If you, the debtor, meet the necessary criteria, filing for Chapter 7 Bankruptcy might be a wise choice. Many debtors prefer Chapter 7 over Chapter 13 because Chapter 7 Bankruptcy discharges a larger number of debts. However, there is a catch. A debtor has to qualify for Chapter 7 filing by making below a certain amount of income. The trustee of the debtor also sells some of the creditor’s property that is not exempt. The money is then used to pay creditors and debt is discharged. Although the debtor does lose some property, Chapter 7 allows the debtor to start over quickly and rebuild credit without losing all future income. Most debt can be discharged, with the exception of some tax debt, child alimony, student loans, and debts acquired via fraud/ illegal activity. Chapter 7 typically lasts a few months when compared to Chapter 13, so debts are discharged quickly.
If you cannot seem to pay off your debt- give us a call today and schedule a free consultation. We will help you achieve the financial freedom you so strongly crave.
Fridlin & Associates, P.C.
1517 Voorhies Ave. Suite 4
Brooklyn, NY 11235
(718) 372- 4400