Chapter 7 Bankruptcy in Albany
For individuals and businesses struggling under debts that far outweigh income, filing bankruptcy may be a necessary step.
Although there are drawbacks to filing for bankruptcy, especially Chapter 7 bankruptcy, responsibly dealing with unmanageable debt is better done sooner than later.
Filing Chapter 7 bankruptcy is an option provided under Title 11 of the United States Code. Bankruptcy statues, or laws, are encoded under Title 11, and Chapter 7 of that section is the most commonly used in the US for debt relief.
Among other criteria for filing a Chapter 7 bankruptcy, you must prove your income is insufficient to pay down or pay off your existing debt. Seek bankruptcy advice in Albany if you are considering a Chapter 7 filing. Our legal professionals can best advise you on timing, anticipation of further debt, and long term consequences, before you file your petition for relief.
Benefits of Chapter 7 bankruptcy in Albany
Certain debts are not dischargeable under bankruptcy processes, such as family support or tax obligations. But if you are eligible for filing Chapter 7 bankruptcy, and decide to go ahead and file, you may be able to:
- Protect your home from foreclosure
- Eliminate overwhelming credit card or medical debts
- Protect your car or truck
- Protect certain tools you need to earn a living
- Stop creditors from harassing you
- Prevent further legal action or wage garnishments
A Chapter 7 bankruptcy in is used to eliminate debt through liquidation and dispersal of assets in payment of outstanding debts. Your property and assets will be sold or repossessed to pay down your debt obligation. We can provide Albany bankruptcy advice on exempt property limitations that generally include:
- An amount of equity in your home
- Certain cash sums
- Certain personal property
- Certain tools needed for employment
The procedure for filing a Chapter 7 bankruptcy is straightforward. Unlike a Chapter 13 reorganization bankruptcy, no plan is needed for submission and approval by creditors. Steps toward discharge of debt under Chapter 7 include:
- Filing of petition, including payment of filing cost and fees
- Filing of a Chapter 7 bankruptcy petition that automatically stays collection or other legal action against you for outstanding debt
- Scheduling by court of meeting between creditors and debtor
- Review by trustee and discharge of debt as determined by the court
Filing Chapter 7 bankruptcy in Albany
If you are considering a Chapter 7, call us today. With 30 years experience serving thousands of clients just like you, we can answer your questions and help get you a fresh financial start. Contact us today or call toll free 518-465-0400 or 877-886-4029 for a free consultation.
