New York Chapter 7 Bankruptcy Attorneys
At the law office of Pelton Serpe LLP, our lawyers and staff are experienced client advocates. When enlisting the help of our firm, you will have direct contact with your attorney; cases are not given to associates or paralegals. We are skilled at handling many different types of debt relief matters, including Chapter 7 bankruptcy, described below. Contact us to learn more about bankruptcy and if your situation may be eligible for Chapter 7 bankruptcy.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is the most common type of bankruptcy proceeding. Your dischargeable debt is liquidated - that is, your credit card and personal loan debt will be wiped out. If your non-exempt assets (for example, a house or a car) are higher in value than the exemption amount, which is currently $50,000 for an individual and $100,000 for joint filing spouses, these assets may be sold and used to pay off your creditors.
A typical Chapter 7 case commences with the filing of a petition with the bankruptcy court, and includes your attendance at a meeting of your creditors (referred to as the Section 341 Meeting). The petition will contain information regarding your debt, income and property.
At the meeting of creditors, which typically takes place within 30 to 40 days of your filing, you will be asked questions about the information in your petition by an attorney called a bankruptcy trustee.
Following this meeting, if the trustee, the government or your creditors do not object to your bankruptcy and if you complete the required education classes, a discharge of your debts by the bankruptcy Court will occur.
Individuals with an income above the New York State median level, i.e., $43,352 (or higher for households with 2 or more persons), will have to “pass” the Means Test in order to qualify for Chapter 7. The Means Test is an analysis of a potential Debtor's living expenses to determine whether a bankruptcy candidate has any disposable income with which to pay back all or part of the underlying debt. To the extent there exists sufficient disposable income, the individual will have to file for Chapter 13 and pay back anywhere from part to all of the debt.
Since not all debt may be dischargeable, our firm can discuss with you the options you have for filing bankruptcy. In some cases, a combination of Chapter 7 and Chapter 13 bankruptcies is appropriate. Our lawyers are dedicated to tailoring the way that we approach the case to suit your goals, needs, and the specifics of your case.
Contact a Chapter 7 bankruptcy lawyer at Pelton Serpe LLP today and schedule your free initial consultation. During this meeting, an attorney at our office can personally discuss your options and describe the exceptional service you can expect from our firm.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
