The Law Office of Richard S. Feinsilver
A New York Bankruptcy Law Firm

Facts About Chapter 7 Bankruptcy Law in New York

If your financial problems have brought you to the point where you are considering filing Chapter 7 bankruptcy, the Law Offices of Richard S. Feinsilver can help. We are experienced New York Chapter 7 bankruptcy lawyers, with offices in Nassau, Kings, Queens, and Suffolk counties. Our bankruptcy lawyers are well-versed in the new Chapter 7 bankruptcy law and serve New York, including Brooklyn and Long Island.

Chapter 7 bankruptcy is that section of the U.S. Bankruptcy Code that deals with asset liquidation, which means the selling of all non-exempt assets by a court appointed trustee, who applies the proceeds of the sale to pay your creditors. In return, a debtor receives a discharge, which releases a debtor from all dischargeable debts, and orders creditors to forever stop their attempts at collection of the discharged debts.

Once a debt is discharged, a debtor is forever relieved of the obligation to pay a debt. Some debts cannot be discharged. A few examples include certain taxes, alimony, child support, student loans, debts not listed in the Chapter 7 petition, and debts incurred as a result of defrauding or misleading a creditor.

TThe Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has changed a number of the eligibility requirements to file a petition for protection under Chapter 7.

For information about the new Bankruptcy Law and its affect on you, please read our latest Bankruptcy Newsletter. It will also inform you about such matters as Chapter 13, Chapter 11, personal and business bankruptcy.