Divorce and bankruptcy are often closely related on Long Island. Couples who file bankruptcy may later get a divorce due to financial distress, while individuals who get a divorce may file bankruptcy as a result of being left with a lot of debt after the divorce. If you know you’re likely going to get a divorce and file for bankruptcy, which one do you do first? The answer varies depending on the details of your situation. Here’s what you should know about choosing between filing for bankruptcy before or after getting a divorce on Long Island. (more…)
As an experienced Long Islanders divorce lawyer, I know those going through a divorce are eager to learn how their assets will be divided, but rarely consider what portion of the marital debt they will carry after they divorce. Loans, mortgages and debts are just as important in the divorce process as assets. (more…)
As a divorce lawyer practicing in Nassau County and Suffolk County I have seen first-hand how often divorce and financial distress often go hand on Long Island. While we focus our practice on divorce and family law matters, we have a great deal of prior and current experience with the intricacies of bankruptcy law and cases on Long Island. (more…)
With the current economic downturn, many couples in and around the Tri State area, have struggled with job loss and foreclosures. One of the hardest hit areas has been Long Island, where the cost of living exceeds other geographical areas in the country. This added financial stress, is often a leading cause of couples seeking a divorce. It is crucial that couples facing economic hardship and going through a divorce, seek advice regarding bankruptcy and other debt resolution options prior to and during the divorce process.
The average debtor seeks to file either a Chapter 7 or a Chapter 13 bankruptcy. When filing a Chapter 7 bankruptcy, the debtor’s non-exempt assets are forfeited to the trustee and all of the debtor’s unsecured debts (i.e., charge cards, medical debts, personal loans, etc.) are completely discharged. Do not be alarmed, for the average Chapter 7 debtor, most if not all of their assets are exempt, and therefore, are not turned over the to estate.
A Chapter 13 bankruptcy is filed for one of two reasons, either, the debtor earns income above the threshold for his or her family size (each state has income thresholds for filing a Chapter 13), or, the debtor is behind on the mortgage and is seeking to prevent or stop a foreclosure action. In a Chapter 13 bankruptcy, a portion of the debt (usually 30% to 100%) is repaid by the debtor over a 3 to 5 year period. This is referred to as the Chapter 13 Plan. The plan payment is determined by considering the debtor’s income versus his or her reasonable expenses.
In certain situations, it may be beneficial to a couple to file for a joint bankruptcy prior to filing for divorce. Due to income guidelines for Chapter 7 versus Chapter 13 Bankruptcy, it is essential for couples seeking to dissolve their marriage to seek Bankruptcy Consulting and Planning. In less frequent circumstances, if the joint marital income of both spouses is above the income guidelines, the would make more sense for the parties to file for divorce first, agreeing upon the payment of maintenance (commonly known as alimony) and child support (if there are children involved), then initiate individual bankruptcy motions after the divorce is finalized. In this case, both parties have effectively redistributed their income, allowing the spouses to file individual Chapter 7 Bankruptcies, where as a married couple filing jointly, would be precluded from doing so.
Going through a divorce was very challenging and emotional. Searching for an attorney can be challenging as well when you consider everything that is at stake. The choice I made to work with Rob Hornberger was surely the best choice available. His professionalism, expertise, and understanding made him and the entire team perfectly suited to achieve the outcomes I desired. Rob was always available to answer my questions and give me advice and legal considerations that affected my situation. The support I received from his staff was exemplary as well. The staff was courteous, kind, and also very professional. Thank you so much Rob and team for a worry free experience.
21:41 17 Mar 20
Being in family court especially when your children are on the line is extremely emotional and stressful but working with Robert and Christine put me at ease and made the process as pleasant as a situation like that can be. I have a now 3 year old daughter (who is the most important person in my life) and I've been working with them for over two years since my daughter was 7 months old, the case has been up and down and through it all Rob and Christine have never given up. My original case was due to a neglect charge. Cps is not easy to work with, but Rob and Christine were vigilant and I ended up getting my daughter back within 8 months and did not have to plead guilty to the neglect. Currently I am in family court to figure out a custody agreement. They are professional, empathetic, and patient. They have always explained everything thoroughly, informed me of all my options and advised me of what my best option would be. They always respond quickly when I contact them with questions or concerns and most importantly they fight for me in court and don't give up even when things get rough. Before hiring Rob and Christine I met with other attorneys who did not make me feel confident or comfortable at all about my case, so I am very grateful to have found Rob and Christine and to be represented by such great attorneys. I highly recommend them for any family court matters and will definitely continue to use them in the future if needed.
02:25 07 Mar 20
After meeting with 3 different lawyers, we felt Robert understood us best and he genuinely had our best interests at heart. This helped us resolve a few minor issues in a timely fashion and make a potentially stressful situation go more smoothly.Thank you
18:47 03 Mar 20
Hornberger Verbitsky, P.C. - Mr. Robert Hornberger and his staff are beyond professional, they quickly gave me my consultation appointment, and helped me with an after-Divorce issue. Mr. Hornberger was empathetic and explained to me what I should expect. Mr. Hornberger was extremely professional and advised me of my options, he helped me proceed with accurate and smart decisions. I wish I had Mr. Hornberger and his highly recommended staff when I was getting divorced. I would highly recommend Robert and his staff to anyone who is getting a divorce or in need of help with situations after the divorce!
22:15 27 Feb 20
They made our process so easy. They were there to answer and help with any questions that came up. Very friendly
I have known Robert for more than 8 eight years. Robert has represented many of my family and friends. Each and every one has raved about Robert’s professionalism and expertise. He is knowledgable, friendly and truly cares about his clients. I would not hesitate to continue to refer Robert and his firm in the future!
I’ve known Robert for most of my life, and feel very fortunate that I have been able to turn to a good friend for various kinds of legal advice. He is very intelligent, straight forward, and professional. Most importantly though, Robert always finds the fastest resolution, and will not waste your time or money. He is NOT in the habit of dragging things through litigation if there is no need for the added expense. I have referred a few of my friends to Robert, and they have all been more than satisfied in their experience with him. Highly recommend!!