In a Chapter 7 bankruptcy, also known as a liquidation, your credit card debt, medical debt, and much other debt can be completely wiped out.
The idea of liquidation is that your assets will be sold and the proceeds distributed to your creditors. However, in the majority of Chapter 7 cases, a debtor either does not have significant assets or all assets he or she does have fall under exemption under New York or federal law.
Child support obligations are not dischargeable under Chapter 7 bankruptcy, nor are student loans for the most part. Additionally, if you owe on a car or a home and wish to keep it, you’ll need to become current on those payments and continue to make them until the debt is paid in full. But if you’re suffering under the weight of huge credit card and medical debt, getting those wiped out can free up funds so that you can keep your car and home and manage your non-dischargeable debt.
Call us if you’d like to make a fresh financial start.
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Bradley R. Bailyn, Esq. , Founder
Bailyn Law provides comprehensive legal and advisory services to closely held and family businesses seeking to capitalize on opportunities, avoid or mitigate risks and create long-term stability through good management and diligent business decisions. We help owners and directors structure successful transactions to improve profitability and liquidity including purchasing and selling entire companies or certain assets, restructuring the ownership, management and operations of the business, raising capital or entering joint venture agreements. We serve as general counsel for our clients, fulfilling daily needs and building long-term relationships of trust and confidence.
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The Bailyn Law Firm, P.C
6301 Mill Lane
Brooklyn, NY 11234
One Rockefeller Plaza, Tenth Floor
New York, NY 10020
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