New York, Bankruptcy Attorneys

Chapter 7 bankruptcy is designed to help people who are unable to pay their existing debts. The purpose of filing a Chapter 7 case is to obtain a discharge of your existing debts (in other words, to wipe out your debts and no longer be held responsible).

Under Chapter 7 a trustee, who is an attorney assigned by the court to determine if you have any assets which may be seized for the benefit of your creditors, takes possession of your property that is not considered "exempt."

Common exempt property types are:

Bank accounts with a total value of up to $2,500
Automobiles with total equity of up to $2,400
Household furniture with a value of up to $5,000
Clothing and jewelry with a value of up to $5,000
Pension plans, 401(k), 403(b), deferred compensation
Any employer-related retirement accounts
Homes with a total equity of up to $50,000

Unfortunately, not every debt can be wiped out.
Debts that are not wiped out include:

Most taxes (please review IRS Publication 908 with an attorney)
Child support
Alimony
Student loan
Court-ordered fines
Restitution debts obtained through fraud or deception
Personal injury debts caused by driving while intoxicated or taking drugs.

*(unless the bankruptcy court determines that the repayment of those loans would create an undue hardship on you)

You should know you have certain legal rights and must be very selective of the Lawyer or Law Firm that you chose to represent you.

Beware of Credit Scams

Have an Attorney council you on the Right Decision for You.

Get a Free Consultation today.

CHRISTINE CASTIGLIA-RUBINSTEIN
Attorney at Law

New York law office, medical malpractice, real estate lawyer, personal injury, personal injury lawyers, debt negotiation, personal bankruptcy lawyers, chapter 7 bankruptcy, chapter 13 bankruptcy, chapter 11 bankruptcy, personal injury law, Wills, trusts and elder law attorney, real estate law, slip & fall, Real Estate Residential & Commercial Real Estate Closings.