New York Chapter 7 Bankruptcy Attorney

Helping Clients File for Chapter 7 Bankruptcy in New York

Chapter 7 bankruptcy is a process that allows individuals and businesses to discharge most unsecured debts. This type of bankruptcy is often referred to as liquidation bankruptcy, because most of the debtor's assets are sold to pay creditors. However, in reality, most people will not lose any of their assets, as most debtors qualify for the exempt property exemption.

Chapter 7 bankruptcy is often referred to as liquidation bankruptcy, because most of the debtor's assets are sold to pay creditors. However, in reality, most people will not lose any of their assets, as most debtors qualify for the exempt property exemption.

To discuss your case with an experienced New York Chapter 7 bankruptcy attorney, contact KI Legal at (646) 766-8308.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a process that allows individuals and businesses to discharge most unsecured debts. This type of bankruptcy is often referred to as liquidation bankruptcy, because most of the debtor's assets are sold to pay creditors. However, in reality, most people will not lose any of their assets, as most debtors qualify for the exempt property exemption.

Chapter 7 Eligibility

In order to file for Chapter 7 bankruptcy, you must pass the means test, which is a calculation of your income and expenses. If your income is below the state median income, then you pass the means test automatically. If your income is above the state median income, then you will need to complete the means test to determine if you qualify for Chapter 7 bankruptcy.

If you pass the means test, then you will be able to discharge most unsecured debts, such as medical bills, credit card debt, personal loans, and unpaid utility bills. If you fail the means test, you will be required to file for Chapter 13 bankruptcy, which is a repayment plan that allows you to pay back your debts over a period of time.

What Are the Advantages of Chapter 7 Bankruptcy?

There are many advantages to filing for Chapter 7 bankruptcy, including:

• You will be able to discharge most unsecured debts, such as credit card debt, personal loans, and medical bills.
• You will not be required to make monthly payments to your creditors.
• Your foreclosure will be stopped.
• You will be able to keep your assets, including your home, vehicle, and personal property.
• You will be able to stop creditor harassment.

Chapter 7 bankruptcy is a great option for people who want to eliminate their debt without having to make monthly payments. Filing for Chapter 7 bankruptcy can also give you the chance to get your financial life back on track. If you are struggling with overwhelming debt, contact KI Legal for help. We can help you determine if you are eligible for Chapter 7 bankruptcy and guide you through the process.

Contact Our New York Chapter 7 Bankruptcy Lawyer

If you're facing financial challenges in New York, our Chapter 7 bankruptcy lawyers at KI Legal are here to provide expert legal support. Don't wait; contact us today to explore your debt relief options. Your financial well-being matters.

Bankruptcy can be complex to navigate alone. Call (646) 766-8308 to schedule a free consultation with a New York Chapter 7 bankruptcy lawyer.