When you are facing a difficult financial situation, you may feel overwhelmed and confused about what your future holds. Many people are unsure of how to get out of debt and what actions can be taken to stop the creditor calls, collection attempts, and the constant harassment and anxiety that debt can create. While this time in your life may be overwhelming, it is important to know that you have options.
At the Law Offices of David Brodman, we have assisted countless clients with filing for bankruptcy and helping them achieve financial freedom. Our firm proudly counsels individuals throughout the Bronx area, and we may be able to help you as well.
When you retain the representation of the Bronx bankruptcy lawyer from our firm, we can fully evaluate your case and determine which legal action may be best for you. Under the United States Bankruptcy Code, consumers can file for two different types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy differs from Chapter 13 in a few ways. The main difference is that you must pass a Chapter 7 bankruptcy means test in order to file under this chapter. The means test will determine if your debts greatly exceed your overall income. If you pass the test, you can file your petition almost immediately.
Chapter 7 bankruptcy is sometimes referred to as liquidation bankruptcy or straight bankruptcy. When you file under Chapter 7, all non-secured debts will be eliminated, including medical debt, consumer debt, and mortgages. Under this Chapter, all non-exempt property will be sold to help repay the debts that have accumulated. While some personal property and homes are protected by Chapter 7 exemptions, vacation homes and other luxury expenditures may be liquidated. While a lot of debts are discharged by filing for Chapter 7, some debts will remain. Student loans, court-ordered payments, and property taxes will all still need to be paid.
There are numerous benefits to filing for bankruptcy, and the Law Offices of David Brodman can help you reap them. In addition to discharging debts, bankruptcy can also:
Are you ready to be out of debt? Now is the time to act! At the Law Offices of David Brodman, we can work with you determine the best legal action for your case. Each client is treated as a family member at our firm, and we will do everything in our power to ensure that you receive a favorable outcome to your situation. If you are interested in learning more about Chapter 7 bankruptcy or your eligibility to file, contact the Bronx bankruptcy lawyer from our firm by completing a free case evaluation form today!