Long Island bankruptcy attorney – Basics of Chapter 7 bankruptcy
Also known as the “liquidation” chapter of bankruptcy, Chapter 7 is a very serious financial decision – and like decision – that you should only make with the assistance of the right Long Island bankruptcy attorney.
Working closely with those legal professionals (and any other professional service that you can take advantage of), moving through Chapter 7 bankruptcy doesn’t have to be the nightmare that many assume it to be. Here are some of the basics regarding this specific chapter bankruptcy, and how you can plan to come out on top
What exactly is Chapter 7 bankruptcy?
Unlike other bankruptcy chapters, Chapter 7 requires your assets (at least those that are found to be nonexempt) to be seized and sold off by a bankruptcy trustee appointed by the federal court in an effort to pay off your debts.
Obviously, this is one of the least popular methods of bankruptcy – just because it robs you of your assets and possessions while still forcing you to start all over financially.
How do I move through Chapter 7 bankruptcy?
Before you try to figure out the process to move through Chapter 7 Long Island bankruptcy, it’s critical that you understand whether or not you’re eligible for this chapter. Even though it happens to be the most common form of consumer bankruptcy filed in the United States, there are still some exemptions to those able to take advantage of this bankruptcy –exemptions that your Long Island bankruptcy attorney (like the professionals that Blutter and Blutter) will advise you on.
If you’re considering moving forward with this chapter of bankruptcy, but are unsure of how to proceed, contact the Blutter and Blutter offices at your earliest convenience to set up a 100% free consultation and see what the very best Long Island bankruptcy lawyers have to say.