Chapter 7 Bankruptcy | Long Island, Nassau, Suffolk County, NY | Law Offices of Adam C. Gomerman
If you are struggling with debt, contact the Law Offices of Adam C. Gomerman for immediate support.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy allows individuals or businesses to discharge most of their unsecured debts, such as credit card debt and medical bills, enabling them to gain a fresh financial start. In this process, a bankruptcy trustee is appointed to oversee the liquidation of non-exempt assets to repay creditors; however, many debtors retain essential assets due to exemptions. The process typically lasts several months, and the debtor is relieved of their obligations to pay the discharged debts afterward. However, certain debts like student loans, child support, and some taxes may not be dischargeable. It's important for individuals considering Chapter 7 to assess their eligibility and potential consequences, as it will significantly impact their credit score and financial future.Long Islanders Considering Chapter 7
Chapter 7 bankruptcy provides Long Island residents in Nassau County, Suffolk County, and New York an opportunity to eliminate overwhelming debt and achieve a fresh financial start. Eligibility is determined through a means test, credit counseling, and a debtor education course, ensuring the process is tailored to those with minimal disposable income. Adam C. Gomerman utilizes his experience to guide clients through every step, offering personalized support and expertise to simplify the process and help secure a debt-free future.
Qualifying for Chapter 7 Bankruptcy
To qualify for Chapter 7 bankruptcy, an individual must pass the means test, which compares their average monthly income over the previous six months to the median income for their household size in their state. If the individual's income is below the median, they typically qualify; if it’s above, they must demonstrate that their disposable income is insufficient to repay a portion of their debts. Additionally, the individual must not have filed for Chapter 7 bankruptcy in the past eight years and must complete credit counseling from an approved provider before filing. Certain types of debt, such as child support and most student loans, are not dischargeable in Chapter 7.Protections and Benefits of Chapter 7 Bankruptcy
One of the most immediate benefits of Chapter 7 bankruptcy is the automatic stay, which halts creditor harassment, wage garnishments, and foreclosure proceedings. This legal protection allows individuals to reorganize their finances and begin anew. Exemptions under New York law protect essential assets like a primary residence, certain personal belongings, and tools of the trade, ensuring clients retain what they need to rebuild their lives. Non-exempt assets may be liquidated to repay creditors, but we work diligently to maximize exemptions and minimize losses.
Why Choose Us for Chapter 7 Bankruptcy?
With decades of experience serving Long Island, our firm has successfully filed thousands of Chapter 7 cases for clients in Nassau and Suffolk counties. We pride ourselves on delivering knowledgeable, compassionate, and affordable legal representation tailored to each client’s needs. Our streamlined process removes the burden of complicated paperwork, allowing clients to focus on their financial recovery. Contact us today for a free, confidential consultation, and let us guide you toward a brighter economic future.
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