Long Island Bankruptcy Lawyer

Call Toll-Free
(888) 452-2629
Local (631) 289-4600

Bankruptcy Offices throughout Long Island, New York
Long Island Bankruptcy Attorney Firm Overview Attorney Profiles Evaluation Form Contact Our Firm
Bankruptcy Areas of Practice
Long Island Bankruptcy
Alternatives to Bankruptcy
Bankruptcy Exemptions
Bankruptcy FAQs
Bankruptcy Law
Bankruptcy Overview
Consolidate Your Bills
Creditor Harassment
Debt Consolidation vs Settlement
Discharging Debt
Eliminate Your Bills
Filing Jointly
Foreclosure
Freezes On Your Bank Accounts
Is Filing Bankruptcy Right For Me?
Life After Bankruptcy
Loan Modification
Repossession
Tax Debt & Bankruptcy
The Jacoby and Jacoby Difference
The Means Test
Top Bankruptcy Myths
Types of Bankruptcy
Chapter 7
Why Chapter 7 Bankruptcy?
Chapter 13
Why Chapter 13 Bankruptcy?
Chapter 7 vs. Chapter 13
Wage Garnishments
Why Hire a Bankruptcy Attorney
Your Bankruptcy Consultation
Bankruptcy Blog
Bankruptcy Videos
En Espanol
Bankruptcy Law

Advantages of Chapter 7 Bankruptcy

Not everyone will qualify to file for bankruptcy under Chapter 7 of the bankruptcy code. However, you may wish to understand why Chapter 7 bankruptcy may be the right option for you, what potential benefits are associated with this form of bankruptcy and what to expect. A Long Island bankruptcy lawyer at our law firm can address all of these concerns for you during your consultation, but we have also included some basic information about the advantages of Chapter 7 bankruptcy.

Chapter 7, often referred to as "liquidation", involves the surrender of non-exempt assets to the bankruptcy court, where they are sold to pay off creditors. Although this is true, there is actually property that is specifically protected in bankruptcy proceedings. For a debtor who does not have an extensive amount of property and assets that need protection, chances are that most or all of this property will be protected. As such, one advantage of a Chapter 7 case is that the debtor's eligible assets and personal property will be protected from liquidation. Some of the additional benefits of a Chapter 7 bankruptcy include:

  • The discharge of all eligible debt within a reasonable amount of time, sometimes within four months or less.
  • Any amount of debt may be discharged with a Chapter 7 bankruptcy filing.
  • Once you file for bankruptcy, creditors can no longer continue collection efforts. This includes any pending lawsuits.
  • Successfully completed, your Chapter 7 bankruptcy will result in the discharge of all unsecured debt (credit cards, personal loans, etc.)

The specific results that a Chapter 7 bankruptcy in Long Island will have on you will vary depending on your unique case. To discuss whether bankruptcy is right for you and how our firm can help you in filing a Chapter 7 case, contact a Long Island bankruptcy attorney at Jacoby & Jacoby today!

Click here to watch our informative videos
Contact us today to receive a free legal consultation




Leave feedback about our services here.
Bankruptcy Law Visit us on Facebook Follow us on Twitter
Bankruptcy Law
Long Island Bankruptcy Lawyer | Contact Us | Site Map | Privacy Policy

Attorney Web Design

We are a qualified debt relief agency. This is Attorney Advertising. The information on this website is for general information purposes only. Nothing on this or associated pages should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.