Bankruptcy
When faced with financial distress, bankruptcy can often help. Simply put, bankruptcy discharges your legal obligation to pay most of your debt and provides you with the ability to start over. The debt may include credit card bills, personal loans and medical bills. However, there are certain types of debt that cannot be discharged by the filing of Chapter 7. Some types of nondischargeable debts include child support or alimony, certain types of tax debt, and student loans.
Chapter 7, also called liquidation bankruptcy, is the most common form of bankruptcy used today. The court appoints a bankruptcy trustee to oversee the process which is to review the petition, secure the debtor’s assets, the sale of these assets, and the repayment of creditors.
Hiring a bankruptcy attorney is crucial as there have been changes in the bankruptcy laws which may require those that are interested filing Chapter 7 to go through what is called a “means test” to see if you qualify.
Call us today to set up a free consultation to evaluate your financial situation and determine if you meet the requirements for Chapter 7 bankruptcy.
Locations We Cover
- Nassau County, NY
- Suffolk County, NY
- Westchester County, NY
- Queens, NY
- Brooklyn, NY
- Bronx, NY
- Great Neck, NY
- Manhattan, NY
Frequently Asked Questions
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How do you know when you should file for bankruptcy?
<span style="font-weight: 400;">After exploring all other debt-relief options, consider filing for bankruptcy if you're unable to pay your debts, facing constant creditor harassment, or at risk of losing essential assets like your home.</span>
What are the advantages of hiring a bankruptcy attorney?
A bankruptcy attorney can provide expert guidance, ensure proper filing, protect your assets, represent you in court, and help you understand your rights and options, increasing the likelihood of a successful outcome.
How much does an attorney cost to handle bankruptcy?
Attorney fees for handling bankruptcy vary based on the case's complexity, typically ranging from $1,000 to $3,500 for Chapter 7 and $3,000 to $5,000 for Chapter 13 bankruptcies, plus filing fees and other costs.
How does bankruptcy law benefit debtors?
Bankruptcy law benefits debtors by providing legal protection from creditors, halting collection actions, discharging eligible debts, and allowing a fresh financial start through restructuring or liquidation.
How can the assistance of a bankruptcy lawyer benefit me if I am dealing with a bankruptcy situation?
A bankruptcy lawyer can help by evaluating your financial situation, advising on the best type of bankruptcy to file, ensuring compliance with legal requirements, protecting your assets, and representing you throughout the process.