Filing for Chapter 7 Bankruptcy
Guidance from a Westchester County Bankruptcy Attorney
When you are facing an overwhelming amount of debt, it can leave you feeling
overcome with stress and frustration. As you feel yourself being buried
with more and more debt, you may believe that you have nowhere to turn.
Luckily, you have options to resolve your debt issues.
At Bronson Law Offices, P.C., we understand the immense pressure you may
be facing at this time. We are equipped to assist you through this difficult
process and help you obtain the debt-free future you deserve. Our experienced
Westchester County bankruptcy attorneys have been successfully helping
debtors file for Chapter 7 bankruptcy for numerous years and can do the
same for you.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is the most common form of bankruptcy, often referred
as "liquidation bankruptcy." Under this chapter of the U.S.
Bankruptcy Code, an individual debtor's eligible assets will be surrendered
to the bankruptcy trustee and then liquidated to pay off creditors. However,
there are exemptions that can be used to protect certain property.
Chapter 7 bankruptcy can help you discharge the following types of debt:
- Credit cards
- Department store cards
- Medical bills
- Payday loans
- Utility bills
Once a debtor files a Chapter 7 bankruptcy petition, all creditors are
notified and must cease all debt collection efforts or lawsuits against
the debtor. It may effectively stop or prevent
repossession,
wage garnishment, and all contact from creditors. Once a debtor successfully goes through
the process of a Chapter 7 bankruptcy, all eligible debt will then be
discharged.
Is This Chapter Right for Me?
Chapter 7 bankruptcy is typically completed within 4 to 6 months and effectively
offers a debtor a fresh financial start. Most often, it is recommended
for debtors with little to no income who do not have real property or
an extensive amount of assets to protect from liquidation.
Not everyone will qualify to file a Chapter 7 bankruptcy. In addition to
completing credit counseling, a debtor must pass the means test, which
is an evaluation of the debtor's income and expenses to determine
whether or note they would be able to make regular payments under Chapter
13 instead.
Get Started on Your New Future Today
By having an experienced Westchester County bankruptcy attorney on your
side, you can be confident that you are on the right track towards financial
freedom. At Bronson Law Offices, P.C., we pride ourselves in providing
compassionate services that are tailored to our clients' needs. Our
personalized attention and insightful counsel is key to helping you through
this stressful time.