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New York Bankruptcy Lawyer
By T.Going
New York – Chapter 7
In the United State, Chapter 7 is the most common type of filed. It is the process of liquidating assets to pay off creditors.
When an individual files for they are many times allowed to keep certain exempt properties such as real estate mortgages. Other, non-exempt assets are then used for liquidation to pay back creditors. Other types of exemptions that are common include child support, taxes, student loans etc.
One bad aspect of filing for personal is that it will stay on your credit report for ten years. Obviously, this makes applying for new credit less favorable, although there are too many factors involved to say that conclusively.
Businesses can also file for Chapter 7 which means that the business intends to sell all its assets and distribute the proceeds
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to its creditors, before ceasing operations. This sometimes means that employees will lose their jobs, but sometimes entire sections of the company are sold intact to other companies.
In 2003, there were 1,156,284 filings for Chapter 7 by individuals, and 21,008 filings for businesses. According to the Administrative Office of the U.S. Courts, cases filed in 2004 fell 2.6 percent.
Filing for can be one of the most important financial decisions one can make. It is always best to have someone who is experienced and knowledgeable in law there to help you through the process. Contact an experienced lawyer today. To learn more about hiring a qualified lawyer, please visit www.newyorkbankruptcyattorney.com This article may be freely reprinted as long as this resource box is included and all links stay in tact as hyperlinks.
View their website at: www.newyorkbankruptcyattorney.com
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