Queens Bankruptcy Lawyer

Filing for bankruptcy can seem like an extremely difficult process. You already feel as if you have failed either in your business or personal life with your finances and now the only way out seems to be through bankruptcy in order to start over again.  At Foreclosure Bankruptcy Lawyers we here to help you through what can be a very intimidating process by providing you with sound bankruptcy advice. You may have heard terms such as Chapter 7 and Chapter 13 and have no idea what these terms refer to. It’s our job as your bankruptcy attorney to assist you in finding the right way and under the correct laws to file your bankruptcy in order to help you find yourself in the best position to be successful and even benefit from the bankruptcy process.  Our bankruptcy lawyers service Queens, Brooklyn, Manhattan, Bronx and Nassau.


When considering filing for bankruptcy there are two main forms under which you may file; bankruptcy chapter 7 and bankruptcy chapter 13.  These are the two most commonly used by consumers and are based upon your personal financial circumstances to determine which chapter is most likely the most appropriate for your situation.  Your eligibility to file bankruptcy is determined by many factors, requiring an experienced bankruptcy lawyer from the Law Office of Poltielov & Habib LLP to assist you and provide you with the best advice possible during this period.


The two different forms of bankruptcy carry vast differences in qualifying criteria, which makes it important for debtors to pass the means test which takes into consideration income as it relates to the state’s median income in order to be eligible for bankruptcy chapter 7.  You may not qualify for bankruptcy chapter 7 but those who have unsecured debts such as medical bills, credit card bills and personal loans below $336,900 and secured debts such as mortgages and car loans less than $1,010,650 could be eligible to file under bankruptcy chapter 13.  One factor to keep in mind is just because you qualify for a certain chapter does not mean it is the most appropriate action for you to take.

Another main difference between the two versions of bankruptcy is their use.  Bankruptcy Chapter 7 is primarily a liquidation of assets when a debtor(s) has very little property other than the necessities and has little to no funds or means for paying basic expenses, let alone the debts they have incurred.  Bankruptcy chapter 13 is primarily an adjustment of debts rather than a full liquidation of debts for a debtor who has a regular and continuous income.  In the case of Chapter 13, a consumer has commonly failed to keep up a consistent payment of their debts and will benefit from the restructuring of their debits in order to retain possession of their home.

One of the main concerns regarding filing bankruptcy is the length of time the filing will remain on your credit report.  Bankruptcy Chapter 7 will remain on your credit report for ten years while Bankruptcy Chapter 13 will remain for seven years.


Bankruptcy chapter 7 has many determining factors to allow you to file, most of which is based on your income as compared to the median income in the State of New York.  Another important factor is your ability to pay off your debts, in other words a comparison of your debts to your income and living situation and the amount of time it would take to accomplish this repayment.  When you meet the requirements you can file for bankruptcy chapter 7 and start the process toward a renewed financial peace.



Bankruptcy Chapter 13 is also known as a wage earner’s plan and is designed to provide those who have regular income to gain an adjustment to their debts.  One of the main differences with bankruptcy Chapter 13 versus bankruptcy Chapter 7 is the ability for debtors to keep their property while creating a plan to repay all or part of these debts over a scheduled time period.  Normally this repayment time period will be three or five years, allowing the debtor to pay off their creditors in installment payments.  Depending on your specific circumstances this form of bankruptcy can help you organize your finances and chart a path that is feasible for you to become debt free while your creditors receive most of or all of the money owed to them.


Normally considered a negative decision, bankruptcy can actually allow you to experience a freedom from financial stress that has burdened you for many years. By taking advantage of the benefits of bankruptcy you can start your financial life over and work toward a brand new and positive future and give yourself some financial peace. If you are considering bankruptcy as an option you have most likely experienced creditors calling, late notices, late fees and a bevy of other collection tactics such as judgments and threats of lawsuits. Filing for bankruptcy will put an end to this and allow you to begin rebuilding your credit giving you a full and fresh financial start.  Allow our Queens bankruptcy lawyer to assist you in the bankruptcy process so that you can get your life back in order. Call us today to set up your free consultation at our office, or fill out the Contact Us form and will call you.