Helping Clients Obtain A Fresh Start Through Chapter 7 Bankruptcy
Chapter 7 bankruptcy, along with Chapter 13, is an excellent option for individuals who need to get out from under their debt. Chapter 7 allows the debtor to discharge or wipe out their debt, including medical bills, collection amounts and credit card debt. Available to businesses and individuals, it enables you to sell off your assets to repay creditors.
To qualify, you must meet the Means Test, which determines your monthly disposable income. If the test confirms that your disposable income is low enough, you are eligible for Chapter 7 bankruptcy. Our experienced bankruptcy attorneys at Corash & Hollender, P.C., in Staten Island can help determine if this option is best for you.
Debt Relief Is Possible, We Can Help Show You How
When you file for Chapter 7 bankruptcy, the court places an automatic temporary stay on your current debts. The temporary stay prevents creditors from collecting payments, garnishing your wages, foreclosing on your home, evicting you, turning off utilities or repossessing your property.
There are many benefits of Chapter 7 bankruptcy, including:
- Your debts are fully wiped clean
- Creditors cannot harass you anymore
- You can get an exemption for your home and personal property
- Rebuild your credit score over time
- Extra time for your mortgage payments
To be eligible for Chapter 7 bankruptcy, you must have an income below a fixed level based on the number of people in your home. For example, in New York, a family of four is automatically eligible for Chapter 7 bankruptcy if the income is less than $102,384. Sometimes, we can help you qualify even if your income exceeds the limit.
Compassionate Chapter 7 Bankruptcy Support
The bankruptcy process can be intimidating, especially when you don’t have the help of an experienced attorney. Chapter 7 bankruptcy is typically faster and can help you move forward with a debt-free life. If you are overwhelmed by debt, we can help guide you through the Chapter 7 filing process. Contact us at 718-691-1669 or fill out an online contact form to schedule a consultation.