New York Chapter 7 bankruptcy is referred to often as liquidation bankruptcy as it is designed for the non exempt property of the debtor to be sold and the proceeds distributed by the trustee to the creditors. Most individuals and married couples who file Chapter 7 are able to keep their home, necessities, ant current accounts, their leased car as long as payments are made. Under New York’s lenient exemption laws most people who file Chapter 7 have all their unsecured debts, like credit cards, medical bills and personal loans discharged. Chapter 7 will not save a house from foreclosure or a car from repossession but it will delay it during the automatic stay which is the period in between filing and discharge which is usually 2 to 3 months. During this period all collection attempt must cease. Once the bankruptcy is discharged the extra cash flow can enable many to catch up on late secured loans like mortgage and car loans.
For a New York Chapter 7 bankruptcy attorney call us now at 646-727-5016
We will carefully evaluate your special situation
To file Chapter 7 in New York, individuals or married couples must pass a “means” test. Despite the revisions made recently most people still qualify under this complicated formula of income to debt ratio that determines “means.” Your bankruptcy attorney will be the one to determine if you are a viable candidate for Chapter 7 or Chapter 13 Bankruptcy.
Here at the Law Offices of Boris Nikhman PC we have been New York Chapter 7 attorneys for a dozen years, helping clients to start over and regain their lives. We can quickly put a halt to harassment from creditors and third party collectors to provide you with peace in your home without those unceasing phone calls. Contrary to much public opinion, you can rebuild your credit in a few years after filing Chapter 7 by obtaining a secured credit card from your bank and being certain the entire balance is paid off early every month. Eventually this will lead to an unsecured credit line from your bank and several others who will tempt you with cards with high interest and big fees. Stick to your own bank until you are in a better position.
Chapter 7 is the best option for most individuals or married couples who, through job loss, medical bills or overwhelming credit card debt have found themselves in a position where they can no longer pay the minimum payments while maintaining the basic necessities of life. If you are one of those individuals or married couple who feel like you are being strangled by creditors call us now. We understand your situation and are here to help. Remember that you are not alone. We have helped thousands just like you to get their lives back.