Chapter 7 Bankruptcy

Chapter 7 bankruptcy, or liquidation bankruptcy, allows you to get the fresh start you need by eliminating your unsecured debt, including credit card debt and medical bills. Many of our clients facing financial hardship suffer because of an unexpected event such as an injury, job loss or divorce.

When you are faced with overwhelming debt and need relief, the Law Office of Steven A. Campanaro can help you examine all of your debt relief options and pursue the one that works for you. Contact our law firm at (914) 686-0634 for an initial consultation or case evaluation with an experienced White Plains Chapter 7 bankruptcy attorney.

What Is Chapter 7 Bankruptcy?

If you file under Chapter 7 of the United States Bankruptcy Code, you must surrender your nonexempt assets to a bankruptcy trustee, who will liquidate — or sell off — your property. The proceeds of the sale will be put toward what you owe your unsecured creditors, such as the credit card companies or medical service providers. Secured creditors, like the bank that holds your mortgage or automobile loan, are usually permitted to repossess the collateral that secured your loan (e.g., car or home). Even though the sale total will be less than your outstanding debts, when your bankruptcy is final, many of your debts will be discharged. Certain types of debt, however, are not dischargeable in bankruptcy. These nondischargeable debts include child support arrears, taxes and student loans.

Do I Qualify for Chapter 7 Bankruptcy?

You may have heard that the Bankruptcy Code was amended in 2005, making it more difficult to qualify to file under Chapter 7. Under the new law, if your monthly income exceeds the median income for your geographical area, you will have to meet a means test. In our experience, we have found that most people who qualified for Chapter 7 bankruptcy prior to the change in the law still do under the new law.

To determine whether you qualify for Chapter 7 and whether this alternative can help you get the fresh start you need, please call to schedule an appointment with our attorney. If you have a source of regular income and a home and vehicle you would like to protect in bankruptcy, you may choose to proceed under Chapter 13 instead.

Additional Bankruptcy Information

For additional information on whether bankruptcy might be right for you see our blog on the following topics:

Is Bankruptcy Right for Me?

Life After Bankruptcy

Debtor and Creditor Representation in Adversary Proceedings

In addition to filing bankruptcy and pursuing your Chapter 7 discharge, we also handle adversary proceedings on behalf of debtors and creditors. We are experienced in handling matters such as violations of the automatic stay, creditor harassment proceedings, preference actions and fraudulent conveyance actions. Contact us if you are a creditor or a debtor facing these adversary proceedings.

Affordable legal solutions for debt relief • Free initial consultations • Contact Steven A. Campanaro to speak with an experienced White Plains, New York, Chapter 7 bankruptcy lawyer. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.