Also known as the “liquidation” chapter of bankruptcy, Chapter 7 is a serious financial decision that you should only make with the assistance of a bankruptcy attorney.
Working closely with those legal professionals, 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 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 because it robs you of your assets and possessions while 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 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. A professional bankruptcy attorney will be able to advise you on these exemptions and how to take advantage of them.
If you’re considering moving forward with a Chapter 7 bankruptcy, but are unsure of how to proceed, contact the Blutter & Blutter offices at your earliest convenience to set up a free consultation and see what the very best Long Island bankruptcy lawyers have to say.