Bronx Chapter 7 Lawyers
Proudly Serving Clients for More Than 20 Years
Are you unable to keep up with your credit card debt? Have you grown tired of harassing phone calls from creditors? Do you have few assets and a limited income? Chapter 7 bankruptcy can provide you with a fresh financial start by eliminating a majority of your debt. By sitting down with our skilled and compassionate Bronx Chapter 7 bankruptcy lawyers, you can determine if this is an option that will work for you.
At Park & Nguyen, we help our clients develop an individualized plan for debt relief. With 20 years of experience our attorneys offer sound advice about bankruptcy eligibility and debt reorganization options.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is one of four main chapters in the United States bankruptcy code. This process is for individuals with few to no assets and an income that is at or below the federal median income guideline. These individuals must also be able to pass the bankruptcy means test.
In Chapter 7 bankruptcy, the proceeds from asset liquidation, or a sale of the debtor's non-exempt property, are used to resolve their debts. Any remaining debt balance is typically forgiven and the person is usually able to keep a car, home, and furnishings.
Do I Qualify For Chapter 7 Bankruptcy?
To qualify for Chapter 7 bankruptcy in New York, you must meet certain requirements.
To Qualify for Chapter 7, You Must Make Sure That:
- You are able to pass the “means test”.
- You have enough disposable income to repay your debt and live comfortably.
- You do not have debt discharged from a previous bankruptcy.
- You do not have a previous bankruptcy case that was dismissed 180 days ago.
- You completed a credit counseling course that is approved by the U.S. Bankruptcy Trustee 180 days before filing.
- You did not defraud creditors.
If you had debt discharged in a previous Chapter 7 case within the past eight years or through Chapter 13 within the past six years, you cannot file for Chapter 7.
The Chapter 7 Means Test
A Chapter 7 means test takes your monthly average income from the past 6 months before filing and compares it to the median income of a similar household in your state. If your income is less than the state’s median, you will automatically qualify for filing Chapter 7 bankruptcy. Though median incomes vary state to state, most applicants have no issue passing the means test since they already have financial issues and tend to be making very little money at the time of filing.
What if My Income is Above the Median?
In the event of you having a higher income than your state’s median, you still have a few options for filing Chapter 7 bankruptcy. Since the means test just weighs your income versus your expenses, you can follow through with completing the entire means test instead of trying to qualify based on your income alone. In the event you are left with no disposable income after subtracting allowable expenses from your income, you would be eligible filing for Chapter 7 bankruptcy.
What Happens When You File Chapter 7?
- Automatic Stay is Triggered: Immediately after the bankruptcy petition is filed, it triggers an automatic stay, which halts creditor actions and collections. This means that creditors must cease all effects to collect your debts -- this includes lawsuits, wage garnishments, and harassing phone calls.
- Bankruptcy Trustee Assigned to Your Case: Upon filing, a bankruptcy trustee will be assigned to your case. The trustee is responsible for reviewing your bankruptcy documents, verifying your financial information, and overseeing the proceedings. They will play a crucial role in the administration of your bankruptcy case.
- Attend the 341 Meeting of Creditors: This meeting is conducted by the bankruptcy trustee and provides an opportunity for the trustee and any interested creditors to ask you questions about your financial situation and the information provided in your bankruptcy documents. In most cases, creditors do not attend these meetings.
- Complete A Debtor Education Course: Before receiving a discharge, you must complete a debtor education course, which is designed to provide you with financial management skills to help you make better financial decisions in the future. This course is typically taken online or over the phone and must be completed through an approved provider.
- Discharge of Debts: In most bankruptcy Chapter 7 cases, you can expect to receive a discharge of your eligible debts within three to six months from the date of filing. The discharge order eliminates your personal liability for those debts, providing you with a fresh financial start.
Contact Our Bronx Chapter 7 Bankruptcy Lawyers
You may have seen advertisements for various document services willing to handle your Chapter 7 or Chapter 13 bankruptcy paperwork. While they may complete your documents accurately, they will not be by your side in bankruptcy court. They will also not be there to protect your best interests.
At Park & Nguyen, we offer support from day one through the completion of the process. Our Bronx bankruptcy 7 attorneys understand your fears and will provide you with solid advice, meticulous document preparation, and dedicated courtroom representation.
Why Choose Our Chapter 7 Bankruptcy Lawyers?
- Decades of Experience on Your Side
- Free & Confidential Consultation
- Unique Solutions Tailored to You
- One-on-One Interaction with Your Attorney
- Your Case Is Never Passed Off to a Paralegal
- Reasonable Rates & Payment Plans
Get the help you deserve to reach a fresh financial start. We offer reasonable rates and flexible payment plans to our bankruptcy clients.
Call our Bronx chapter 7 lawyers at (718) 514-7886 to learn more about your debt liquidation options.
I highly recommend Park & Nguyen to everyone in needed of a firm. Peter Nguyen was extremely knowledgeable of my situation and about the process I needed to take care of my issue. He guided me throughout the entire way and assured that i was taken care of in a professional and sincere manner. I would, without any doubt recommend him and his services to all in need. Without any hesitation I would hire him again if needed.- Aurea Rivera
If you're ever looking for a GREAT lawyer, John S. Park Is the BEST!!!! He took my accident case back in May 2014. The staff is very friendly and always helpful in answering all your requests. Leandra, one of the secretaries, was always so nice and made sure she had all my documents for my case. John Park is right there with you, by your side and you never have to go through anything by yourself. If I ever need a lawyer again, there's no hesitation that I will call John Park again. THE BEST IN THE BRONX !!!!- Sonia
I highly recommend Park and Nguyen if you ever need a good lawyer. The staff is top notch. They were able to allay my worries. A++++ Thank you for all of your services.- Maria
I was dealing with a very difficult time in my life, and Mr. Peter Nguyen made the entire process easy. He treated me with respect, and at the same time helped me understand what I was going through. He also explained what options I had for the future. I highly recommend Mr. Peter Nguyen to all my friends.- Pedro
Great Service and Professional staff. I am completely SATISFIED, I highly recommend Peter T. Nguyen. He helped me with the entire Process step by step. I would definitely recommend Mr. Nguyen to all my family and friends.- Brenda
Thank you to my attorney John Park and his associates for taking me as a client. They are a professional team that came highly recommended by a lawyer friend. She sent me to the right firm. Mr. Park saw my case through and I am very grateful for his services and kindness.- Margaret
Park and Nguyen is a wonderful firm. Before my consultation, I felt uncertain and ashamed. After my consultation, I felt reassured and encouraged. The staff is friendly, kind, and supportive, especially attorney Peter T. Nguyen. Mr. Nguyen is informative and reassuring. He was extremely thorough during the process. I highly recommend Park and Nguyen!- C. Bond
I was going through a rough time in my life and was not sure of my options. I spoke with a few lawyers and was given random information. The first time I called Park and Nguyen, I spoke with Ms. Bernice Irizarry. With her knowledge and empathetic personality, she made me feel so comfortable and provided options. I was very pleased with my results and now my mother is working with Park and Nguyen. They helped me get my life together I am so grateful especially Ms. Bernice! She knows what she’s doing and she a GEM!- Kishea