Financial Distress Lawyers Serving Suffolk County, Long Island

There are many people who, prior to the outbreak of the coronavirus, never expected to be in significant financial distress, and certainly never considered bankruptcy or other legal assistance to address their debts. However, with millions of Americans unexpectedly out of work due to COVID-19, even those who once thought themselves financially secure are now facing exceptional financial strain, regardless of their best efforts. There is nothing to be ashamed of if you need to seek help in dealing with your debts in the aftermath of such a significant economic crisis.  If you are facing severe financial distress and require help, the attorneys at McGuire, Peláez & Bennett PC are available to assist you.

Bankruptcy 

There are two primary kinds of bankruptcy for individuals: Chapter 7, and Chapter 13. Chapter 7 bankruptcy involves selling off your assets, except for certain designated types of property, to satisfy existing debts as much as possible, with the remainder being discharged by the court. 

Chapter 13 bankruptcy, on the other hand, involves creating a debt restructuring plan which, with the approval of the court, will allow you to repay your existing debts over the course of three to five years without needing to sell off your assets. Chapter 13 bankruptcy is seen as being generally preferable to Chapter 7 bankruptcy because it allows you to keep your assets, for the most part, so long as you adhere to the debt restructuring plan. However, considering economic circumstances, that may still be difficult.

Our Long Island bankruptcy attorneys are here to guide you through every step of the bankruptcy process, from making the initial filing all the way to the discharge of your debts. We will assist you in determining what kind of bankruptcy is appropriate for you and your circumstances, and we will work with the court to protect your rights and help you to retain as many of your assets as possible. We will also represent you against creditors seeking to exploit your financial vulnerability for their benefit. 

If you are filing for Chapter 13 bankruptcy, we will help you create a debt restructuring plan that maximizes the benefit you receive from bankruptcy protection while minimizing the cost that comes from following that plan. We will assist you in remaining compliant with your debt restructuring plan, and fight on your behalf if you are challenged by creditors or if they attempt to illegally repossess your property while under bankruptcy protection. With the guidance of our bankruptcy attorneys, you can get a fresh start and rebuild your financial future.

Bankruptcy is a complicated and stressful process, and one you shouldn’t attempt to undertake on your own. If you are in severe financial distress and considering bankruptcy, call us at 631-348-1702, or visit our contact page. Our offices are conveniently located in Central Islip, right here on Long Island. Our bankruptcy attorneys will work with you to ensure the best possible outcome for you and your family, and make sure that you gain the maximum possible benefit from bankruptcy protection.

Foreclosure Defense 

The American dream is to get a good-paying job, own your own home and start your own family. While that may have been feasible for many when times were good, the coronavirus has put a halt to many people’s dreams, shuttering businesses and driving people out of work. As a result, many people are likely to get behind on their mortgage payments, getting put at risk of foreclosure through no fault of their own. If you are facing foreclosure, the attorneys at McGuire, Peláez & Bennett PC are here to help defend your home and your rights as a homeowner.

Our Long Island foreclosure defense attorneys will work with you to enforce your property rights and allow you to stay in your home despite any alleged nonpayment on your mortgage. Homeowners are entitled to extensive legal process when it comes to foreclosing on their property, and a bank must prove not only that there was no payment, but also, for example, that warnings about nonpayment were properly issued, and that there were attempts to cure the alleged nonpayment out of court.

The attorneys at McGuire, Peláez & Bennett PC will work to make sure you can stay in your home while you are fighting an attempt by the bank to foreclose on your home. We will hold the mortgage holder to account and force them to prove that they have followed proper procedure in bringing the foreclosure action. We will also make them prove they own your mortgage, which is a surprisingly common issue given how often mortgages were (and sometimes still are) traded as securities on the market. Additionally, if you or your spouse are a military servicemember, you may be entitled to additional legal protections, on top of those available to other Americans.

In times of financial hardship, it is essential to have a good legal defense to protect your rights and prevent yourself from being exploited by financial institutions who have no concern for you or your family’s well-being. If you are facing foreclosure on your home, call us at 631-348-1702, or visit our contact page. Our offices are conveniently located in Central Islip, right here on Long Island. Our foreclosure defense attorneys will work with you to defend your home and protect you from the consequences of an alleged default.