Brooklyn and New York City Chapter 7 Bankruptcy Lawyer
Many people throughout New York City, Long Island, and other areas of New York struggle to pay their bills each month and often find themselves falling farther and farther behind. Failing to take care of these problems can lead to losing your home, car, and personal property. At the Law Offices of David I. Pankin, P.C., we have helped over 3,500 people protect their property. Contact our office by phone at 800-529-5910 to arrange for your free initial consultation.
New York City Chapter 7 Bankruptcy Attorney
When clients file a Chapter 7 bankruptcy petition, they are taking steps that allow them to move past financial turmoil and obtain the opportunity for a fresh start. A Chapter 7 filing relieves a person from having to pay for dischargeable debts such as credit card balances, bank loans, court judgments, and medical bills. There are certain non-dischargeable debts that still must be paid. This includes certain types of tax debt, most student loans, government fines, restitution for outstanding child and spousal support, and debts incurred from criminal or fraudulent behavior.
Filing a Chapter 7 bankruptcy petition will typically result in a liquidation of the debtor's nonexempt assets. The bankruptcy trustee will evaluate and sell off the debtor's nonexempt assets, with the proceeds of the sale being used to pay off creditors. A Chapter 7 bankruptcy debtor is able to retain all property categorized as exempt. Examples of property classified as exempt by the bankruptcy law include:
- Cash, U.S. savings bonds and tax refunds up to $2,500
- Household furniture
- All wearing apparel
- Certain appliances and household goods
- Equity in a motor vehicle up to $2,400 ($4,800.00 For spouses filing jointly)
- Equity in a house, condo, or co-op up to $50,000.00 ($100,000.00 for spouses filing jointly)
- Most pensions and retirement plans
Recent changes in the bankruptcy laws require individuals who earn over the median income in their geographical location to go through a "means test" to see whether they qualify for Chapter 7 bankruptcy. The test is a two-step income and expense analysis that can be somewhat complicated to calculate. Our attorneys will assist clients in determining their eligibility for filing a Chapter 7 bankruptcy and, in the event they are not eligible, will help them evaluate other alternatives such as a Chapter 13 bankruptcy.
Dedicated to protecting YOUR rights
Once you hire our office to represent you, we will begin working on your case immediately and will represent you through the entire bankruptcy process. We inform creditors that you are represented by an attorney and that they are required to cease all harassing phone calls and attempts to collect on outstanding debt. Bankruptcy may also stop home foreclosure actions and the repossession of property. Contact our office by phone at 800-529-5910 to arrange for your in-depth FREE initial consultation.
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