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Westbury, NY 11590

NYC/Long Island Chapter 7 Bankruptcy Lawyer

Eliminate Unsecured Debt Legally

A Chapter 7 bankruptcy, also known as a straight bankruptcy or liquidation bankruptcy, can eliminate many or all of your unsecured debts, such as credit card debt, mortgage debt, medical and dental bills, utility bills, payday loans, and other unsecured loans. This is the most common form of bankruptcy in the United States, available to individuals and married couples. In this type of case, your unsecured debt is eliminated and most if not all of your property is exempt. Most if not all of your assets or property, including equity in your home and car, household goods and furniture, pension plans, and more are not available to creditors up to a certain limit and remain yours to keep. That's why a Chapter 7 is frequently called a no asset" case.

You must be eligible to file for a Chapter 7. Eligibility requirements are based on how your income compares to the median income for your household size in the state. If your income is at or below the median amount, you will be eligible. If your income exceeds this amount, you will be required to complete a means test, which will calculate whether you have any disposable income left over each month to pay your debts. Those who do not qualify for a Chapter 7 can file for a Chapter 13, which is a repayment plan for handling debt supervised through the court.

Requirements and Benefits

A Chapter 7 filing requires the submission of a petition and accompanying documentation regarding your property, your income, monthly expenses, your debts, your exempt property, and other detailed financial information. The forms and paperwork must be properly and thoroughly filled out with accurate information. Once your petition is filed and approved, an automatic stay will be imposed by the court which will halt any further collection attempts by your creditors. They will no longer be able to collect on debts owed them through the court.

Your Bankruptcy case will be handled by the court through a Trustee whose job is to pay your creditors as much as possible if anything and who must ensure that no abuse of the system occurs. A Chapter 7 Bankruptcy generally takes between two to three months, after which time your debts will be discharged. Other requirements include credit counseling from an approved source prior to filing and a personal financial education course prior to the discharge of debts.

The Law Firm of Anthony J. Perano has decades of experience in helping consumers file and complete a Chapter 7 bankruptcy. For an accurate understanding of how the process works and how it applies to you, it is recommended that you consult with Mr. Perano about the details of your case.