Chapter 7
New York and New Jersey Chapter 7 Bankruptcy Attorneys
The Kridel Law Group is not your run-of-the-mill bankruptcy law firm. We handle hundreds of bankruptcy filings each year on behalf of both individuals and businesses. We have a special focus on complex and adversarial bankruptcy proceedings in which disputes are likely to arise.
Our team of attorneys includes one with an advanced degree in tax law, and a number who are certified by the Supreme Court of New Jersey as civil trial law attorneys.
Do Not File a Bankruptcy Petition Without a Thorough Financial Analysis
The Kridel Law Group is also known as a law firm that undertakes a thorough analysis of each client's financial circumstances before recommending a course of action. Bankruptcy is not a cure-all. It is a major undertaking with long-term financial consequences.
We clearly explain to every client the benefits and disadvantages of bankruptcy in their individual situation, including any tax consequences, and guide our clients toward a decision that best protects their long-range financial interests.
With offices in Manhattan and in Clifton, New Jersey, we are well situated to provide convenient access to powerful legal assistance. To learn more about our law firm, contact our office to make an appointment.
What Is Chapter 7 Bankruptcy?
Often referred to as personal bankruptcy or consumer bankruptcy, Chapter 7 is typically the least complicated form of bankruptcy. It is not debt reorganization but debt liquidation. Not all individuals and businesses are eligible for Chapter 7 bankruptcy, however. The petitioner must pass a Chapter 7 bankruptcy means test before filing a Chapter 7 petition. The test does not measure straight income; instead, the means test measures assets against debts. The petitioner must show a high ratio of debts to income and assets. If the means test is not met, you may still be able to qualify for Chapter 13 bankruptcy.
If the means test is met, the petitioner attends a debt counseling session approved by the bankruptcy court. Next, Chapter 7 bankruptcy petition is filed with the bankruptcy court. After the petition is filed, you and your lawyer must attend a meeting of your creditors, at which they may object to the discharge of specific debts. At the conclusion of the proceedings, the bankruptcy court will order the liquidation of any eligible assets to partially repay debts and discharge all your remaining eligible debts.
A bankruptcy lawyer from The Kridel Group will help determine which debts are subject to liens or otherwise non-dischargeable, and may also identify which creditor's claims may not, in actuality, be valid.
Contact The Kridel Law Group
To learn more about your Chapter 7 bankruptcy options, contact The Kridel Law Group. We have offices in Manhattan and Clifton, New Jersey.
