Are you having difficulty paying off your mortgage, car loan, or other loans? If so, our Staten Island bankruptcy attorneys can assist you.
It is important to find out what options you have to become financially stable again if you find that managing your finances is becoming difficult.
Chapter 7 bankruptcy may be an option for you if you find yourself facing any of the following:
- Salaries garnished
- Having creditors harassed
You immediately prevent creditors from continuing collection attempts after filing. Your case is automatically stayed.
You can wipe out all of your debt by filing for liquidation bankruptcy while maintaining your residence and property. It is relatively easy to achieve a fresh financial start.
A New York lawyer can help you determine if you qualify for Chapter 7, and what to do next. With the means test, you must compare your income with the average income in your area. The amount of debt relief that’s needed is determined by the means test.
Because Chapter 7 bankruptcy eliminates debt, it is generally the best alternative for consumers who cannot repay their debts – however, it may not be the best alternative for people who have regular incomes or who have a lot of assets they wish to keep. If you earn very little money, then you may be an ideal candidate.
To determine whether or not a New York bankruptcy client is eligible for Chapter 7, an experienced attorney should examine his or her financial situation.
It is possible to determine whether you need to file Chapter 7 if you have a large amount of debt, or if it might be better to file Chapter 13 and repay it over time.
If you have any concerns about how this court process will affect your financial situation, The Staten Island bankruptcy Lawyer can provide you with a free financial assessment.
Can some debts be discharged? The following debts may be discharged through Chapter 7 bankruptcy:
- Using credit cards for debt
- Health care invoices
- Collateral-free loans
In general, debits such as those listed below cannot be discharged:
- Students can borrow money
- Support for children / Alimony
- Paying unpaid taxes
- Securing loans
When people go through Chapter 7, they fear losing everything. Not every asset will be seized in Chapter 7.
- The motor vehicle has one occupant
- Living in the house as your primary residence
- Policies that cover all aspects of life
- Personal items and clothing
- The benefits of automated stays are numerous
- As soon as you file, you will experience immediate relief.
Your creditors will not be allowed to harass you or collect your debt because you will receive an automatic stay.
It will be illegal for these creditors to garnish your pay, repossess your house, car, or empty your bank account for the time being.
This period of time will be used to reassess your financial situation. When you don’t own a car or a house, how are you going to find a job?
You technically give up your debts and property to the bankruptcy court when you file for Chapter 7. The court must approve any sale of your property or settlement of debts.
Upon filing, you will have the freedom to do whatever you want with your property and income. The court appoints trustees in order to make sure your creditors receive a high percentage of what you owe them.
If your paperwork has been reviewed, you would be able to sell nonexempt property to pay off your debts.
In addition, we will examine your financial transactions from the last year, as well as whether any of them can be undone in order to distribute assets to your creditors.
The majority of your property could be excluded from bankruptcy because it is small compared to the amount you owe.
In a few weeks after filing for bankruptcy, you will be summoned to a creditors’ meeting in bankruptcy court.
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You will be asked questions about your bankruptcy and your paperwork by a bankruptcy trustee during the meeting. The courthouse on Staten Island is normally your only stop during the process.