Chapter 7 bankruptcy liquidation

Law Office of 
Charles E. Andersen

Chapter 7 is also know as straight bankruptcy if you don't want to repay any debt, chapter 7 is an option to consider
Chapter 7 is also called a fresh start bankrutpcy
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The US Trustee is a participant in a chapter 7 Hon. John C. Ninfo chief US Bankruptcy Court Judge US Bankruptcy Court
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of Charles E. Andersen

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filing a chapter 7

Chapter 7

Rulings from the New York  bankruptcy court

Can I Still File Under Chapter 7 ?

 

Yes! So long as you are under the median income for family size and location.

 

Should I File Under Chapter 7 ?

 

A good rule of thumb is to add the total value or your non-exempt assets and divide the value by 36. If this amount is less than your disposable monthly income Chapter 7 is your better alternative.

 

Will I Lose my property in Chapter 7? Most personal bankruptcy's filed under Chapter 7 do not result in the loss of personal property by the client through the bankruptcy court system. You generally have a "buy back" option in which you can repurchase your non-exempt property from the Chapter 7 trustee.

 

Is Chapter 7 a good deal for me?  If you fit easily within the Chapter 7 "window", Chapter 7 is still a cost effective, total wipe out of unsecured credit card debt, personal loan debt, and medical debt.

 

 

Will Chapter 7 ruin my credit?  A Chapter 7 discharge of your debts will improve a poor credit rating. Chapter 7 dramatically increases your income to debt ratio in a very short period of time. A good income to debt ratio is one of the largest factors considered by lenders in extending credit.

 

What exemptions apply in New York? New York has opted out of the Federal Bankruptcy Exemptions and and Federal Bankruptcy Trustees apply New York  State law exemptions in a Federal Bankruptcy case filed in Elmira and surrounding counties. New York  exemptions are limited as to specific types of personal property.

 

Why not just put my property in trust before filing? Chapter 7 trustee's have "strong arm powers" to carry out Federal Bankruptcy Laws, including the power to set aside transfers of property, to take and liquidate non-exempt assets, and to file suit.

 

What if I can't afford to pay for an attorney to file a chapter 7?

 

If chapter 7 is the best case for you to file, payment arrangements can be worked out for you.  If you really want to save money, you could work out a mini-repayment plan, in which just the administrative costs and fees of a chapter 7 are paid to the attorney who works on your behalf, and your payment plan could be for as little as 6 months.

 

What are the differences between the different bankruptcy attorneys in this area?

 

The results between attorneys in most situations will be substantially the same. The difference is in how your case is handled.

 

Why use the office of Charles E. Andersen?

 

Unlike many attorneys we are committed to debtor representation. Our office will maintain a constant communication with your creditors to see that you never receive an illegal telephone call or collection notice after the filing of your case. Our preparedness and attention to detail are noteworthy.

 

Does anyone ever oppose a Chapter 7 case?

 

Yes! Chapter 7 cases may be dismissed, after notice and a hearing, if the bankruptcy petition was filed by an individual debtor with primarily consumer debts under circumstances constituting a substantial abuse of relief under Chapter 7.

 

a. Criteria:  The courts have considered the following factors in deciding whether to dismiss a Chapter 7 case on the ground of substantial abuse

 

(1) The probability that the debtor's future expected income will be sufficient to pay a significant percentage of the unsecured claims under a Chapter 13 plan;

 

(2) The debtor's reason for filing the Chapter 7 petition, e.g., because of unemployment, medical expenses, disability, or other misfortune;

 

(3) The extent to which the debtor obtained cash advances and made consumer purchases beyond her ability to repay,

 

(4) The excessiveness or extravagance of the debtor's anticipated family budget; and

 

(5) The extent to which the debtor's income statement misrepresents her actual financial condition.

 

b. Presumption: There is a statutory presumption in the debtor's favor regarding the question of whether granting relief would be a substantial abuse of Chapter 7.

obtaining a chpater 7 discharge the bar date has passed arriving at the office
I hope he's in

 

 

sitting down to sign

 

 

 

 

 

 

Chapter 7 & 13

If you qualify

 

STOP

  • Creditor Harassment
  • Stop utility shutoffs
  • Foreclosure
  • Car repossession

ELIMINATE

  • Credit Card debt
  • Medical bills

**For Chapter 13 cases with wage order and balance paid through a trustee as part of a partial re-payment plan and not paid directly to the attorney. Court filing fee is extra.

  • Emergency Petitions filed
  • Ask to see a statement of clients rights and responsibilities

 

Free Consultation

Reasonable rates

 

 

(New York)

 

 

 

 

 

 

attorneys pen
 

 

 

 

 

Bankruptcy 101

 

 

 

Do I need an attorney?

 

 

 

Asset Liquidation

 

 

 

Credit repair after Bk

 

 

Chapter 13 Cases Handled in Chemung, Steuben and Schuyler

Counties of  the New York State for little or no money down with wage order

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signing the court papers shaking hands leaving attorneys office
   

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receipt of filing automatic stay order for relief section 341 Notice
meeting fo the creditors court discharge order debt wipe out