When will your car loan, mortgage, or other debts be due? We can help you with our Staten Island bankruptcy attorneys. If managing your finances is proving challenging, you need to find out what options you have to become financially stable again.
You may want to consider Chapter 7 if one of the following situations applies:
- Irregularities
- Affiliation
- Salaries garnished
- Having your creditor harass you
Your filing prevents creditors from attempting further collection efforts. All proceedings are automatically suspended. You can discharge your debt through liquidation bankruptcy while keeping your home and property. Regaining control of your finances is easy through liquidation bankruptcy.
What Are The Laws Regarding Bankruptcy On Staten Island?
If you are wondering if you qualify for Chapter 7 bankruptcy, you should speak with a New York lawyer. With a means test, you determine your income in comparison to the average income in your area. The amount of debt relief that should be implemented depends on the results of a means test.
Because Chapter 7 bankruptcy eliminates the debt, it is a good alternative for people who can’t pay back their debts- but it may not be the most suitable option for people who have a regular income or own a lot of property. Your chances of qualifying would be better if you earned little money.
In New York, an experienced attorney should evaluate the financial situation of a bankruptcy client to determine whether Chapter 7 is the best option. Depending on your circumstances, Chapter 7 may be the right option for you if you have a large amount of debt, or you may be able to file Chapter 13 to repay your debt over time.
If you are concerned about what the court process will do to your finances, you can get a free financial assessment from the Staten Island bankruptcy lawyer.
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Is it Possible For Me To Lose Everything I Own?
Chapter 7 is a scary chapter for many people because they fear losing everything. Under Chapter 7, the vast majority of assets are not seized.
Creditors will not be able to harass you or collect your debt while your automatic stay is active. You are not at risk of wage garnishment, home or car seizure, or emptying your bank accounts for the time being. This window is meant to allow you to reappraise your financial position. What is the point of having a home or a car if one cannot make a living?
Submission of an Application
You surrender your debts and property to the court when you file bankruptcy under Chapter 7. The court must approve the sale of your property or the settlement of your debts.
As soon as you file, you will be able to manage your finances and property as you wish. The court appoints trustees in order to ensure that creditors receive a large percentage of the amount they are owed.
Once your paperwork has been reviewed, you may be able to sell nonexempt property to pay off your debt. Moreover, we will examine your financial transactions over the past year to determine if anything can be reverted so that assets can be allocated to your creditors. You might be able to exempt most of your assets from bankruptcy since they are small in relation to what you owe.
Within a few weeks after you file for bankruptcy, you will be summoned to a creditors’ meeting. You will be asked questions about your bankruptcy and filing during the meeting. The Staten Island courthouse is normally the only place you visit during the litigation process.
