Chapter 7 bankruptcy, also known as “liquidation” or “straight bankruptcy” is the process where debtors can get rid of their debts and receive a fresh start while the debtor’s assets are sold to ensure that creditors receive payment. If you're struggling with excessive financial debt, you may benefit from the help of a skilled Chapter 7 attorney.
Some advantages of Chapter 7 include the individual being able to retain future income that is not part of the bankruptcy estate, no limit on the amount of debt they may have, and a faster more concise debt-relief process. With Chapter 7, the debtor also has more freedom in that they do not have to follow a court-approved repayment plan. However, it does have drawbacks including the loss of personal property, a depressed consumer credit score, and increased difficulty obtaining a mortgage.
With each type of bankruptcy there are varying rules depending on your individual circumstance. With his experience as a chapter 7 attorney for Albany, Clifton Park, NY, and the surrounding area, Guy J. Criscione uses his experience in Chapter 7 & Chapter 13 bankruptcy law to help clients navigate the confusing and often overwhelming bankruptcy process.
Start working towards a brighter future with Guy J. Criscone. With the assistance of our skilled staff, our clients can better understand the bankruptcy process and what it means for the future of their family. Our commitment to your satisfaction and success means that you can expect unmatched service every step of the way.
If you are facing bankruptcy and all hope seems lost, make the call to Guy J. Criscione, Attorney at Law today.