Chapter 7 Bankruptcy

Chapter 7 Bankruptcy

One of the primary purposes of a chapter 7 is to give individuals a financial "fresh start" and a clean slate. 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.

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. The Brooke Law Firm will use its expertise to help you do the bankruptcy planning.

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 none of your creditors will appear, 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.

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