Chapter 7 Bankruptcy
We Help People Navigate Chapter 7 Bankruptcy in Queens, New York City, and Surrounding Region
Chapter 7 Bankruptcy
At Poltielov & Habib, LLP, our New York Chapter 7 bankruptcy lawyers are experienced, reliable, and solutions-driven advocates for people and families. Are you dealing with serious financial distress? Is your debt piling up each month? Chapter 7 bankruptcy could offer the solution. We help people navigate the process—with a focus on getting them the best outcome. For a free, completely confidential initial consultation with a New York Chapter 7 bankruptcy attorney, please do not hesitate to contact our Queens law office today.
Chapter 7 Bankruptcy: What You Need to Know
Chapter 7 is a form of personal bankruptcy protection. As explained by the United States Courts, it is a “liquidation” bankruptcy. Through a successful Chapter 7 bankruptcy petition in New York, a person can eliminate most of their unsecured debts. Here are four of the most important things that you need to know about filing for Chapter 7 bankruptcy in New York:
1. Immediate Legal Protection: As soon as you submit a Chapter 7 bankruptcy petition in New York, you will get access to an automatic stay. In effect, this means that creditors (and debt collectors) must immediately stop any and all collection efforts.
2. Means-Test (Eligibility): Not everyone in New York can file for Chapter 7 bankruptcy. Based on federal law, there is a means-test. As a general rule, your monthly income must be below the state median when adjusted for household size and when exemptions are applied.
3. Discharge of Most Unsecured Debts (Liquidation): Chapter 7 bankruptcy allows for the outright liquidation of most unsecured debts. Among other obligations, you may be able to eliminate credit card debt, medical bills, and personal loans. However, some debts, including tax debt and child support, cannot be discharged through Chapter 7 bankruptcy.
4. Remains on Credit Report for Ten Years: A Chapter 7 bankruptcy filing will remain on your credit report for ten years. After that, it will roll off. As your financial situation improves following a Chapter 7 filing, your credit score will gradually improve as well.
How Our New York City Chapter 7 Bankruptcy Lawyers Can Help
Dealing with debt that is piling up and bills that are going unpaid is deeply stressful. It is normal to feel overwhelmed. At Poltielov & Habib, LLP, we provide personalized legal guidance and support focused on helping people and families find long-term solutions. We are proactive and diligent. Among other things, our New York Chapter 7 bankruptcy attorneys are prepared to:
- Listen to your financial situation and explain your options;
- Gather all financial documents, records, and information needed to proceed;
- Handle the Chapter 7 bankruptcy paperwork; and
- Develop a strategy to help you fix your finances.
Get Help From a New York Chapter 7 Bankruptcy Attorney Today
At Poltielov & Habib, LLP, our New York Chapter 7 bankruptcy lawyers are standing by, ready to help you find a sustainable financial solution. If you have any questions about filing for Chapter 7 bankruptcy protection, we are more than happy to help. Contact us today to set up your free, no commitment consultation. From our Queens law office, we provide Chapter 7 bankruptcy representation in Brooklyn, the Bronx, Manhattan, Staten Island, Westchester County, and beyond.