Chapter 7 Bankruptcy Attorney in New Hyde Park
Chapter 7 bankruptcy is a legal process allowing individuals and businesses to eliminate debts. It is the most common form of bankruptcy and is often called “liquidation” bankruptcy. The bankruptcy trustee may sell some of your property to pay your creditors. However, most people who file for Chapter 7 bankruptcy do not have any property that is not exempt. At John Lehr, P.C., we can help determine if you qualify for Chapter 7 bankruptcy and guide you through the process.
Who Can File for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is available to individuals, married couples, corporations, and partnerships. However, not everyone is eligible to file for Chapter 7 bankruptcy. You must pass the “means test” to qualify.
You may be eligible for Chapter 7 bankruptcy if:
- Your income is less than the median income for a household of your size in New York.
- Your disposable income is not enough to pay your debts.
- You have not filed for Chapter 7 bankruptcy in the past 8 years.
If you do not qualify for Chapter 7, you may be able to file for Chapter 13 bankruptcy. This is a reorganization bankruptcy that allows you to repay your debts over a 3- to 5-year period.
What Property Can I Keep in Chapter 7 Bankruptcy?
Many people who file for Chapter 7 bankruptcy are concerned that they will lose all their property. However, this is not true. You can keep most of your property in Chapter 7 bankruptcy. This is because the bankruptcy code allows you to exempt certain types of property.
In New York, you can exempt the following types of property:
- Your home, up to $179,975 in equity
- Your car, up to $4,425 in equity
- Your clothing, furniture, and appliances
- Your jewelry, up to $1,150 in value
- Your tools of the trade, up to $3,525 in value
- Your public benefits, including Social Security, unemployment benefits, and workers’ compensation
- Your retirement accounts
If you have any nonexempt property, the bankruptcy trustee may sell it to pay your creditors. However, most people who file for Chapter 7 bankruptcy do not have any nonexempt property. If you are concerned about losing your property, you may want to consider filing for Chapter 13 bankruptcy instead. This is a reorganization bankruptcy that allows you to keep your property.
Our Chapter 7 bankruptcy lawyer can help you obtain debt relief. Call us at (516) 550-5467 or contact us online to get started.
I retained John Lehr as co-counsel in connection with a Chapter 11 bankruptcy proceeding. He is a very competent and capable attorney.- William Cortellessa
I thank God for someone like John. He is an amazing attorney. I had a judgment against me and he gave me a free consultation. He told me exactly what I needed to do. A lot of great advice.- Mike
I'm advising you if anybody going through a bad situation in bankruptcy please consult him cause we can only thank him from the bottom of our hearts.- Bobby
I would call John Lehr at least 5 times a day. He was patient, and very professional in handling my inquiries with ease and clarity. He gave me such peace of mind through my turbulent time. I have referred him to many people because I feel he is such a strong, caring, and professional lawyer.- Mike
Mr. Lehr was punctual and professional. He exceeded all expectations and met all the deadlines I had requested of him. He was able to explain the steps that would be taken in a clear and concise manner that was easily understandable. I would hire again.- Eric
He was extremely professional and promptly responded to all of our concerns. My wife and I are eternally grateful for his service and I hereby recommend Mr. Lehr without reservation.- John
I consulted with John on a complex matter, and he took the time to review the entire docket, asked very relevant questions to indicate he had a good grasp on the case, and gave me very practical solutions on dealing with the matter.- Neil
I was very pleased with Attorney John Lehr’s professionalism, courteousy, and how organized and fast he worked on my case.- John