Is Chapter 7 Bankruptcy Right for You?

Chapter 7 Bankruptcy Lawyer in Long Island

When debts begin to pile up, bills go unpaid, and creditors are hounding you every chance they get, it may be time to consider speaking with a Long Island Chapter 7 bankruptcy lawyer. At Jacoby & Jacoby, we have handled thousands upon thousands of Chapter 7 bankruptcy filings on behalf of clients throughout Long Island, and would be more than happy to meet with you to discuss the details of your financial situation to determine if filing for Chapter 7 bankruptcy is a good option for you.

Generally speaking, Chapter 7 bankruptcy is a good option for anyone with limited or unsteady income that simply has more debt than they will ever be able to pay off in the foreseeable future. When a person files for bankruptcy protection under Chapter 7, their non-exempts assets are liquidated in order to repay creditors. After filing for bankruptcy, the person’s debts will have been completely eliminated, leaving him or her debt free.

**It should be mentioned that not all debts can be discharged through Chapter 7. These types of debts include child support debts, spousal support debts, student loans (in most cases), tax debts, debts from crimes or court fees, and debts from restitution.

What if I don’t qualify for Chapter 7?

Not all people who file for Chapter 7 bankruptcy will be granted bankruptcy protection. If you do not qualify for Chapter 7 bankruptcy, there are other viable options available. For instance, if you have steady income, you may be better off filing for Chapter 13 bankruptcy. Other alternatives to bankruptcy you can consider include debt consolidation, debt settlement, and credit counseling and repair.

To learn if Chapter 7 is right for you, you should spend some time with a knowledgeable Long Island bankruptcy attorney discussing the matter in more detailed. Filing for bankruptcy is a big decision, one that will affect your life in many ways. We can help you review all of your options to determine whether or not filing for Chapter 7 bankruptcy would best serve your needs and interest.

To schedule a consultation with a dedicated Long Island Chapter 7 bankruptcy lawyer at our firm, please contact Jacoby & Jacoby today at (888) 229-0413.