Jacoby & Jacoby Articles Chapter 7 Bankruptcy in Long Island

Chapter 7 Bankruptcy in Long Island

By Jacoby & Jacoby  May. 26, 2010 3:35p

Chapter 7 Bankruptcy in Long Island

Chapter 7 is a type of bankruptcy that may be referred to as "liquidation" because the debtor's assets are liquidated to pay off creditors. However, there is much more to a Chapter 7 Bankruptcy than this. At Jacoby and Jacoby, we are experienced attorneys dedicated to helping debtors throughout Long Island file for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code.

Although Chapter 7 bankruptcy involves the liquidation of assets, much of a debtor's property and assets will be protected under law. This may include furniture, clothing, a motor vehicle to a certain value, a certain amount of equity in a home, personal property and more. As such, it is important to talk to a lawyer about your particular case and how fling a Chapter 7 bankruptcy may affect you now and in the future.

A Chapter 7 bankruptcy may offer a Long Island debtor the valuable opportunity at a fresh financial start - a second chance to face a future free from overwhelming debt, creditor harassment, wage garnishment and repossession. Successfully completed, a Chapter 7 bankruptcy will result in the elimination of all eligible debt. This will generally include credit cards, personal loans and similar debt but will not include child support or alimony, student loans and certain taxes. To determine what debt may be discharged if you were to file for bankruptcy under Chapter 7, we recommend that you talk to an attorney about your particular financial situation.

Long Island Bankruptcy Attorney

At Jacoby and Jacoby, we have more than 50 years of combined legal experience and have handled more than 15,000 bankruptcy cases in our years of practice. We have helped our clients eliminate millions of dollars in debt and are ready to see how we can help with your Chapter 7 bankruptcy in Long Island.

For a free review of your case, contact a Long Island chapter 7 bankruptcy lawyer at our firm today.

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