Offices: Garden City, Plainview, Melville & Hauppauge
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Residents for Over 25 Years... |
Nassau Office: 516.433.7777 |
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You're not the only one...
"After my husband got laid off we fell behind on our credit card bills. Mrs. Blutter was very sensitive to our situation and walked us through the bankruptcy process. She gave my family the second chance we needed."
"Two years of a bad economy made us fall behind on our tax payments and credit line obligations. Arthur’s experience as a CPA and knowledge of bankruptcy and tax laws helped us get the IRS off our back." |
Chapter 7
Filing for Chapter 7 is a U.S. bankruptcy law that allows an individual or corporation to sell assets in order to pay off debts. Chapter 7 is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months.
Speed remains the top advantage for Chapter 7 filers. While a Chapter 13 case requires a payment plan that is generally 5 years long, a debtor in bankruptcy Chapter 7 could discharge all of his or her debts within 4 to 6 months of filing in bankruptcy court.
Bankruptcy Frequently Asked Questions:
- Are student loans discharged in a bankruptcy proceeding?
- Does a bankruptcy discharge eliminate all debts?
- How much property does the debtor have to give up in a bankruptcy proceeding?
- Will a debtor lose his or her home by filing bankruptcy?
- How long are bankruptcy and other credit information included on the debtor's credit report?
- How can a debtor determine whether a debt is secured?
- What are the Credit Counseling Requirements in Bankruptcy?
- What are the Alternatives to Chapter 7 Bankruptcy?
- What Happens In Discharge Under Chapter 7?
- What Happens In A Chapter 7 Bankruptcy Proceeding?