20 Dec A Complete Guide to Understanding Chapter 7 Bankruptcy for Queens Residents
When you live in Queens and feel buried under debt, it can be hard to see a better future. Many people facing unpaid credit card bills, medical expenses, or other kinds of financial trouble begin to feel that there is no relief in sight.
Chapter 7 bankruptcy can be that chance to start over and find a way to move on with your life. If you are thinking about filing, you should speak with our Queens bankruptcy lawyers to learn more about the process. Getting information can allow you to make the best choice for your life and your goals.
If you are ready to learn more, call Poltielov & Habib, LLP, for a consultation. Our team will explain how Chapter 7 works and what you should know before taking the next step. If you choose to work with us, we will do everything we can to ensure that your case goes as smoothly as possible and you obtain every benefit associated with filing for Chapter 7 bankruptcy.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a type of bankruptcy that can clear or discharge many kinds of unsecured debts. It is often called a liquidation bankruptcy, but that does not mean that you will always lose your property. In many cases, people who file do not give up their homes or their cars as long as those items are protected by certain exemptions and are handled properly. The goal is not to leave you with nothing. Instead, it is meant to give you a fresh start. This is done by wiping out your debt and allowing you to breathe again.
- Credit card debt
- Medical bills
- Past-due rent
- Utility bills
- Personal loans
- Collection accounts
- Certain court judgments
People who file Chapter 7 often do so because their debts are too large for them to pay back. They might have lost income, faced large medical bills, or dealt with unexpected costs that piled up beyond their control. When you file, the court places an automatic stay on most collection efforts. This means that collection calls, wage garnishments, and other aggressive efforts to make you pay stop right away. This provides some breathing room and a chance to figure out where you stand.