Chapter 7 proceedings provide relief to individuals who are unable to pay their debt obligations. It is commonly invoked but requires certain criteria to be fulfilled. It is also called liquidation bankruptcy because certain assets are liquidated to repay the debts. It is important to hire a Chapter 7 Bankruptcy Lawyer New York to initiate and complete the proceedings. The expertise helps in discharging most of the debts and finishing up the procedure within 3 months.
How can Chapter 7 help you?
Chapter 7 helps you in paying off or discharging your debts. It prioritizes unsecured debts over secured debts. These debts are usually paid by liquidating your non-exempt assets. Some of the benefits of Chapter 7 Bankruptcy Nyare:
- As other bankruptcy proceedings, it will help you finish all your debts. If a few of the debts cannot be paid by liquidating your assets, they are discharged. It happens within a period of 3 months.
- Unsecured debts such as medical bills, credit card bills, etc are especially targeted under this chapter. Paying these off can help you start your financial life afresh. Secured debts are handled later. If enough property is not available for liquidation, the remaining debts are discharged.
- Your property can be saved if it is exempted. Therefore, not all of your assets are liquidated. Only non-exempted assets such as stock or bonds, a second house, etc are liquidated.
- By paying off debts, your credit score can be improved. Also, since you are debt-free you can take on new financial adventures positively.
Not everyone qualifies for Chapter 7 proceedings. You will have to qualify a means test and fulfill certain other criteria. The right attorney will help you apply and prove the same.
Why do you need a Chapter 7 Attorney?
Initiating a bankruptcy proceeding will require you to hire an attorney. The attorney handles the work of filing, persuading the appointed trustee and creditors, saving your exempted property, and so forth. Therefore, the Best Chapter 7 Lawyer near Me is beneficial for you in more than one way:
- The best attorney does not charge high rates for legal services. The attorney is aware of your financial condition. You will have to pay a court fee, debtor’s education course fee, and other such expenses. It is ensured that legal services do not feel like another burden.
- Wage garnishment and collection efforts will be stopped quickly. The best attorney ensures that you are not harassed during the process. Also, your valuable assets will be protected.
- The Best Chapter 7 Lawyer near Mewill handle all the legal work. No paralegals will be assigned to the task to ensure that the proceedings are handled with perfection and caution is exercised. Since the procedure involves dealing with trustees and creditors, expertise will be required
- The attorney will ensure you become debt-free and most of your debts are discharged. The more debts are discharged, the better it will be for you. Only an experienced attorney can make it happen.
Find the Best Attorney to Claim Appropriate Relief
Thus, Chapter 7 Bankruptcy Lawyers near Meis the best way of getting rid of debt. Debts can cause a lot of tension and affect your social as well as personal life. It is better to contact the best attorney to help you get rid of the debts. The bankruptcy proceedings are designed to help you start afresh.
The right attorney can be hired through midtownbankruptcy. The website helps connect debtors with the best bankruptcy attorneys. They can also be looked up online or searched through personal contacts. Hire the right attorney now and claim relief under Chapter 7.