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How Can I File Chapter 7 Bankruptcy in Onondaga and Westchester County?

Explained by Our Onondaga County Bankruptcy Attorney

Chapter 7 Bankruptcy
Chapter 7 bankruptcy has a reputation for being scary and dangerous. Many people fight longer than they should to avoid seeking Chapter 7 relief. Their embarrassment and concern for their credit prevents them from getting the help they need. If you are feeling suffocated by debt and you are not sure if Chapter 7 is right for you, Onondaga County and Westchester bankruptcy attorney Theodore Araujo can help you figure out your options and understand the process.

What does a Chapter 7 Bankruptcy Do?

A Chapter 7 bankruptcy will discharge your legal obligation to repay most of your unsecured debt, including credit cards, personal loans, medical bills and utilities. You can walk away from the burden of credit card debt and hefty medical bills. You can start over again with the electric company. You can even surrender that expensive house or car that you can no longer afford and walk away owing nothing, with no tax liability and no repayment obligation.

Do I have to Give up All Property in a Chapter 7 Bankruptcy?

Even if you want to keep your house or your car, you can still file Chapter 7. Chapter 7 bankruptcies are liquidation bankruptcies, but that does not mean you lose all of your property if you file Chapter 7. In fact, if you are current on your house and your car and you can show the court that you can afford the payments, you can keep paying your mortgage and your car payment and keep the property. You can protect any equity in your house or any of your other property with exemptions. Under the Bankruptcy Code and New York law, you can protect your house, your car, your furniture, your retirement accounts, your government assistance, your bank account and more.

The impact on your credit is easy to swallow when you finally feel relieved from your debt burden. If debt is strangling you, your credit is most likely already walking the line, and a bankruptcy will certainly not ruin it. After a Chapter 7, although the bankruptcy is on your credit report, you can repair your credit and rebuild it over time, increasing your score significantly within a few years by handling new credit responsibly.

How Can an Attorney Help?

Chapter 7 does not have to be a painful process. The The Bankruptcy Law Center’s experienced and competent Onondaga and Westchester County bankruptcy lawyer can help you assess your financial situation and decide if a Chapter 7 is right for you. Do not let shame, guilt or pride keep you from seeking the relief you need. Bankruptcy attorney Theodore Araujo offers free consultations with straightforward advice, a realistic outlook and absolutely no character judgment. Contact him today; you have nothing to lose and your freedom to regain.