Being over your head in debt is frightening, especially if you do not know where to turn. Our clients come to us for many reasons. Some have lost their jobs. Some have become seriously ill and unable to work. The combination of difficult circumstances such as these and the constant harassment from debt collectors leave many people anxious and wondering about their options.

Steinberg, Fineo, Berger & Fischoff, P.C. is dedicated to helping consumers who find themselves overwhelmed by debt. We can help our eligible clients make a fresh start with a Chapter 7 or 13 bankruptcy. Attorneys Heath S. Berger and Gary C. Fischoff, along with the firm's other bankruptcy attorneys meet with each client to explain the process thoroughly and address any concerns they may have on a case by case basis as each individual's situation is different from each other.

We understand that dealing with financial problems is very stressful. We listen to our clients and work to ease their fears. To discuss your financial situation and to determine whether you should file for bankruptcy, contact us for a free consultation.

Yes. The new law changed the bankruptcy rules, but the law did not eliminate your right to bankruptcy protection.

The new bankruptcy law (effective October 17, 2005) made filing bankruptcy more complicated. Although, the new law includes new bankruptcy court rules, new forms for most people, and additional work for debtors and their attorneys, the same relief is available as existed before the changes.

Chapter 7 bankruptcy is the most common type of bankruptcy and is often referred to as a "liquidation bankruptcy." In Chapter 7, all of the debtor's assets, other than those types of assets specifically exempt from liquidation by statute, are turned over to a bankruptcy trustee for sale. Sale proceeds, if any, are distributed among the creditors. This means most people keep what they own and wipe out their credit cards, medical bills, personal loans, etc.

Most New York Chapter 7 debtors have little non-exempt personal property because of New York 's liberal exemption laws. For most people, their house is unaffected by Chapter 7. Most Retirement Accounts are also exempt and are inaccessible to the Chapter 7 trustee.

If you lease a car and want to keep it, you may do so, as long as you continue to make current payments. The same usually applies for car loans as well. Chapter 7 bankruptcy is used to eliminate, or discharge, primarily unsecured debts such as credit cards or medical bills. Chapter 7 does not eliminate secured debts, such as vehicle loans (unless the secured item is surrendered). Chapter 7 will not save a house from foreclosure nor a car from repossession if you are delinquent in payments, but it will delay the process. Under the new bankruptcy law, only people who pass the "means test" may file a Chapter 7 bankruptcy. People who fail the means test have to file Chapter 13 bankruptcy. The "means test" is a complicated mathematical formula, which is based on your income to determine Chapter 7 eligibility. Our bankruptcy attorneys can run a "means test" using bankruptcy software after we collect necessary information from you. Most people who want to file Chapter 7 still qualify under the "means test", despite the changes in the law.

Chapter 13 is used most often by individuals to save a house from foreclosure. The Chapter 13 allows you to pay back the mortgage arrears to the lender over 60 equal monthly payments, beginning after the Chapter 13 is filed. You are also required to make your regular monthly mortgage payment after the petition is filed; the bank is required to accept the payment. Chapter 13 also allows you to "wipe out" a home equity line of credit or second mortgage, depending on the value of your home. If you have credit card debt or other unsecured loans, they are also included in the Chapter 13 payment plan; after such debts can be fully satisfied with the payment of only a small percentage of the balance. Chapter 13 is also useful to eliminate some IRS debt and to establish an affordable plan to pay IRS debt that cannot be eliminated. Chapter 13 bankruptcy is available to debtors with regular income. In addition, there are upper limits on the amount of the individual's secured and unsecured debts in Chapter 13 cases. If an individual owes more than the allowable in a Chapter 13, they can file a Chapter 11.