3+ Decades Experience in Bankruptcy
Our firm will guide you through every step of the Chapter 7 bankruptcy process, from determining your eligibility to preparing and filing your bankruptcy petition. We will help you understand the exemptions available and advise you on how to best protect your assets.
Trusted Chapter 7 Bankruptcy Attorneys
Bring in financial information:
Per the Bankruptcy Code, filers must take a credit counseling course before a petition can be filed. You may complete this course over the phone or online.
Once all of your information has been submitted, you have retained your lawyer and your course has been completed, your attorneys will begin drafting your petition.
After checking for inaccuracies, clients will then sign and date the petition. Upon filing, the Automatic Stay is in place, and your bankruptcy protection kicks in.
Per the Bankruptcy Code, filers must take a financial management course, commonly referred to as the “post-filing” course.You may complete this course on your own time.
Also typically known as a “341 Meeting,” the Bankruptcy Trustee will ask the bankruptcy debtor questions to ensure the bankruptcy Petition was prepared properly, and accurately describes the debtor’s assets, income, debts, and expenses.
Typically, the conclusion of the Meeting of Creditors marks the end of an active bankruptcy process. Clients can expect to receive their Discharge of Debts within about 8-10 weeks after meeting with the Trustee.
The chapter 7 process generally takes about 4 months from the date of filing to the date the Court issues a discharge of debts. Once the petition is filed with the Court, the automatic stay- the bankruptcy protection – kicks in and most creditors can no longer take action to collect debts.
Whether you qualify for chapter 7 depends on a few things. Have previously filed a chapter 7 petition within 8 years? Does your income “pass” the means test? The means test is a complicated formula that is based on your income from the previous 6 months, followed by another formula to assess your eligibility.
Chapter 7 bankruptcy can stop evictions on a case by case basis. If you file for bankruptcy protection before the landlord obtains a judgment or eviction order, the bankruptcy “stay” will stop the eviction. If the landlord already has the warrant, the bankruptcy stay does not stop the eviction.
Yes. Depending on a few factors, it’s likely that you will be able to keep your house in a chapter 7 bankruptcy. As long as the value of your house is less than the balance of any mortgage loan and the amount of the homestead exemption. However, you can still file bankruptcy and keep your home even if there is equity. Chapter 13 allows you to keep your assets and reorganize your debt.
Most debts are dischargeable in bankruptcy. However, some debts that are not dischargeable include student loans, certain taxes, domestic support obligations and debts obtained by fraud.
Located in Albany, NY
Our offices are located centrally to the Capital Region of New York in Latham, minutes from the Albany Airport.
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