Chapter 7 Bankruptcy
Taking the step to file for bankruptcy is frightening and attempting to navigate the complex federal laws associated with it on your own can make an already stressful situation that much worse. Our experienced and knowledgeable bankruptcy attorneys are ready to guide you through each step of the process to ensure smart legal decisions are made to fix your finances.
Chapter 7 bankruptcy is the most common form of bankruptcy and may be available to individuals who have found themselves with more debt than assets. Filing for bankruptcy under Chapter 7 generally eliminates unsecured debt, such as credit card liabilities, medical bills, and personal loans. The process is often referred to as a liquidation proceeding because a bankruptcy trustee will liquidate, or sell, non-exempt assets, if any, to pay part of your outstanding bills.
Upon filing a Chapter 7 petition, the bankruptcy court will issue an automatic stay that prohibits creditors from contacting you or taking any action against you to collect a pre-petition debt. The process typically moves quickly and can be complete in just a few months, allowing you to move past unmanageable debt and enjoy a fresh financial start.
The Means Test
Before you can file for bankruptcy under Chapter 7, you must qualify under the "means test." The means test was introduced in 2005 when the Bankruptcy Code was amended. The much-hyped changes led many consumers to believe they were no longer eligible to file for bankruptcy. This is not true. In fact, many individuals still qualify under the new law.
Our attorneys can meet with you to review your finances and help you examine all your options for debt relief, including qualifying under the means test
Speak With Us
If you are considering filing for bankruptcy, the first step you should take is to speak with a knowledgeable and experienced bankruptcy attorney. The team at Tully Rinckey PLLC handles bankruptcy cases on behalf of businesses and individuals throughout upstate New York. We will review your situation and help determine if bankruptcy is the right step for you.
For a free initial consultation with an experienced bankruptcy attorney, call our offices at 518-218-7100 or send an email to info@tullylegal.com.
