New York City Chapter 7 Bankruptcy Lawyers and Debt Relief Attorneys
If you are facing financial hardship, filing for Bankruptcy may pave the way to finding relief from overwhelming debt and provide you with a financial fresh start. Bankruptcy is a legal process that is meant to get rid of people’s debt. Federal bankruptcy laws are intended to allow debtors a way out of mainly heavy debt and provide consumers and businesses a fresh start where all other options have failed or have been exhausted.
There are different kinds of bankruptcies and some are available only in certain circumstances. Contact a qualified bankruptcy lawyer at Villamar & Mewafy and schedule a free consultation to find out if filing for bankruptcy is suitable for you under your circumstances.
Debt Relief Under Chapter 7 “Liquidation” Bankruptcy
A Chapter 7 bankruptcy, also known as “liquidation,” is one of the most commonly filed form of bankruptcy in the State of New York. Under this form of bankruptcy, creditors receive payment by selling your assets, if any and you are then relieved from your debts. However, most chapter 7 cases are “no asset” cases; this means that you, the debtor, do not have any non-exempt property for the trustee to see and pay your creditors.
When filing for bankruptcy, it is important to know that there certain property exemptions that allow you to keep certain property and protect such property from your creditors’ claims. For example, exempt property may include real estate such as a residence, retirement accounts or social security benefits.
Our experienced bankruptcy lawyers will gather a list of all your assets and will plan accordingly to exempt and protect your property from your creditors.
Benefits of Filing for Chapter 7 Bankruptcy and the “Automatic Stay”
Once you file for bankruptcy, an “Automatic Stay” begins and protects you from creditors as well as bill collectors. The “Automatic Stay” stops any lawsuit that is filed against you by a creditor, collection agency or any other person seeking money from you. As long as the Stay is in effect, creditors may not initiate or continue Wage Garnishments and may not contact you to demand payments.
Experienced Chapter 7 Bankruptcy Lawyer Representing Debtors in Queens, New York.
Overwhelming debt is an unfortunate reality for many people. Dealing with collection agencies, creditors can be daunting and stressful for you. If you are considering filing for bankruptcy, it is important to know about the process and how it will affect you. Speaking with a New York Chapter 7 Bankruptcy attorney can help alleviate the stress and burdensome of debt that you are facing. At Villamar & Mewafy, PLLC, we are here to help you and guide you through this difficult financial time.
Contact a New York City Chapter 7 Bankruptcy Attorney for Free Case Evaluation
If you are looking for a Chapter 7 Bankruptcy lawyer, look no further. Contact our office to schedule a free consultation or by simply completing the contact form on our website. We are honored to answer any questions that you may have and we look forward to serving you.
The Law Office of Villamar & Mewafy, PLLC proudly provides Bankruptcy services to Debtors residing in New York City, including but not limited to, Forest Hills, Astoria, Bayside, Corona, Elmhurst, Far Rockaway, Flushing, Jackson Heights, Jamaica, Kew Gardens, Middle Village, Ozone Park, Sunnyside, Woodside, Bronx County, Bay Ridge, Bensonhurst, and the downtown Brooklyn area.