Bankruptcy Chapter 7 Lawyers

Chapter 7 bankruptcy is what most individuals file under. An immediate benefit of Chapter 7 is that harassment from creditors, salary garnishment, foreclosure, lawsuits, bank restraints cease. Though certain debt are not covered under Chapter 7, most can be eliminated if they are within the guidelines stipulated.

Allowable debt eliminated under Chapter 7 include:

  • Credit card debt
  • Institutional loans (i.e. banks)
  • Medical debt
  • Some court judgments

Not allowed are:

  • Child support
  • Alimony (spousal support)
  • IRS debt
  • Parking tickets and other violations
  • Student loans
  • Debts obtained through fraud

Filing under Chapter 7 means liquidation of those assets which are not protected under Chapter 7, but some items such as your home, most of your furnishings, car, bank accounts, retirement accounts, clothing and other valuable are protected.

Not protected are excessive cash, income beyond your needs, stocks, bonds, certificates of deposit not in a qualified IRA or other retirement account.

Prior to 2005 anyone could file for a Chapter 7 bankruptcy. Now with your income taken account for within the median income for your state, you need a qualified bankruptcy attorney to help you during this time.

Contact the Law Office of John J. Macron, Esq. today to schedule an appointment for consultation at (718) 889-3583.

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