Bronx, NY Chapter 7 Bankruptcy Attorney
Chapter 7 bankruptcy allows you to get a fresh start quickly. In a Chapter 7 bankruptcy, all consumer debts are discharged as well.
When you file for a Chapter 7 bankruptcy, you can essentially become debt-free overnight.
How to Qualify for a Chapter 7 Bankruptcy
Your qualification for Chapter 7 bankruptcy depends on your household income, the value of your assets, and your budget. The more people you have in your household, the more household income you may have while still being able to file. In order to determine if you qualify for a Chapter 7 bankruptcy, you are required to pass the “means test”, which is an investigation of your finances for the 6 months prior to the bankruptcy filing to make sure your income is not too high.
An Overview of Chapter 7 Bankruptcy
As soon as you file in bankruptcy court, an automatic stay goes into effect, which means your creditors are not allowed to contact you directly regarding your debt while your bankruptcy discharge is pending. If any communication is necessary, creditors must contact your attorney instead. During the automatic stay, you do not have to make any payments to creditors and you will not run the risk of your assets being repossessed.
In Chapter 7 Bankruptcy, there is no judge, no jury, and no trial to endure. The only time you will need to go to court is for the meeting of the creditors, where your paperwork will be reviewed and your debts and assets explored. This meeting is named as such because your creditors are allowed to come to the meeting and ask you questions. You shouldn’t be too concerned about the meeting, especially if you pick an attorney who will brief you and also attend the meeting with you. After the meeting of the creditors, you should be able to rely upon your attorney to work on your case, helping ease the financial pressure you may have been feeling for months, or even years, before you filed. In as little as three or four months, the court will approve your bankruptcy and effectively wipe out most, if not all of your bills. You are now ready to start rebuilding your credit and enjoying your debt-free life.
I teach you how to re-build your credit after bankruptcy.
You Can Keep Most of Your Assets
Only non-exempt assets get liquidated in chapter 7. Bankruptcy law allows you to keep some of your personal property via bankruptcy exemptions. These exemptions are available for your home, car, and bank accounts. Call me to find out if your assets are exempt in bankruptcy.
The bankruptcy discharge is the goal.
A bankruptcy discharge is a government sanctioned forgiveness of debt with no tax ramification. The discharge says that your debts are forgiven and your creditors may never again look to you for payment or sue you for the discharged debt. Even if your financial situation improved later on, your creditors are still not allowed to look to you for payment. If creditors do not honor the bankruptcy discharge the court may punish them for contempt of court.
Contact a Bankruptcy Attorney
Thomas M. Denaro, Esq. has over three decades worth of experience with bankruptcy law and credit management services. Our number one goal is to provide knowledgeable, compassionate legal representation. Our attorneys personally attend the meeting of the creditors with clients, and we take time to explain all parts of the process so clients never feel like they do not know what is going on. Our fees are fixed, based on the complexity of your case, and we offer a variety affordable payment options for our services. We even offer a free initial telephone conversation to discuss your case. Call us today at 718-863-6000.