Perhaps it is credit card debt combined with high interest rates that has become unmanageable. Or, perhaps, a major illness has resulted in ever-mounting medical bills. Or, maybe a job loss has made it impossible to pay your mortgage or utility bills. No matter how you got into debt, when it becomes utterly overwhelming, it may seem as if there is no way out.
However, do not lose hope. For some individuals on Long Island, Chapter 7 bankruptcy may be an option. A Chapter 7 bankruptcy may allow a debtor to discharge their unsecured debt, so that the debtor can get back on their feet financially. Chapter 7 bankruptcy works by liquefying a person’s debts. Once the process is done, most of your debts are extinguished and you no longer have to repay your creditors.
Moreover, with the right help, through property exemptions you may be able to keep many of your assets, such as your retirement accounts, your home, an automobile and other household goods. Chapter 7 bankruptcy can also put an end to wage garnishments and unfreeze your bank accounts, along with stopping creditor harassment.
That being said, filing for Chapter 7 bankruptcy can be complex, especially if you want to take advantage of property exemptions. Fortunately, legal help is available in such situations. The legal team at the law firm of Macco & Stern, LLP, have helped many clients navigate the required Chapter 7 means test and will give careful consideration to which pieces of property their clients want to keep. They will also provide their clients with an honest assessment about what filing for Chapter 7 can do for them and what it cannot do for them. In the end, they aim to help their clients determine what debt relief options are best for them. Their Chapter 7 overview may be of help to individuals on Long Island who want to know more about this particular form of bankruptcy.