Long Island Chapter 7 Bankruptcy Attorney
Chapter 7 bankruptcy is often referred to as a "straight bankruptcy" which is in effect, a liquidation proceeding. Non-exempt assets can be taken by the trustee assigned to your case and sold to help pay some of your debt. In many cases debtors do not have any non-exempt assets because most assets are protected by either New York or Federal exemption laws. I will use my expertise to help you do the bankruptcy planning.
One of the primary purposes of a chapter 7 is to give individuals a financial "fresh start". After discharge, the debtor has no legal obligation to repay the discharged debts.
Generally, chapter 7 is the cheapest, quickest and least burdensome of the bankruptcy chapters. Costs and fees vary depending on the number of creditors you have, the complexity of your case, as well as other factors. You can rest assured my fees are very reasonable compared to what a lot of other law firms charge. I generally charge lower fees because I believe hard working people deserve a break.
Starting in October 2005 eligibility to file Chapter 7 is partially determined by what is referred to as a Means Test. If your annual income exceeds the median income as determined by the IRS you may have to file a chapter 13 bankruptcy and pay back a percentage of your debt. Please see more information on
means testing on the resources page. The Brooke Law Firm is highly qualified in Means Testing and knows all of the deductions and allowances that will help you pass and qualify to file a chapter 7 bankruptcy.
Approximately one month after filing for a chapter 7 you will meet with the trustee assigned to your bankruptcy for what is called the 341(a) Meeting of Creditors. Most of the time your creditors will not show, but you must be examined by the trustee as to the information provided in the petition. Rest assured you will feel thoroughly prepared and we will go over the possible questions that can be asked of you.
Certain debts are non-dischargeable in chapter 7 and chapter 13 cases. Examples of these debts are alimony and child support obligations, taxes less than three (3) years old, student
loans (unless you pass a specific hardship test), and most fines. Certain debts related to a divorce proceeding, such as attorneys fees, MAY be dischargeable in a Chapter 13, but not in a Chapter 7. Please contact the Brooke Law Firm for a free consultation and specific details as to what debts can be discharged.
In the vast majority of cases the debtor receives a discharge of their debts within three (3) months of filing a chapter 7.