Filing for Chapter 7 Bankruptcy can provide relief to a consumer swamped with debt, and who will not lose significant assets in liquidation of their estates. Consumers can usually get most of their debts discharged through a Chapter 7 filing. Taxes and student loans, for example, are generally not dischargeable under a Chapter 7 liquidation, while credit card debt and medical bills usually are. New York law and the Federal Bankruptcy Code, allow the debtor to keep a certain amount of his or her property, which is exempt from liquidation. A timely filing of a Chapter 7 bankruptcy can halt a foreclosure, or a vehicle repossession, and prevent, or lift, a garnishment upon wages. At the law offices of Genova & Malin, Attorney at Law, we are experienced in helping clients weight the pros and cons of filing under Chapter 7, and we help our clients explore alternatives to bankruptcy so that they can make a fully informed decision in choosing a path to deal with their financial distress. Please read more about filing for a Chapter 7 Bankruptcy below.
If you or your small business is in financial stress, with creditors hounding you regularly, it may be time to consider filing a Chapter 7 personal bankruptcy petition. Our experienced lawyers at Genova & Malin, Attorneys at Law, can explore your options, including alternatives to bankruptcy. We offer a FREE BANKRUPTCY EVALUATION. Please do not hesitate to contact us.
(845) 298-1600
Genova & Malin, Attorneys at Law
New York Chapter 7 Bankruptcy Lawyers
Personal Bankruptcy Attorney
With Offices in Wappingers Falls, New York, Serving
Putnam, Orange, Ulster, Dutchess, and Westchester Counties,
And Communities from White Plains to Albany
Chapter 7 - An Overview
Both individuals and businesses may find themselves with more debts than they can pay when due. In such cases, filing for bankruptcy may provide a solution to what seems like an insurmountable problem. Bankruptcy provides two basic forms of relief: (1) liquidation and (2) rehabilitation, also known as reorganization. Most bankruptcies filed in the United States involve liquidation, which is governed by Chapter 7 of the Bankruptcy Code. An attorney can advise individuals and businesses about whether Chapter 7 is the right choice for them. The bankruptcy lawyer's goals are to help Chapter 7 debtors make a fresh start and ensure that creditors are paid.
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Bankruptcy Abuse Prevention and Consumer Protection Act
On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), which instituted substantial changes to the Bankruptcy Code. Most provisions of BAPCPA became effective in October 2005. BAPCPA's provisions make it more difficult to file for Chapter 7 and impose many additional requirements on debtors in an effort to exclude debtors who can pay their creditors from Chapter 7. Under the amendments to Section 707(b), a bankruptcy case should be dismissed if the debtor is found to be "abusing" Chapter 7 relief. Prior to the BAPCPA, the word "substantially" was included immediately before "abuse" in the test. If you are considering filing for Chapter 7 bankruptcy and have questions about whether you will qualify, talk to a bankruptcy lawyer.
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Discharge Under Chapter 7
"Discharge" in the bankruptcy sense refers to clearing the debtor's slate of all, or most, past debts. Although many people expect that filing for bankruptcy will wipe out all of their debts, that is not always the case. Bankruptcy only discharges certain debts. The availability of discharge depends on the type of bankruptcy proceeding involved, who the debtor is and what type of debts the debtor has. An experienced bankruptcy attorney can advise clients about which debts will be discharged by a Chapter 7 bankruptcy and which debts will remain.
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Exempt vs. Non-exempt Property Under Chapter 7
In a Chapter 7 liquidation case, the debtor must relinquish certain property to the bankruptcy trustee so that he or she can sell the property and use the proceeds to pay off debts. Property of the bankruptcy estate is broadly defined under Section 541 of the Bankruptcy Code. The estate is technically the legal owner of all the debtor's property and consists of all legal and equitable interests that the debtor has in property at the initiation of the bankruptcy case. Income that the debtor earns after the date of the petition is not included in the estate. Debtors, whether they are businesses or individuals, are often justifiably concerned about what property they will be allowed to keep and what they must give up. An experienced bankruptcy lawyer can answer these and other questions, allay fears and keep the process moving forward as painlessly as possible.
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Alternatives to Chapter 7 Bankruptcy
The term "workout" is used to describe a non-bankruptcy negotiated modification of debt. More simply stated, a workout is an out-of-court agreement between a debtor and his or her creditors for repayment of the debts between them, which is negotiated without all the procedural complications — and perhaps the stigma — of the bankruptcy process. Lawyers experienced in bankruptcy and debtor-creditor law can advise both debtors and creditors on whether a non-bankruptcy workout is their best course of action.
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