MACCO & STERN, LLP

Business Services > Legal Services

Before filing for bankruptcy, you may feel intimidated or even shame. However, letting go of this sense of resentment and blame could be the solution to your current financial woes. Filing for bankruptcy, whether as an individual, married couple, or business, can be a highly effective means of regaining financial control of your life, business, or, in some scenarios, both.

The process of filing for bankruptcy, and the steps following after, are almost always complicated and confusing for even the biggest finance aficionados. One of the first factors you need to determine is your qualifying debt and income. From there, you must quantify your assets, in addition to countless other factors that you must evaluate. After these considerations, you will need to decide if you should file for bankruptcy, and if so what type of bankruptcy will be of most benefit to you and the one you will ultimately pursue.

Long Island Bankruptcy Attorneys
In some instances, a corporation or individual will find during the evaluation process that a liquidating bankruptcy is not necessary, instead opting to restructure their debts in a reorganizing bankruptcy. In either scenario, it would effectively wipe out qualifying debts. Under a bankruptcy plan of reorganization, a business or individual is able to continue to operate and retain their property and assets. Alternatively, a person may find that they need to liquidate, walking away from their assets in exchange for a fresh start from their debts.

To ascertain the next step to your financial future, it is crucial to consult a qualified and experienced Long Island bankruptcy attorney. Your bankruptcy attorney will identify all potential options, inform you of each option’s positives and negatives, and help you proceed with the bankruptcy process. A well-versed and seasoned bankruptcy lawyer will help you preemptively address all of your financial and legal issues, taking precautionary measures to prevent mishaps from arising and taking necessary action for potential conflicts that may occur after filing. There are hundreds of factors that must be considered throughout the bankruptcy process. Have a leading Long Island bankruptcy lawyer lead you through this challenging legal process and financial journey.

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