CHAPTER 7 BANKRUPTCY
New York Bankruptcy Lawyers and Attorneys
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- The Law Office of Neil E. Colmenares, P.C. are experienced Bankruptcy Attorneys and Lawyers who concentrate in the complex area of Bankruptcy Law. We will guide you through Bankruptcy Law so you can file Chapter 7 personal bankruptcy. Our Chapter 7 Bankruptcy Attorneys service the five boroughs of New York (Queens, Kings, Manhattan, Staten Island and Bronx Counties), Long Island (Nassau and Suffolk Counties) as well as all of the New York Metropolitan area. We are Board Certified in Consumer Bankruptcy Law by the American Board of Certification.
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Chapter 7 Overview
Chapter 7 Bankruptcy is also known as a “straight bankruptcy” or a “liquidation.” In Chapter 7, all of a debtor’s non-exempt assets are sold by a court appointed trustee to pay off creditors. That’s the bad news. The good news is that most property owned by people filing for bankruptcy are exempt. That is, they get to keep their property despite filing bankruptcy. So in most cases the person gets to keep all of their property and they receive what is called a discharge. A discharge means that those creditors who have been harassing you will never be able to collect from you or contact you regarding those debts ever again! So stop that wage garnishment and frozen bank accounts today.
As one may expect, there are certain exceptions to discharge in Chapter 7 Bankruptcy. That is debts you can not get rid of in Chapter 7 Bankruptcy. The list of debts excepted from discharge in Chapter 7 Bankruptcy include debts incurred though fraud, alimony and debts not listed in the bankruptcy petition.
Although the Bankruptcy Reform Act of 2005 has made it more burdensome to file Chapter 7 Bankruptcy, the Chapter 7 Bankruptcy option is still there for the honest but unfortunate debtor.
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