Chapter 7 Bankruptcy Lawyer in Westchester County
Helping Clients Find Viable Debt-Relief Solutions. Serving 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. The first is a comparison of your income against the median income for your state. If you make less than the median income for New York, you will pass the means test and will not have to go on to the next step. If you make more than the median income, you will need to move on to the second stage of the means test.
The second stage consists of an evaluation of your income versus 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.
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, 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. Would you like to learn more about taking the means test and qualifying for a Chapter 7 bankruptcy? then please reach out to our firm today so we can assist you.
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.
Amazing Legal Team
Attorney Bronson and his team are compassionate, professional and communicate in a way that makes any complicated legal process easy to understand.
Service Available in Spanish
Working with clients in the language that makes them feel the most comfortable.
Smoothly consulting and navigating clients through Bankruptcy, Debt Relief, Creditor Harassment, Foreclosure, or Tax issues.
Specializing in Businesses
Highly experienced in navigating the complicated process of Business Bankruptcy, Corporate Restructuring & Asset Protection.