Staten Island Bankruptcy lawyers

Staten Island is known for the ferry and its great Italian food. If you have ever tried a slice of pizza from Joe & Pats or eaten dinner at Angelina’s Restaurant then you probably already know how good the food is. Aside from being known for its good food, Staten Island is a very costly place to live. Many people in Staten Island are forced to file bankruptcy every day. If you have recently been to the Staten Island mall, then you have probably noticed that Sears is no longer there. A few months ago Sears shuttered all of its doors after filing for bankruptcy. Pier 1 imports on Richmond Avenue in Staten Island is also set to close within the next few months, after not being able to stay afloat. As the costs of living keep rising in Staten Island people are finding it more difficult to live and Staten Island bankruptcies are on the rise. 

Hiring a Staten Island Bankruptcy Lawyer

If you live in Staten Island and are struggling with debt, you are not alone. Many individuals in Staten Island file bankruptcy every day. Some of the most common reasons individuals file a Staten Island bankruptcy is due to medical debt, divorce, foreclosure, and garnishments. Filing bankruptcy can eliminate this debt immediately. It also stops any wage garnishments from moving forwards. 

Many Individuals call our Staten Island bankruptcy lawyers once they are served with wage garnishments from Richmond County Court. Many times people wait until creditors begin suing them before they take the initiative to do anything. Many of our Staten Island bankruptcy clients wrongly assume that once an account is marked as “charged off” or “closed” on their credit report, the credit card companies will cease going after them. This is far from true. In many instances, if debts are not paid, the creditors will get a judgment against you and take you to court. The worst thing you can do is ignore a lawsuit that is filed against you in any Staten Island court. Be aware, that once a judgment is entered against you, the judgment can last up to ten years in Staten Island. Moreover, creditors are able to renew the judgment and get another 10 years to collect against you. Our bankruptcy lawyers can help you get the debt-relief you need by filing bankruptcy.

Filing a Staten Island Bankruptcy: 

If you are thinking about filing a Staten Island bankruptcy it is important to understand what chapters of bankruptcy are available to you. Below is a brief explanation of the different bankruptcy chapters available to you if you live in Staten Island. 

Chapter 7 Bankruptcy:

Chapter 7 Bankruptcy: A Chapter 7 bankruptcy in Staten Island, is for people and businesses with low income and limited assets. Staten Island bankruptcy is a useful tool for people who want to eliminate their debt and start over. In Chapter 7 bankruptcy, your debts are discharged. A discharge is an order signed by the judge stating that you are no longer liable to your creditors. Chapter 7 is good for individuals who have unsecured debt. Types of unsecured debt include credit card bills, medical bills, and personal loans.

If your home is in foreclosure in Staten Island you may also be able to file a Chapter 7 bankruptcy and get relief. Many of the New York bankruptcy judges provide foreclosure relief through a process known as loss mitigation. Loss mitigation through the bankruptcy court allows debtors and banks to work together to reach an agreement and stop the auction of a home. Our New York bankruptcy lawyers have helped many people save their homes through the process of loss mitigation. To qualify for a Chapter 7 bankruptcy in Staten Island, you will need to pass a means test to determine your eligibility.  The Means test takes into account your income and expenses. If you do not qualify for a Chapter 7 bankruptcy, then you will need to look into a Chapter 13 bankruptcy instead. A bankruptcy attorney can go over your expenses to ensure you didn’t leave anything out. Many times individuals forget certain expenses. Our Staten Island bankruptcy lawyers have helped people file Chapter 7 who didn’t think they would qualify after reviewing their expenses.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy: A Chapter 13 bankruptcy in Staten Island,  is for people and businesses that have high wages or assets. A chapter 13 bankruptcy, can help you get back on your feet by allowing you to pay your debts in a three to five-year repayment plan. A chapter 13 bankruptcy allows interest and fees to stop as soon as the bankruptcy is filed. This can help individuals catch up on their payments. Chapter 13, also provides additional relief for people who don’t have enough disposable income to pay back all of their lenders. Sometimes, individuals don’t have to pay back all of their general unsecured creditors.

Chapter 11 Bankruptcy

Chapter 11 Bankruptcy: A Chapter 11 bankruptcy in Staten Island, is for businesses that need help. Chapter 11 bankruptcy allows individuals to restructure their business while keeping it open. 

Staten Island Bankruptcy Exemptions:

If you own property and are thinking of filing a Staten Island Bankruptcy, then you will want to speak with a bankruptcy attorney. Bankruptcy exemptions play a big role when you file a New York Bankruptcy. Exemptions allow you to keep certain property. If you file bankruptcy and your property is unexempt, the bankruptcy Trustee can take it and sell it off to your creditors. Learn More about the New York bankruptcy exemptions.

How Much Does a Bankruptcy Lawyer Cost in Staten Island?

Staten Island bankruptcy fees vary depending on your case. However, every individual will have to pay the filing fee. The filing fee for bankruptcy varies depending on which chapter you file. The filing fee for a Chapter 7 bankruptcy in Staten Island costs $335.  Learn more about the costs of filing a bankruptcy in Staten Island

Speak with a Staten Island Bankruptcy Lawyer 

A Staten Island bankruptcy lawyer can help you determine which chapter of bankruptcy is the right one for your current financial situation. Karra L. Kingston has helped many people in Staten Island and New York file for debt relief. Karra L. Kingston was born in Staten Island and has appeared in front of numerous bankruptcy judges and Trustees. Karra L. Kingston Esq. will walk you through the process and advise you every step of the way. Our Staten Island bankruptcy lawyers are committed to fighting your creditors and helping you get a fresh start. Call our Staten Island office today at (973)-979-9078 or email us at Karra@klkbankruptcylawyer.com. We provide free consultations over the phone, in person or through ZOOM and Skype. 

Learn More About Filing Bankruptcy in Staten Island