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What Happens After Filing Chapter 7 Bankruptcy?

skyseoroundtable December 16, 2021

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:

  1. You’ll be able to keep your home, your car, your personal possessions, and any retirement funds you have.
  2. It won’t help you with student loans, child support or alimony, or what you own on taxes.
  3. The whole process takes from three to six months to complete.
  4. As soon as you file, the collection calls will stop (this is called “an automatic stay”).
  5. It will be on your credit report for 10 years.
  6. It’s for regular people who don’t have a lot of assets, like summer homes or fancy cars.
  7. 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.

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