Chapter 7 Bankruptcy Lawyers in Schenectady
Helping Clients Secure Debt Relief
Problems with consumer debt are very common throughout the U.S. People can experience trouble when they lose a job or source of income, or they may suddenly fall into a great amount of debt because of a medical emergency. Regardless of how your consumer debt accumulated, it can help to turn toward professional guidance to secure debt relief.
We at DeLorenzo, Grasso & Dalmata have the experience and skills necessary to help our clients discharge debt through Chapter 7 bankruptcy. Bankruptcy can seem like an intimidating process to undergo, but our lawyers can simplify the process for you – so much so that you may not even need to attend any proceedings. When you get help from our Chapter 7 bankruptcy attorneys in Schenectady, relief can be just around the corner, where you need it to be.
For more information and to schedule a free initial consultation, call (518) 299-0314 now!
What Kinds of Debt Can I Discharge with Chapter 7?
At DeLorenzo, Grasso & Dalmata, our attorneys can guide our clients toward ejecting (discharging) various kinds of consumer debt. This is crucial because continuing to hold this debt can only worsen your financial situation due to ongoing interest accumulation and penalty assessments.
There are many different kinds of debt that can be discharged with Chapter 7, such as the following:
- Credit card balances
- Medical bills
- Phone bills
- Unpaid utility bills
- Personal loans
Other secured debts and personal liability on secured debts, like auto loans, can also be wiped out with Chapter 7 bankruptcy. Keep in mind, however, that some debts such as child support, lawsuit judgments, and student loans (in the vast majority of cases), can’t be discharged through Chapter 7.
If you aren’t sure whether or not you can get rid of a certain kind of debt in bankruptcy, contact our Chapter 7 bankruptcy lawyer in Schenectady for help today!
What Happens During Chapter 7 Bankruptcy?
When you file for Chapter 7 bankruptcy, an automatic stay goes into effect. This stops most of your creditors from attempting to collect on what you owe to them. For example, an automatic stay prevents a creditor from garnishing wages or even foreclosing on your home. If you are in the middle of court proceedings for a collection action (such as foreclosure) when you file for bankruptcy, the automatic stay stops these proceedings in their tracks.
Chapter 7 bankruptcy is sometimes called “liquidation bankruptcy.” This is because almost everything you own is subject to cash liquidation to repay your creditors. As your bankruptcy case proceeds, a trustee will be assigned to your bankruptcy estate and tasked with selling off your property to cover your debts. If liquidation doesn’t completely repay your debt to your creditors, a judge is likely to discharge the remaining amount.
Will I Lose Everything in Chapter 7?
People commonly fear that Chapter 7 will mean losing everything they own, but this is very unlikely to happen.
While much of one’s property can be subject to liquidation, there are important exemptions people can use to protect household items that can include clothing, furniture, certain appliances, cell phones, kitchenware, and other such items from liquidation. It may even be possible to protect equity in a home or vehicle as well.
If you intend to take advantage of any exemptions, it’s best to consult with a Chapter 7 bankruptcy lawyer in Schenectady who can advise you of your options.
Contact DeLorenzo, Grasso & Dalmata for Help Today!
If you are considering debt relief through Chapter 7 bankruptcy, don’t hesitate to contact our experienced legal team at DeLorenzo, Grasso & Dalmata. We have more than 150 years of collective experience when it comes to helping our clients deal with complicated legal matters involving their debt.
If you want to learn more about what our Chapter 7 bankruptcy lawyers in Schenectady can do for you, contact us online now.