Getting Out From Under Consumer Debt With Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often referred to as “liquidation bankruptcy,” or personal bankruptcy. It is the type of bankruptcy most people think of when considering ways to get out from under the heavy burden of consumer debt. Chapter 7 bankruptcy is a powerful tool that helps hundreds of thousands of people in the United States.
A Chapter 7 bankruptcy proceeding is a process by which a federal bankruptcy court-appointed trustee reviews your petition to determine if you qualify to have the debts you include in the petition dismissed, as well as some of your assets liquidated and current lease obligations terminated. What most people don’t realize is that there are many thousands of dollars of exemptions to cover your home and personal property, which would prevent the liquidation of such assets, and allows you to retain your assets after the bankruptcy.
Too Good To Be True? It’s The Law.
Filing for bankruptcy often becomes the best and only realistic method to get clear of creditors and juggling monthly payments between credit cards, car payments and your mortgage. By scheduling a consultation to discuss your debt problem now, rather than waiting to see if you can juggle payments one more month, you can save yourself time, money and many a good night’s rest.
The Employee Retirement Income Security Act (ERISA) of 1974 qualifies retirement savings and investment accounts that are 100 percent exempt through the bankruptcy process. This means that no creditor can touch your 401(k), 403(b), IRA, mutual fund, pension, tax deferred annuity and all other ERISA qualifying accounts, so talk with an attorney at Ugell Law Firm, P.C., before you think about withdrawing from your retirement accounts to settle any debts.
Call Ugell Law Firm, P.C., at 845-608-8098 to arrange a free debt consultation. For more than 30 combined years, our attorneys have been helping people get out from under the stress of personal debt and guiding people to the fresh financial start they need.
Our Experience Can Help You Get Your Life Back On Track
You have probably been struggling with debt for many years. Provided you meet certain criteria, you can be free of collections calls overnight and free of your debt in a few months. The best thing you can do for yourself is to hire an experienced Chapter 7 lawyer. Under Chapter 7, you may be able to:
- Stay in your house and keep your car
- Eliminate credit card debt and medical bills
- Immediately end creditor collection calls
- Eliminate tax debt if certain conditions have been met
- Stop pending lien actions or wage garnishments
- Get rid of loan debt
- Modify your mortgage loan(s)
- Remove judgment liens affixed to your house
If you work diligently to provide full disclosure and financial information, you can generally expect your Chapter 7 to be discharged in as little as four months.
A Note About Student Loans And Child Support Payments
You will not be able to eliminate your domestic support, such as child support obligations, or student loan debt by filing Chapter 7 bankruptcy. However, you may incorporate student loan debt into a Chapter 13 petition to restructure your monthly payments under a court-supervised plan. Contact our office to help you with your Chapter 13 petition.
Let’s Talk About Getting Your Chapter 7 Done Right
Call our firm in New City, New York, at 845-608-8098 and schedule a free appointment to discuss how filing a Chapter 7 bankruptcy may benefit your financial circumstances. We provide clear, realistic assessments. We will be honest with you about the realities of petitioning for debt relief through the Chapter 7 process. You will be asked to be forthcoming about your finances and assets throughout every phase. You can also email our office by completing our online form. Se Habla Español.
We are a debt relief agency. We help people file for bankruptcy relief under the United States Bankruptcy Code.