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Chapter 7 Bankruptcy

The decision to file for bankruptcy is a stressful one, and is not one that should be entered into lightly. There may be other options. Long Island Bankruptcy attorney Glenn L. Kantor counsels his clients during these difficult times with the understanding and knowledge gleaned from his years of experience in the area of bankruptcy law. With the experience of nearly three decades of practicing law in New York, Glenn is ready to help you move toward a life that is free from overwhelming financial stress. Glenn examines your situation and explains your options, helping you make the right decisions under the circumstances. While it may seem to some that filing for personal bankruptcy is the end of the road, it should be viewed as an opportunity to get a fresh start and to move forward on the right path.

New York Chapter 7 Bankruptcy

A Chapter 7 bankruptcy filing is an orderly, court-supervised procedure. A trustee collects the assets of the debtor's estate, reduces them to cash and distributes that cash to creditors. However, this explanation sounds a lot worse than is often the case in reality. The debtor has the right to retain certain exempt property. There are uniform federal exemptions, and the state of New York also has its own specific exemptions. It is important to have a bankruptcy attorney who is an experienced bankruptcy practitioner and is familiar with the bankruptcy laws as they are applied in your specific jurisdiction. New York Chapter 7 Bankruptcy attorney Glenn L. Kantor has the knowledge and expertise to successfully guide you through the Chapter 7 bankruptcy process if that is the appropriate option.

How Chapter 7 Bankruptcy Helps

If you file for a Chapter 7 bankruptcy, your unsecured debts may be eliminated by the court and you would owe nothing to your unsecured creditors. However, depending on your assets and the exemptions to which you are entitled, your secured creditors would still need to be paid. In that circumstance, however, the good news is that you would then be entitled to retain your house or car – provided that the equity does not exceed the exemption applicable to that specific asset. Glenn will work with you to ensure that all applicable exemptions to your assets have been applied. Often, by the time a person files for bankruptcy protection under Chapter 7, there is usually little or no nonexempt property to distribute once all of the applicable federal or state exemptions have been applied. This means that your assets might actually not be liquidated.

Schedule a Free Consultation

If your financial situation has become overwhelming, contact us today. Hauppauge, NY bankruptcy attorney Glenn L. Kantor will work with you to determine if filing for a Chapter 7 bankruptcy is in your best interest. He will counsel you toward the best possible outcome, so that your assets are protected and your debt obligations are relieved.

 

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FAQ's

What is a Chapter 7 bankruptcy?

Chapter 7 Bankruptcy is a "liquidation" bankruptcy.
READ MORE CHAPTER 7 FAQ'S

What is a Chapter 13 bankruptcy?

Under a Chapter 13 bankruptcy filing, you will be working out a payment plan with your creditors.
READ MORE CHAPTER 13 FAQ'S

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Contact Us

Telephone: (877) 725-0700
Fax: 631-439-6801
Email: info@kantorlawgroup.com

Kantor Law Group
150 Motor Pkwy Ste 401
Hauppauge, NY 11788

Satellite Office
12 Oak street
Westhampton Beach, NY 11978

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Hauppauge NY Bankruptcy Attorney