Bankruptcy Services
Legal solutions designed to relieve debt burdens and guide you toward financial stability
Chapter 7 Bankruptcy Benefits
Get a Fresh Financial Start
Chapter 7 bankruptcy, often called "liquidation bankruptcy," offers the fastest path to eliminating overwhelming debt. Unlike repayment plans, Chapter 7 allows qualifying individuals to discharge most unsecured debts in just a few months, providing the freedom to rebuild a solid financial life.
How It Works
In a Chapter 7 case, a trustee reviews your assets and debts. While certain property is protected under New York and federal exemption laws, non-exempt assets may be sold to pay creditors. For many people, however, all or nearly all of their property is exempt, meaning they keep everything they own while eliminating their debt.
Who Qualifies?
Not everyone qualifies for Chapter 7. The bankruptcy code includes income requirements and other limitations to determine eligibility. That's why it's essential to understand your specific situation before filing.
Is Chapter 7 Right for You?
The only way to know if you qualify for this powerful debt relief option is to review your unique circumstances. Book your free consultation with us today to find out if Chapter 7 is the right path for your financial fresh start.
Chapter 13 Bankruptcy
Reorganize Your Debt and Keep Your Property
Chapter 13 bankruptcy, known as "debtor in possession," allows you to keep your assets while repaying debts through a court-approved payment plan. If you have a steady income but need relief from overwhelming debt, Chapter 13 provides a structured path to financial recovery.
How It Works
Instead of liquidating assets, Chapter 13 reorganizes your debts into one monthly payment spread over 3 to 5 years. You make payments to a bankruptcy trustee, who distributes the funds to your creditors according to your court-approved plan. This stops creditor harassment, wage garnishments, and foreclosure proceedings immediately.
Key Benefits
Chapter 13 is particularly valuable if you're behind on mortgage or car payments. It allows you to catch up on arrears over time while keeping your home and/or vehicle. Some unsecured debts may be reduced, and after completing your plan, the remaining eligible debts are discharged.
Who Should Consider Chapter 13?
This option works best for individuals with regular income who want to protect their property, catch up on secured debts like mortgages, or don't qualify for Chapter 7. Your plan length depends on your income relative to median income levels.
Find Out If Chapter 13 Is Your Best Option
Every financial situation is unique. Schedule your free consultation today to explore whether Chapter 13 bankruptcy provides the debt relief and asset protection you need.
Additional Practice Areas
Bankruptcy Services Frequently Asked Questions
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy allows discharge of many unsecured debts, including credit cards and medical bills, providing a fresh start.
It involves a case review, document preparation, filing, and representation at mandatory creditor meetings.
Who qualifies for Chapter 7 Bankruptcy?
Individuals with limited income and significant unsecured debt typically qualify for Chapter 7 bankruptcy relief.
Eligibility is determined through a means test assessing income against state median levels.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy establishes a court-approved repayment plan to address debts while protecting property.
The process includes plan development, filing, and legal representation through plan confirmation.
Who should consider Chapter 13 Bankruptcy?
Individuals with steady income who want to retain assets and repay debts over time benefit from Chapter 13.
This option suits those unable to qualify for Chapter 7 or seeking to avoid asset liquidation.
How long does the bankruptcy process take?
Chapter 7 cases typically conclude within four to six months after filing.
Chapter 13 cases last three to five years, depending on the repayment plan terms.
What debts can be discharged through bankruptcy?
Unsecured debts like credit card balances, medical expenses, and personal loans are often dischargeable in Chapter 7.
Chapter 13 allows repayment of secured debts while discharging some unsecured debts over time.
What support does Delain Law Office provide during bankruptcy?
We offer thorough case evaluation, document preparation, filing assistance, and representation at all required proceedings.
Our team maintains clear communication and personalized guidance throughout your bankruptcy journey.
Ready to Take the Next Step?
Contact Delain Law Office today to schedule your free consultation and get clear answers about your bankruptcy options. During your appointment, you'll speak directly with attorney Nancy Baum Delain, who will review your financial situation, explain which chapter of bankruptcy may be right for you, and outline the specific steps involved in your case.
You don't have to navigate this alone. With over 21 years of dedicated bankruptcy experience, we'll help you understand your options, answer all your questions, and create a path forward that makes sense for your unique circumstances. From your first consultation through the completion of your case, you'll have experienced guidance every step of the way.
Schedule your consultation now and start your journey toward financial relief.
