Chapter 7 Bankruptcy Lawyer in Westchester County

Finding Debt-Relief Solutions for Clients in the Southern & Eastern Districts of New York

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 might be facing at this time. We are equipped to assist you through this difficult process and can 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 to 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, some exemptions can be used to protect certain property.

With Chapter 7 bankruptcy, you can 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. Chapter 7 bankruptcy can 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.

The Means Test

In order to file for bankruptcy under Chapter 7, a debtor must first pass the means test. This is a test that is used to evaluate a debtor's income versus expenses to determine whether they have the wherewithal to repay part or all of the debt through a Chapter 13 repayment plan.

There are two main steps associated with taking the means test:

• First, your income is compared against the median for your state. If you make less than the median income for New York, you will pass the means test automatically. If you make more than the median income, you will need to move on to the second stage.
• Second, your income will be evaluated against your necessary expenses to determine your amount of disposable income. Depending on the amount of money you make and the expenses you have, you may pass the means test at this stage.

Benefits of Filing Chapter 7 Bankruptcy

• Debt Discharge: One of the primary benefits of Chapter 7 bankruptcy is the discharge of certain types of debts, such as credit card debts, medical bills, and personal loans. This means that you are no longer legally obligated to repay those debts.

• Fresh Start: Chapter 7 bankruptcy provides a fresh start for individuals or businesses who are struggling with overwhelming debt. It can help eliminate the stress and anxiety associated with unmanageable debt and provide a clean slate for financial recovery.

• Protection from Creditors: Filing for Chapter 7 bankruptcy initiates an automatic stay that prevents creditors from attempting to collect your debts, including harassing phone calls, letters, or lawsuits.

• Quick Process: Unlike some other types of bankruptcy, Chapter 7 bankruptcy can be a relatively quick process, typically taking only a few months to complete.

• Exemptions: Individuals filing for Chapter 7 bankruptcy may be able to keep certain assets, such as their primary residence, a car, and personal property, through the use of exemptions.

• Reduced Stress: Filing for Chapter 7 bankruptcy can relieve the stress and pressure of overwhelming debt, allowing individuals or businesses to focus on rebuilding their financial stability and planning for the future.

Is Chapter 7 Bankruptcy 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, Chapter 7 is recommended for debtors with little to no income with dischargeable debts. It is also recommended for debtors who do not have real property or an extensive amount of assets to protect from liquidation.

Some property, such as reasonable necessities and motor vehicles up to specific values, are protected from liquidation in Chapter 7. If you are interested in filing for Chapter 7, it is important to work with an attorney to determine which property you can protect with Chapter 7 exemptions.

Get Started on Your New Future Today

With our experienced Westchester County bankruptcy attorney on your side, you can be confident that you are on the right track towards financial freedom. Our knowledgeable legal professionals at Bronson Law Offices, P.C. pride ourselves on providing compassionate services that are tailored to our clients' unique needs. Our personalized attention and insightful counsel are key to helping you through this stressful time.

To see if Chapter 7 bankruptcy is right for you, call (914) 827-5238 or contact us online today to set up a case consultation.