Long Island Bankruptcy Attorney
Helping residents of New York get a fresh start!
When you are struggling with unmanageable debt, high interest rates, unpaid bills, unexpected expenses and creditor harassment, it can all seem overwhelming. Recovering your financial stability and quality of life is all but impossible without taking dramatic steps to change your circumstances. With the help of a Long Island bankruptcy lawyer, you could discover the options available to you, along with their ramifications regarding your personal financial objectives. The legal team at Blutter & Blutter is willing to take the time to assist you in making informed decisions and will help you answer the question "is bankruptcy right for me?"
Bankruptcy, whether a
Chapter 7 or
Chapter 13, can provide the opportunity you need to finally end the daily stress you have been enduring and make a fresh start with your financial situation. Your attorney can conduct a
means test to determine if you qualify and could advise you on the matters of
bankruptcy exemptions and
filing jointly. Depending on your specific financial circumstances, it may benefit you to consider one of the many
alternatives to bankruptcy.
Why are so many people in Long Island struggling with debt?
An interesting study by Salary Expert that examined the cost of living in Long Island, Los Angeles, West Palm Beach, Baltimore and Salt Lake City revealed that Long Island City is the most expensive city of all to live in. One of the primary reasons for this is the high cost of housing. As of June 2012, the median price of a home in Long Island was approximately $388,000. Even though this number is substantially lower from the median asking price for homes in June 2006 (around $522,358), a couple with two children living on Long Island must still have an income of at least $52,114 to maintain a decent standard of living.
Additionally, New Yorkers pay the highest property taxes in the nation and fork out 78% more than the national average for property taxes every year. Many people are forced to take out second mortgages to keep up with payments and avoid foreclosure, and an unfortunate situation such as losing one's job is enough to send most New Yorkers into financial hardship and debt. For young people and those who have recently lost their jobs or incurred medical expenses, the tremendous financial costs of living in Long Island can quickly become overbearing. If you have been placed under a financial burden, having the help and guidance of a trustworthy attorney can make all the difference.
Alternatives to Bankruptcy
Not everyone is able to qualify for bankruptcy, and bankruptcy may not be the best options for those who do qualify. Instead, you could pursue loan modification, debt settlement, debt consolidation, a short sale, or deed in lieu in order to avoid bankruptcy while getting your finances in order. Loan modification is one of the most common options and allows you to modify the terms of your debt so that it is more suitable to your budget.
Debt settlement involves negotiating with the lender in an effort to persuade them to accept a lump sum payment that is less than the amount owed in exchange for forgiving the remainder of the loan.
Foreclosure filings in Long Island have experienced a 44% spike in recent months, and there were more than 328 foreclosure filings in Nassau County last month alone. It is a tragedy when families are cast out of their homes, and there aren't many alternative rental housing options that are reasonably priced in Long Island. If you are facing threats of foreclosure, a short sale or
deed in lieu could be a viable option to provide you with the financial resources you need. In a short sale, the lender may accept the proceeds from the sale and forgive the remainder of the amount owed. A deed in lieu takes place when the bank agrees to accept the deed of the home in exchange for settling the debt.
Blutter & Blutter: Dedicated Legal Counsel
Insightful legal counsel is vital in deciding on the most appropriate resolution to your financial situation. Accurately weighing the benefits to bankruptcy and its alternatives along with their full ramifications is the only way of successfully
discharging your debt or getting your finances back under control. With more than 55 years of combined experience, the attorneys at the firm have helped thousands of clients with these matters and a diverse range of legal needs. They can also assist with matters involving
foreclosure defense and
The firm consistently provides zealous advocacy for their clients' best interests. When you work with them, you will always consult directly with an attorney, never a paralegal or secretary. The firm is small enough to provide personalized service while being large enough to resolve difficult and challenging cases. The attorneys at the firm have extensive experience with bankruptcies, from which they have achieved an in-depth knowledge of bankruptcy law and its court proceedings. If you are considering filing for bankruptcy, consult with an attorney at the firm, who can provide sound advice, vigorous representation and great compassion and understanding of your needs.