About Filing Chapter 7 Bankruptcy in New York City
Many people throughout New York City struggle to pay their bills each month and often find themselves falling farther and farther behind. Failing to take care of these problems can lead to losing your home, car, and personal property. At The Law Office of William Waldner, we have dedicated our practice to helping people get a Fresh Start. Contact our office now to arrange for your free Chapter 7 Bankruptcy consultation.
When clients file for Chapter 7 bankruptcy protection, they are taking necessary steps that enable them to move past difficult times and obtain the opportunity for a fresh start. A Chapter 7 filing relieves a person from having to pay for most debts, including credit card balances, medical bills, and court judgments. Certain types of debt such as student loans, government fines, most taxes, and child and spousal support usually cannot be discharged in a Chapter 7 Bankruptcy filing. Filing for Chapter 7 Bankruptcy will cause the liquidation of non-exempt assets by the United States Trustee. The bankruptcy trustee will evaluate and sell off the debtor’s nonexempt assets to pay off creditors. A Chapter 7 bankruptcy debtor is able to keep all property that is exempt.
Examples of exempt property include:
- Cash, U.S. savings bonds and tax refunds up to $2,500
- Household furniture
- All wearing apparel
- Certain appliances and household goods
- Equity in a motor vehicle up to $2,400 ($4,800.00 For spouses filing jointly)
- Equity in a house, condo, or co-op up to $50,000.00 ($100,000.00 for spouses filing jointly)
- Most pensions and retirement plans
In order to qualify for Chapter 7 Bankruptcy, a debtor must pass the means test. The test is a two-step income and expense analysis that is very complicated to calculate. Our office will evaluate your situation to determine if you qualify for Chapter 7 Bankruptcy Protection. If you do not qualify for Chapter 7 Bankruptcy, we will research other alternatives, such as Chapter 13 Bankruptcy, to help you get the relief you need!
Relax. We Will Take Care Of Your Debt Problems
Once you have retained our office, we will take control of your situation, file your Bankruptcy Petition and deal with your Creditors so that you don’t have to. Once your creditors are informed that our office represents you, they are no longer allowed to harass or even contact you. Bankruptcy can also stop foreclosures and the repossession of your property. Contact The Law Office of William Waldner now to arrange for your FREE Chapter 7 Bankruptcy consultation.