Chapter 7 is a quick, fresh start. Chapter 7 bankruptcy is what most people think of when they think of bankruptcy. Also called "liquidation bankruptcy," it wipes out all your unsecured debt, with certain exceptions.
Procedurally, it's the simplest type of bankruptcy to file. At The Law Office of Thomas V. Sassone, P.C., we will work closely with you to complete this work. We are personally involved and will take the time to guide you through the process.
The process will generally proceed in this order:
- With your lawyer's help, you will be asked to identify all your assets and liabilities and the value of each, and a review of your income and expenses will be made.
- A Chapter 7 bankruptcy petition will then be filed with the Bankruptcy Court, which has control over your case.
- After filing the Chapter 7, the Court will appoint a Trustee who in essence represents all your creditors to determine whether there are any assets available to distribute to pay all or part of your debts. The Trustee will hold a meeting of the creditors. If the Trustee determines there are no assets available, he will close the bankruptcy and ask the Court to discharge your debts. If the Trustee determines assets are available, the assets will be used to make a distribution to all or some of the creditors. Once again, the Trustee will then ask that the remainder be discharged.
We will work closely with you to review your life situation, identify your needs and help you set goals for the future. We will try to tailor your bankruptcy to meet your needs and goals. We will stay by your side to guide you through out the Chapter 7 bankruptcy process.
Keep in mind that Chapter 7 may not always be the best option. For example, you may have certain assets that you want to keep that would otherwise be given up in Chapter 7. Chapter 13 bankruptcy may be a better option for you.
United States bankruptcy law was created to give individuals and businesses relief from overwhelming debt. It is a legal right created by federal law. Over the years, untold numbers of people have taken advantage of this right. If you decide to take advantage of the right as well, you will not be shamed in court or made to disclose the bankruptcy to friends, family and neighbors. The process will be businesslike and fair; it is designed to help you get the relief you need so that you can move forward financially. At The Law Office of Thomas V. Sassone, P.C., we will help you do this.
Contact a Nyack & Surrounding Areas Chapter 7 and 13 Lawyer
Contact The Law Office of Thomas V. Sassone, P.C., in New City, New York, by calling 845-521-7877 or toll free at 888-861-0637. You may also complete our online contact form to arrange a confidential consultation with a Rockland County Chapter 7 bankruptcy law attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.