Chapter 7 Bankruptcy

Chapter 7 Bankruptcy, also known as “fresh start” bankruptcy, is a form of debt relief intended to help individuals and families who are overwhelmed with unsecured debt, such as credit card debt, medical bills, and personal loans.

Advantages of partnering with a debt relief firm to file chapter 7

Stop collection efforts and wage garnishment

Get a fresh start on your financial future

Become debt free within 3 months of filing

protect your personal property

Filing for chapter 7 bankruptcy in NYC immediately protects you from collection efforts and wage garnishment and your personal debts are usually discharged (wiped clean) within 3 months of filing. To qualify for chapter 7 bankruptcy in New York, you must pass the means test and attend credit counseling.

Typically, chapter 7 bankruptcy requires a person to liquidate their assets to pay back their creditors as much as possible before the remaining debt is wiped clean, but there are many exceptions to this requirement, and hiring an experienced, NYC bankruptcy lawyer is your best bet for eliminating credit card debt, medical bills, and personal loans while keeping valuable assets, such as your house, car, sentimental heirlooms or property.

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