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Get a Fresh Start with the Help of Our Long Island Chapter 7 Bankruptcy Attorneys

It can be hard enough to make ends meet when things are going well, but the loss of a job or a prolonged illness can be all it takes to put the ability to pay your bills out of reach. Others may find it necessary to use credit cards to pay for their living expenses, and the ridiculous interest rates charged by most cards soon cause these bills to spiral out of control. Whatever the reason, if you find yourself falling farther and farther behind and it seems impossible to ever catch up, there is a solution. Chapter 7 bankruptcy gives you a way to wipe the slate clean and make a fresh start with your finances, and the Long Island bankruptcy attorneys at Ingber & Provost can guide you through the process to a successful outcome. Learn more about Chapter 7 below and how our Long Island bankruptcy lawyers can help.

Qualify for Chapter 7 Based on Income

If your household income is below the median poverty level in your region, then you are eligible to file for Chapter 7. If your income is above the median, you may still qualify for Chapter 7 based on your income and expenses. Our Chapter 7 lawyers are thoroughly familiar with these rules and can assist you in completing the bankruptcy means test to help you qualify for Chapter 7. If it turns out that you are not eligible, we can likely still help you find relief by filing for Chapter 13 bankruptcy instead.

Chapter 7 can Provide Complete Relief from Unsecured Debt

The bankruptcy judge in a Chapter 7 proceeding can discharge all of your unsecured debt, meaning debt that is not secured by collateral such as real or personal property. Examples of the types of unsecured debt that can be wiped out in Chapter 7 bankruptcy include:

Medical Bills – A trip to the emergency room or a serious illness can quickly rack up thousands of dollars in doctor and hospital bills. Even if you have insurance, deductibles and co-pays can still break your budget. Medical expenses are dischargeable in Chapter 7.

Credit Card Bills – Mailboxes are flooded every month with offers for new credit cards, promising low introductory rates and offering free cash money to sign up. The minute you miss a payment, however, astronomical interest rates and late fees kick in, and that friendly card transforms into a mountain of debt. Credit card debt can be wiped away in bankruptcy.

Student Loans – Student loans are the only way for many people to afford an education. Unfortunately, too many people are saddled with enormous debt that haunts them for years. Contrary to popular belief, student loan debts can be discharged in bankruptcy under certain circumstances. We can help you determine whether your student loans may be dischargeable.

Income Tax Debt – Not all tax debts are dischargeable, but some are. If you owe a large amount to the IRS based on unpaid income taxes, come in and talk to us. We’ll take a look at your tax debt and let you know whether it can be taken care of by filing Chapter 7.

Judgments – Some court judgments are dischargeable, depending upon the underlying obligation. If a lawsuit judgment is part of your financial problem, you will want to move forward quickly before the judgment creditor puts a lien on your property and turns that judgment into a secured, nondischargeable debt.

What’s not dischargeable in Chapter 7? Besides secured debts such as mortgages, other types of debt such as child support arrears cannot be wiped out in Chapter 7. Obtaining a Chapter 7 discharge, however, may help you free up enough income to meet those other obligations and keep you out of trouble.

Keep Your Assets, Lose Your Debt

Some people have heard of Chapter 7 called “liquidation” bankruptcy and are afraid that they will have to sell off all of their property to pay their debts before they can get a discharge from the bankruptcy court. Actually, both the federal and New York bankruptcy laws provide a number of exemptions that allow you to keep much of your property safe from the hands of the bankruptcy trustee. These rules include exemptions for homestead property; clothing, furniture,  appliances and jewelry; tools of your trade; and portions of your car equity, bank accounts, cash and wages; to name just a few. In most cases, we can help you file a “no-asset” bankruptcy, meaning your debt is discharged without having to sell any property.

Don’t Delay. Contact Our Experienced and Successful Long Island Chapter 7 Bankruptcy Attorneys Today.

The nation’s bankruptcy laws are here to help consumers and save you from financial ruin. Don’t wait until stress and worry has driven you to desperation. Contact an experienced bankruptcy attorney today to discuss Chapter 7, and put your financial troubles behind you. In Long Island, call Ingber & Provost at 516-627-5809 to speak with a team of dedicated and experienced New York bankruptcy attorneys, or contact us online to schedule an appointment.

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