Article provided by: Law Office of William Waldner
The Law Office of William W. Waldner has experience helping people file for Chapter 7 and Chapter 13 bankruptcy to eliminate or reduce financial debts. When consumers cannot repay debts or manage loans, Chapter 7 bankruptcy can offer a legal resolution for people who are struggling financially.
Bankruptcy can benefit individual consumers, small businesses, and debtors by offering fair resolutions for mounting debt or delinquent loans. There are advantages and disadvantages of Chapter 7 that deserve consideration before pushing forward with liquidating valuable assets.
At the Law Office of William W. Waldner, we can explain the process of Chapter 7 bankruptcy. Chapter 13 bankruptcy cases are another financial sector our law office has mediated during our multiple years in legal service.
Our legal staff can be your bankruptcy Chapter 7 guide while you navigate through the debt resolution process. Not everyone who files for bankruptcy qualifies for debt forgiveness or consolidation, but we might offer useful assistance to enhance your chance of a favorable outcome.
What is Chapter 7 Bankruptcy?
Chapter 7 differs from Chapter 13 bankruptcy in multiple aspects, but each financial option comes with pros and cons. When filing for Chapter 7, individuals must prepare themselves to liquidate assets to repay creditors for outstanding debts.
After completing the initial filing process for Chapter 7, a stay is placed on debts and loans to prevent foreclosures and repossession proceedings. Creditors cannot charge extra fees or fines once a stay has gone into effect for your accounts, which eliminates excessive debt from piling upon your existing troubles.
At the Law Office of William W. Waldner, we can explain every step involved with filing for Chapter 7 or Chapter 13 bankruptcy. With Chapter 7, individuals can start anew because previous debts can be subject to discharge if the courts approve your motion. After completing the filing proceedings, you will not have any unsecured financial debts to repay aside from federal loans and child support costs.
Chapter 7 Vs. Chapter 13 Bankruptcy: Identifying Essential Differences
Chapter 13 bankruptcy differs from Chapter 7 because Chapter 13 is categorized as a reorganization bankruptcy. Unlike Chapter 7 applicants, those who file for Chapter 13 must repay an agreed-upon portion of their unsecured debts.
Chapter 7 involves asset liquidation, but Chapter 13 bankruptcy prevents individuals from losing their homes. Discharged debt under either bankruptcy chapter is no longer valid or under obligation for repayments.
Businesses cannot file for Chapter 13 bankruptcy, as it is reserved for individuals and sole proprietors. Filing for bankruptcy is a decision that requires careful consideration, but you can seek advice from the legal experts at the Law Office of William W. Waldner.
Chapter 7 bankruptcy proceedings permit a court-appointed trustee to disperse assets and property to repay any creditors through liquidation. The process for Chapter 7 can take as little as three months to complete from start to finish.
Bankruptcy Chapter 7 Resource Assistance
The Law Office of William W. Waldner offers free consultations to anyone seeking assistance with unmanaged or uncontrolled debts. Please call 914-559-9500 to receive bankruptcy services done right the first time!