Chelsea, New York
233 West 14th Street
New York, NY 10011
(212) 633-2200

What Is Chapter 7 Bankruptcy? October 15, 2019

Chelsea, Manhattan
What Is Chapter 7 Bankruptcy?, Manhattan, New York

 Chapter 7 is one of the most popular ways to discharge personal debts. Unlike Chapter 13—which requires petitioners to reorganize their debts into a more manageable repayment plan—Chapter 7 bankruptcy wipes them out instantly. As such, it’s ideal for those who have little disposable income. If you’re in over your head financially, the following information can help you decide if Chapter 7 is worth pursuing. 

What Are the Advantages of Chapter 7?

bankruptcyChapter 7 can help you regain your financial footing almost immediately. As soon as the proceedings are over, you’ll essentially be granted a clean slate. You’ll have no further obligations to the lenders whose debts were discharged, and if you take strategic steps, you can start rebuilding your credit right away. For many debtors, Chapter 7 is the only way to get out from under massive medical bills, hefty credit card debt, and past-due bills. And unlike Chapter 13, there is no limit to the amount of debt you can discharge in Chapter 7. 

 

 

For help preparing your bankruptcy petition, turn to We The People of NY. Located in the heart of Manhattan at 233 W. 14th St., this locally owned and operated company specializes in legal document preparation. For more than 25 years, they’ve been helping clients commence all kinds of legal proceedings, from divorce to estate planning. To explore all the services they provide, visit their website. Call (212) 633-2200 to discuss your document preparation needs. 

Other Announcements, Events and Deals from We The People of NY
Understanding Why You Don't Need an Attorney to Draft a Will, Manhattan, New York
When you die without a will, your estate may be awarded to family members that you may not have chosen to leave assets with. It’s crucial to set up a simple will that ...read more
Who Gets the Pets After a Divorce?, Manhattan, New York
When couples separate, they often prefer a quick divorce to part ways and move on. If you and your ex-spouse adopted pets throughout your marriage, you likely want to maint...read more
How to Cope With Emotions During a Divorce, Manhattan, New York
The end of a marriage is always emotionally exhausting, even if you’re filing for an uncontested divorce where both parties mutually agree on all conditions. While you may not b...read more
Top 3 Misconceptions About Bankruptcy, Manhattan, New York
Personal bankruptcy comes in two forms: Chapter 7 or Chapter 13. Under the first, you liquidate most of your assets to repay what you owe creditors. Under the second, the c...read more
How to Cope With the Emotional Aspects of Bankruptcy, Manhattan, New York
Bankruptcy is a valuable legal tool, giving struggling borrowers the ability to shed unmanageable debt and start their lives over. While filing for debt relief can be a positive step...read more