many people earn so little that they are immune from garnishment.

Further, tips are not subject to garnishment. Garnishment is only based on the wage paid by the employer in these instances.

However, if you owe money for child support, the picture is a little different. Public policy informs us that children should receive proper support even if this is detrimental to the owing adult. As such, 50% of a person's wage can be garnished if they are simultaneously supporting another child. If the person is not supporting another child, then 60% of the wage may be garnished.

There are also exceptions for taxes and cases involving bankruptcy that are beyond the scope of this article.
Finally, if you find yourself falling behind on bills or are being garnished, consult with a qualified attorney who can guide you. This article is not meant to be legal advice but is meant merely to provide a general understanding of the garnishment procedure. If nothing else, it should let you know that garnishment is not the financial Armageddon that so many fear it to be. It is certainly no fun, but you should still be able to meet your basic necessities.

Learn more about debt and bankruptcy issues by visiting Michael F. Kanzer & Associates, P.C. at the Brooklyn, NY location or the Westbury, NY location.

Article independently authored by Eric Parish. The content herein may or may not reflect the views and opinions of Michael F. Kanzer. Click for search engine optimization and search engine marketing or visit WebDrafter.com's Blog.