Chapter 7 bankruptcy is also called liquidation, because after a bankruptcy the debts of a debtor are usually either sold off, so as to pay as much of the debt as possible, or liquidated. In order to be eligible for Chapter 7 bankruptcy, borrowers must fulfill very strict income requirements dictated by Congress. The lower the income, the larger the amount of assets that can be sold and the larger the proceeds of distribution. The proceeds of distribution are used primarily for debt repayment. However, they may also be used for other purposes such as business financing.Have a look at White Plains chapter 7 lawyer for more info on this.
The main objective of filing for chapter 7 bankruptcy is to give relief to debtors by wiping off their total debts. To achieve this objective, it is advisable that lawyers file for such cases, so that they can advise their clients on how to best approach their creditors, negotiate with them and file for chapter 7 bankruptcy. It is also important to hire a chapter 7 lawyer who can give sound legal advice, which can protect one’s assets in the court and help them make a convincing case for why they should be allowed to proceed with the filing. A good attorney will also be able to review documents that have been filed in the court, so that he/she will know what other measures need to be taken, when there are no other options available.
For many people, filing for chapter 7 bankruptcy might seem like the easiest way out of their debts. But keep in mind that filing alone will not get you completely free from your debts. You still have to meet all the other payments deadlines and if you fail to do so, you will still incur debts. This is why it is important that you work with an experienced chapter 7 lawyer, who can give sound legal advice and make sure that your interests are protected throughout the process. After all, your freedom is not just about getting free from debts.
CONTACT INFO :
Attorney Harry C Kaufman
445 Hamilton Ave, Suite 1102, White Plains, NY 10601
Phone No. : 917-985-6294