Discharging Your Debt
Discharge of Debt in Queens
Discharging Debt Through Chapter 7 Bankruptcy
When dealing with mounting debt it is important to consider all your options, including Chapter 7, Chapter 11, Chapter 13, and bankruptcy alternatives. Talking with a bankruptcy attorney in Queens is a vital first step on the road to debt relief. If you and your attorney decide that you are eligible to file for Chapter 7, you can begin the process of liquidating your assets to pay creditors.
Bankruptcy Exemptions – What Can You Keep?
Federal and state laws ensure that you can keep many, if not all, of your assets and property during Chapter 7 bankruptcy. These assets include:
- Alimony, child support
- Pensions and retirement savings
- Unemployment, social security, disability
And up to a certain value:
- Your home
- Your car
- Your personal belongings
Discharge of Debt
Once your non-exempt assets have been sold and the earnings have been used to pay your creditors, the remainder of your debt can be discharged by the court. A bankruptcy discharge means that you are released from personal liability to pay this debt. Creditors cannot take any action against you to collect on this debt. There are debts that are non-exempt cannot be discharged, including child support, alimony, certain tax debt, and student loans (in most cases).
The Law Offices of Bruce Feinstein, Esq. can help you establish which of your assets are exempt during Chapter 7 bankruptcy. By offering personalized service and legal expertise, the firm can help you keep as much as possible while working to get out of debt quickly. They have worked on thousands of cases, and are well prepared to help their clients through the entire bankruptcy process.
Bankruptcy Lawyer in Queens
If you are considering bankruptcy, Bruce Feinstein, Esq. is prepared to take you through all the options available to you. And if you are uncertain, he will make sure you know about alternatives to bankruptcy and help you make the right choice. He and his team are dedicated to getting their clients out of debt, and their quality representation has proved time and again that they will always litigate for consumers’ rights.