Why file a Chapter 7 bankruptcy?
To eliminate creditor harassment, to stop wage garnishment, and to prevent or eliminate the debt left over from repossession or foreclosure. After successful completion of bankruptcy, you receive a discharge of your debt (simply stated, your debts are wiped out and you will no longer be held responsible). What is a Chapter 7 trustee? He or she is an attorney assigned by the court to, first of all, determine the truthfulness of your bankruptcy petition ( document filed with court ) and to make a determination if you have any assets which may be seized for the benefit of your creditors. This is based on laws called exemptions. In many cases, most common property is exempt and will not be lost in bankruptcy. Some sample assets “exempt” are listed below ( these are based on New York Law) THE PROCESS OF FILING BANKRUPTCY FOR A CHAPTER 7 After the hiring of our office We order a credit report on you to assist you in knowing what you owe. In addition we give you a booklet of information we re
