A Fresh Start With A Chapter 7 Bankruptcy
Individuals and families seeking a financial “fresh start” generally file for Chapter 7 bankruptcy. Bankruptcy can be like hitting the restart button on your financial life, eliminating many of your old debts and allowing you to begin with an economic clean slate.
But, it also can be confusing. You need help from someone who knows federal bankruptcy laws inside and out.
I am bankruptcy attorney Peter Scribner, Esq. I have been helping individuals and families throughout upstate New York get a fresh start through Chapter 7 bankruptcy for more than 30 years.
How Chapter 7 Bankruptcy Can Help
In Chapter 7, you file a bankruptcy petition and, within a couple of months, you get a court order discharging, or eliminating, your consumer and medical debts. All efforts by creditors to collect against you stop as soon as you file bankruptcy. In almost all cases, you keep all of your assets.
If you can afford to continue to make your car loan and mortgage payments, Chapter 7 provides a process, called “reaffirmation,” for you to keep those assets.
Some debts cannot be eliminated by Chapter 7 bankruptcy, such as child support and recent income taxes. Chapter 7 does not provide a process for stopping foreclosure and saving your house (which is possible in a Chapter 13 bankruptcy).
High-income debtors need a very careful review of their situation to see if they qualify for Chapter 7. People who are actively operating a business also need a careful examination of their finances before filing Chapter 7. I provide that knowledgeable analysis, advising you on the most effective path forward.
Extensive Knowledge Of Bankruptcy Courts In New York
I have served as chair of the Monroe County Bankruptcy Committee and served for 14 years as one of the Chapter 7 bankruptcy trustees in Rochester. I understand how the bankruptcy code applies to your financial situation, and I know what trustees, judges, the Department of Justice and other bankruptcy parties expect.
The bankruptcy court in Rochester is very thorough, and bankruptcy debtors need to be very well-prepared if their case has to be successful. If a less experienced lawyer has told you that your case is a slam dunk, don’t count on it.