How Bankruptcy Can Help You

If you are financially troubled enough to be thinking about bankruptcy, our attorneys at Phillips, Artura & Cox, Attorneys at Law, understand your concerns. We have helped thousands of clients during the last 50 years, and we can help you understand how the bankruptcy process works by explaining the law and the process.

We know it can all seem overwhelming and that’s where we can help by providing experienced guidance and allowing you to see how we can work to eliminate your financial debts and give you a brighter future.

The Bankruptcy Process

Bankruptcy is a proceeding commenced in the federal court system that allows individuals and businesses to resolve their debt burdens. Debtors can utilize a liquidation of assets or a reorganization of their debts.

Individual Bankruptcy

The most common bankruptcy proceedings for individual debtors are Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 bankruptcy is known as a liquidation. The debtor surrenders to the court any nonexempt property that is transferred or sold to generate funds to be distributed to the creditors. Most Chapter 7 debtors have little property that they need to surrender. One advantage of Chapter 7 is that you can be free of most of your debts within six months.

Chapter 13 bankruptcy is a reorganization. This proceeding allows the debtor to propose a repayment plan that lasts three to five years in which the creditors are paid over the life of the plan. Chapter 13 can help you keep your car and your home and can be used to stop a foreclosure and pay mortgage arrears during the plan period.

Get A Fresh Start

Both chapters allow an individual to be discharged of their debts, even if certain debts have not been paid in full. If there is any terminology that you don’t understand, feel free to consult our Bankruptcy Glossary. And if you have more questions, our experienced bankruptcy lawyers can help explain any aspect of bankruptcy and how it can provide a debt-free, fresh start.

Contact Us Today For Real Debt Relief

For experienced bankruptcy assistance, contact the law firm of Phillips, Artura & Cox, Attorneys at Law. We are available for evening appointments, charge competitive rates and are conveniently located in the Village of Lindenhurst south of Sunrise Highway by the Lindenhurst train station. To contact our lawyers, call 631-226-2100 or reach out to them online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.