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What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a form of debt relief intended to help honest individuals get a fresh start by discharging most debt. It is the most common form of bankruptcy. Chapter 7 bankruptcy is sometimes called “liquidation bankruptcy” because certain assets may be liquidated to repay creditors. However, chapter 7 bankruptcy is more commonly known as “fresh start bankruptcy” because the majority of debt discharged when filing chapter 7 is wiped clean without repayment or the liquidation of assets.
Should I File for Bankruptcy?
If you are burdened with extensive debt, filing chapter 7 bankruptcy in NYC may be an ideal form of debt relief. With chapter 7 bankruptcy your unsecured debt, such as personal loans, medical bills, or credit card debt is discharged, or wiped clean, giving you a fresh start towards a bright financial future. Chapter 7 bankruptcy is especially helpful if you are being harassed by collections agencies, having your wages garnished, or have a judgment issued against you.
- Benefits of Filing Chapter 7 Bankruptcy in NYC
- Become Debt Free!
- Find Relief from credit card debt, personal loans, or medical bills
- Stop wage garnishment and collection efforts
- Discharge your debt in as little as 3 months
- Keep your property through legal exemptions
- Improve your credit score and eligibility for loans in the future
Is filing for Bankruptcy a Bad Idea?
No. For some people, bankruptcy can be a very good thing. Bankruptcy protection is an important tool for the stability of our economy and the well-being of hard-working individuals who become overwhelmed with debt. When clients file for Chapter 7 bankruptcy protection, they are taking productive steps to overcome difficult times.
Unfortunately, there is a stigma associated with bankruptcy that prevents many responsible adults from seeking debt relief through this legal channel. Much of the stigma associated with bankruptcy is founded on myths and falsehoods. If you are drowning in seemingly insurmountable debt, filing for Chapter 7 bankruptcy may be the most responsible, effective, and prudent strategy for resolving your financial situation.
Filing for bankruptcy may not always be your best option, but for many individuals, filing for chapter 7 is their best route. For those people, hiring a bankruptcy attorney to guide them through the process and protect their property from being liquidated is most likely the smartest, safest, and in the long run, the least expensive way to file.
Will filing for Bankruptcy get rid of all my debt?
Chapter 7 discharges (gets rid of) most unsecured debt. This is why it is commonly referred to as “fresh start” bankruptcy. Once you have filed for bankruptcy, the courts will discharge your debt. You are no longer responsible for that debt.
Will I lose my assets if I file chapter 7 bankruptcy?
Filing for Chapter 7 Bankruptcy will cause the liquidation of nonexempt assets by the United States Trustee. The bankruptcy trustee will evaluate and sell off the debtor’s nonexempt assets to pay off creditors. An experienced bankruptcy attorney can help you claim exemptions on the majority, if not all of your assets during the liquidation process. This can protect a person’s car and home, and other important possessions.
How much does bankruptcy cost in NYC?
How much your Bankruptcy costs depends on several factors: filing fees, fees for mandated education courses, fees for acquiring the necessary information for filing (such as credit reports) and preparation/representation fees.
How Does Chapter 7 Bankruptcy Work in New York?
In order to file chapter 7, an individual must meet specific qualifications laid out by the state of New York.
Before filing for bankruptcy, you should determine if you are eligible for filing under chapter 7. This is best done during a free consultation with a bankruptcy lawyer, but in summary, the ideal candidate for chapter 7 bankruptcy should:
Chapter 7 Bankruptcy Process:
- How to File Chapter 7 Bankruptcy in NYC
With a reputable bankruptcy lawyer, filing chapter 7 is a relatively simple process, typically lasting between 3 and 6 months from start to finish. Chapter 7 bankruptcy is not available to everyone.