chapter 7 bankruptcy lawyer why us

The advantages of choosing us as your bankruptcy lawyer: Put a stop to harassing collections calls Help to protect your assets Provide assistance in Chapter 7 and Chapter 13 bankruptcy

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How much does it cost to file Chapter 7 bankruptcy?

One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727 (a) (1).

What is the purpose of Chapter 7 bankruptcy?

WHY CHOOSE US. Chapter 7 Bankruptcy Lawyer is one of the most experienced bankruptcy attorneys in NYC and you will instantly realize that when you start to talk to Boris Nikhman. He has been in this field for many years and has practiced bankruptcy law for decades.

What is the definition of Chapter 7 bankruptcy?

Apr 19, 2022 · If you’re considering filing bankruptcy under Chapter 7, you’ll need to understand exactly what it is as well as the pros and cons. Chapter 7 bankruptcy helps people eliminate overwhelming debt, and today we’ll discuss the details of filing and why you may want to talk with a bankruptcy attorney to see if it’s the right option for you.

Where is the cheapest bankruptcy lawyer?

Sep 18, 2013 · One of the most common reasons a person will file for chapter 7 bankruptcy is to discharge insurmountable debts. This typically helps pave the way for a fresh financial start. Although there are several options available for declaring bankruptcy in Texas, many consumers opt for chapter 7 because of the specific advantages involved.

What do you lose when you file Chapter 7?

A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.Dec 2, 2019

What Cannot be discharged in Chapter 7 bankruptcy?

Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from drunk driving accidents, and most unpaid taxes.

Do you lose all assets when you file bankruptcy Chapter 7?

When you file for Chapter 7 bankruptcy, almost all of your property becomes property of the bankruptcy estate. That doesn't mean you lose everything. The purpose of bankruptcy is to provide people with a fresh start—and part of that fresh start is keeping the things you need to hold down a household and job.

What can be forgiven under Chapter 7 bankruptcy?

Chapter 7 Bankruptcy Discharge Wipes Out Most Debts Forevercredit card debt.medical bills.personal loans and other unsecured debt.unpaid utilities.phone bills.your personal liability on secured debts, like car loans (if there's no reaffirmation agreement)deficiency balances after a repossession or foreclosure.More items...•Oct 20, 2020

What debts are dischargeable?

Dischargeable DebtsDischargeable debt is debt that can be eliminated after a person files for bankruptcy. ... Some common dischargeable debts include credit card debt and medical bills. ... In Chapter 7 cases, a discharge is only available to individuals but not to corporations or partnerships.More items...

What bankruptcy clears all debt?

Chapter 13 bankruptcy eliminates qualified debt through a repayment plan over a three- or five-year period. Chapter 7, Chapter 11 and Chapter 13 bankruptcies all impact your credit, and not all your debts may be wiped out.Jun 2, 2021

What happens to your bank account when you file Chapter 7?

In most Chapter 7 bankruptcy cases, nothing happens to the filer's bank account. As long as the money in your account is protected by an exemption, your bankruptcy filing won't affect it.Mar 21, 2022

Will I lose my car in Chapter 7?

If you file for Chapter 7 bankruptcy and local bankruptcy laws allow you to exempt all of the equity you have in your car, you can keep the vehicle—as long as you're current on your loan payments. And if the market value of a vehicle you own outright is less than the exemption amount, you're in the clear.Aug 27, 2020

What Cannot be discharged in bankruptcy?

Debts Never Discharged in Bankruptcy Alimony and child support. Certain unpaid taxes, such as tax liens. However, some federal, state, and local taxes may be eligible for discharge if they date back several years. Debts for willful and malicious injury to another person or property.

How long will Chapter 7 stay on credit report?

10 yearsA Chapter 7 bankruptcy can stay on your credit report for up to 10 years from the date the bankruptcy was filed, while a Chapter 13 bankruptcy will fall off your report seven years after the filing date. After the allotted seven or 10 years, the bankruptcy will automatically fall off your credit report.May 18, 2021

Does Chapter 7 discharge All debts?

An individual receives a discharge for most of his or her debts in a chapter 7 bankruptcy case. A creditor may no longer initiate or continue any legal or other action against the debtor to collect a discharged debt. But not all of an individual's debts are discharged in chapter 7.

Does Chapter 7 eliminate tax debt?

Most tax debts won't be wiped out by Chapter 7 bankruptcy, but some older tax obligations might. Typically, you can't eliminate income tax liability by filing for Chapter 7 bankruptcy, but an exception exists.

Why do I file Chapter 7 instead of Chapter 13?

Another common reason for filing chapter 7 bankruptcy – instead of chapter 13 – is that there is no required repayment plan. Those who file chapter 13 are given a payment plan that must be confirmed by a bankruptcy court. This plan may call for a 100 percent repayment of secured debts and anywhere from zero to 100 percent repayment of unsecured debts. Those who file chapter 7 are not obligated to repay any discharged debts.

How long does it take to file Chapter 7?

This process is generally much faster than other bankruptcy alternatives. In most cases, a bankruptcy court will discharge debts within 60 to 90 days of filing. This is followed by the distribution of non-exempt properties to creditors, when applicable. After that, the case is closed.