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Long Island Bankruptcy, Loan Modification and Foreclosure Defense Lawyers

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We are glad you are here! We hope that this web site will prove to be a valuable tool to gain knowledge about all aspects of consumer credit law.

Our office has been assisting thousands of Long Islanders get back on their feet financially since 1991 by using the Federal bankruptcy laws to their advantage. If we can’t help you, nobody can. Our LI bankruptcy and loan modification attorneys have modified hundreds of mortgages in recent years. We give all of our clients the personal attention that they deserve.

Adam C. Gomerman Esq.
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Chapter 7 Bankruptcy

Chapter 7 Straight Bankruptcy

When most people think of bankruptcy, they are thinking of what is called a Chapter 7 bankruptcy. The person owing the money, called the “Debtor” submits information to show all assets (what he or she owns) and all liabilities (what he or she owes). Our Long Island Bankruptcy attorneys can help you with Chapter 7 bankruptcy.

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Chapter 13 Bankruptcy

Chapter 13 Wage Earner Bankruptcy

The Debtor submits information which shows all assets and liabilities. A “Trustee” is appointed to oversee the restructuring of debts. Creditors are paid back in whole or in part as requested by the Debtor and as approved by the court. Find out more about Chapter 13 bankruptcy by speaking with us today.

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Loan Modification

Long Island Loan Modification Lawyer

To put loan modification simply, it is the process of asking your lender to make adjustments to your mortgage in order to avoid defaulting on the loan and going through foreclosure. In order to help navigate the often confusing loan modification process, please consult with our Long Island attorneys experienced in this area of law.

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Long Island Chapter 7 Bankruptcy Lawyer's Overview

In a Chapter 7 bankruptcy case filed on Long Island, your bankruptcy trustee may cancel all or some of your debts. In addition to the cancellation of your debts, your trustee may also sell, or liquidate, your assets or property to pay back your creditors.

From start to finish, your Chapter 7 bankruptcy case can take anywhere from four to six month to complete.

By filing Chapter 7 bankruptcy through our Long Island bankruptcy lawyers, you are placing the property you own and the debts you owe at the mercy of the bankruptcy courts.

During your Chapter 7 bankruptcy proceedings, you will be assigned a court-appointed Trustee. Your bankruptcy trustee's primary purpose is to see to it that your creditors are paid back as much as possible of what you owe them.

At the end of your Chapter 7 bankruptcy case, all of your debts will be considered Discharged by the bankruptcy court, with the exception of the following debts: Child support, tax debts, and student loans (in most cases)

For more thorough information on Chapter 7 and the bankruptcy process, please click here.

Long Island Chapter 13 Bankruptcy Lawyer's Overview

Filing Chapter 13 bankruptcy on Long Island is a bit more complicated than filing Chapter 7. For that reason, it's always best to consult with your Long Island bankruptcy lawyer before proceeding. Upon your initial Chapter 13 filing, you'll be immediately ordered to pay a bankruptcy filing fee and be assigned mandatory credit counseling.

Unlike Chapter 7, where your debts are wiped clean, Chapter 13 bankruptcy is a repayment plan that is proposed to your creditors with the assistance of your bankruptcy attorney. In most Chapter 13 cases on Long Island, the creditor often pays less than the original debt, even under a repayment plan. Typically, repayment plans last between three-to-five-years, and is often determined based on your current income.

After completing your repayment plan, you will be asked to confirm with the bankruptcy court that you are current on any debts that were not included in your Chapter 13 filing (this can be child support or alimony obligations), and that you've successfully completed your budget counseling as mentioned above. If all requirements are met, your debts may be wiped clean.

For more thorough information on Chapter 13 and the bankruptcy process, please click here.
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