Is Chapter 7 Bankruptcy Right for You?
If you are drowning in credit card debt or medical bills, Chapter 7 bankruptcy may be your way out.
Do you quality for Chapter 7 bankruptcy? You might if:
- You owe more than 50% of what you bring home each year
- It would take you over 5 years to pay everything back
- You don’t own multiple cars or houses
- Your debt is based on credit cards, medical bills, or personal loans
- Collection agencies are calling
2020 was a tough year for many of us. Between layoffs, unexpected medical expenses, unexpected EVERTHING expenses – it left a lot of good, hardworking people drowning in debt.
If you live in New York, Chapter 7 bankruptcy may help take care of most of your debt, giving you the time and space you need to get back on your feet.
Here are 7 things to know about Chapter 7 bankruptcy:
- You’ll be able to keep your home, your car, your personal possessions, and any retirement funds you have.
- It won’t help you with student loans, child support or alimony, or what you own on taxes.
- The whole process takes from three to six months to complete.
- As soon as you file, the collection calls will stop (this is called “an automatic stay”).
- It will be on your credit report for 10 years.
- It’s for regular people who don’t have a lot of assets, like summer homes or fancy cars.
- There’s a lot of paperwork that has to be done the right way in the right order, and if you don’t have a good lawyer by your side, you’ll probably spend a lot more time and lot more money.
If you would like to learn more about each step of the Chapter 7 process, click here
Or if you’d just rather talk to a compassionate, knowledgeable, human being reach out to New York bankruptcy attorney Ronald D. Weiss, P.C. for a free consultation. He can tell you if you qualify for chapter 7, and help you get your case started. Call 631-271-3737 and take the first step to a fresh start.