Bankruptcy Transaction Attorneys New York

Manhattan Office
315 Madison Avenue
Suite 901
New York, NY 10017
Tel.(877) 529-6699
Fax.(718) 206-1227
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We also have offices in:
(click for directions)

Richmond Hill, NY - Main Office
88-02 136 Street
Richmond Hill, NY 11418
Tel: (877) 529-6699
Fax.(718) 206-1227
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Rego Park, NY Office
98-14 Queens Blvd
Rego Park, NY 11374
Tel.(877) 529-6699
Fax.(718) 206-1227
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Fresh Meadows, NY Office
185-19 Union Trpk
Fresh Meadows, NY 11366
TEL.(877) 529-6699
FAX. (718) 206-1227
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Brooklyn, NY Office
1635 E. 19th St
Brooklyn, NY 11229
TEL.(877) 529-6699
FAX. (718) 206-1227
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Should you file Chapter 7?

The goal of most any personal bankruptcy is to discharge or bankrupt your existing debts and allow you a *fresh start* on your finances. In other words, once your discharge is granted, you no longer need to repay the debts that were incurred before you filed your bankruptcy. Your creditors are entitled to share in the proceeds obtained from the liquidation of your non-exempt assets. Under Chapter 7, the amount your creditors will get is fixed by the value of your non-exempt assets.

Technically, the word "bankrupt" is not the correct terminology when referring to getting rid of debts, but most people use that phrase. "I want to bankrupt my credit cards or bankrupt my student loan debts". The correct legal term is "discharge". You discharge your obligation to pay on debts. Throughout this webpage, that is the term that will be used to describe getting rid of (bankrupting) debts in bankruptcy.

Certain debts are non-dischargeable in a Chapter 7. Examples of these are alimony and child support obligations, taxes less than three (3) years old, student loans (with the sole exception listed below), and any debts procured by fraud (fraud debts may be dischargeable in a Chapter 13), incurring debt without a reasonably certain ability to repay the debt, and so forth.

Assuming you need to file a bankruptcy, the only way to determine which Chapter to file under is to first compare your options under the other available Chapters (with the assistance of a bankruptcy attorney). Generally, Chapter 7 is the cheapest, quickest and least burdensome of the three major Chapters (the others being 11 and 13) of bankruptcy law. Costs and fees vary depending on the number of creditors you have, complexity of your case, and other factors. Click here to prepare for and schedule a free phone consultation.

If you are an individual, and meet the requirements, Chapter 7 allows you to discharge most or all of your debts. It allows you to do this regardless of how many assets you have or how much your creditors ultimately receive. It basically allows you to walk away from your debts and start over.

Corporations do not receive discharges of debts, but there still may be some benefit to allowing a trustee to liquidate the assets.

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Please be advised that the information contained in this web site is general information regarding the law. Nothing contained herein constitutes the formal rendering of legal advice, nor can the creation of an attorney/client relationship be formed by merely visiting this web site. The law can be quite complex and nuanced and is constantly changing.

If you wish to discuss a legal matter with Robert Aronov & Associates, PC, please call us at (877) 529-6699, and we will arrange for a consultation.