Individuals who are not able to pay their bills often don’t want to consult a lawyer due to embarrassment. Our lawyers will never judge your situation. We understand that life happens and unforeseen circumstances can impact one’s financial ability to pay the debt. Individuals who are being garnished, facing foreclosure, or have creditors suing them can file a Chapter 7 bankruptcy to get out of debt.
A Chapter 7 bankruptcy starts with the filing of a bankruptcy petition. The bankruptcy petition contains schedules that list your financial history, income, employment, de
bts, and assets. The petition asks the Court for relief from creditors.
As soon as our bankruptcy lawyers file a bankruptcy petition, on your behalf creditors are not allowed to continue any collection actions against you. This means foreclosures, garnishments, and lawsuits must immediately stop.
Chapter 7 Bankruptcy Petition
The Chapter 7 bankruptcy petition is the most important part of the bankruptcy process. The paperwork can be long and confusing for someone who has never seen it before.The paperwork asks for detailed information about a debtors assets, income, financial history, codebtors, leases, property, businesses, creditors etc. Our bankruptcy lawyers will ensure that this paperwork is filled out properly.
In the petition, individuals are asked to provide detailed information about their assets. In chapter 7 bankruptcy, assets can be kept as long as they fall under an exemption. New York and New Jersey allow you to use Federal and State exemptions (but not both) to exempt property. This can be confusing and having a knowledgable bankruptcy lawyer to help ensure your exemptions are handled correctly is vital. Any property that is not exempt can be taken and sold to pay your creditors.
The Means Test will also need to be completed when you file a Chapter 7 bankruptcy. The Means Test is what determines if you qualify for a Chapter 7 bankruptcy. If you file your bankruptcy petition and don’t qualify under the Means Test, your case will be dismissed and you won’t get your discharge. Our lawyers will review your employment history and wages to ensure that you can qualify for a chapter 7 bankruptcy.
Bankruptcy Court
The next step in the Chapter 7 bankruptcy process, is the Court hearing. This is also called the 341 Meeting of Creditors. At this hearing, you will be questioned by a Trustee. The Trustee is an attorney that represents your creditors.
This Court hearing is held one month after your case is filed, and every individual that files bankruptcy will be required to attend the hearing.
The bankruptcy hearings are located in different districts. If you live in Staten Island your hearing will be heard in downtown Brooklyn. If you live in Union City, New Jersey your hearing will be heard in Newark. Our lawyers represent clients in all the courts in and around Manhattan, Central Islip, Trenton, Camden.
At the hearing, the Trustee will swear you in underneath and have you testify about the contents contained in your bankruptcy petition. Each meeting takes approximately 10-15 minutes. At this meeting, creditors can object to your discharge. No worries! this rarely happens. Creditors only object if there is a recent unusual charge or any type of fraud.
The Trustee will request documents before this meeting. Our lawyers will send your assigned trustee all of the necessary documents before your meeting to ensure that your case is handled efficiently.
If everything goes well at the hearing, the Trustee will close the meeting. This is usually a good sign that your case is moving along properly. After the meeting is closed creditors can object to your discharge.
Creditors will only object to your discharge if you charged a bunch of stuff on the cards before filing bankruptcy or you lied about things in your petition. If you conceal or lie about assets in your petition and creditors object, this can look like fraud. It is important to be open and honest on your bankruptcy paperwork.
Our lawyers appear in front of the Trustees over and over. We are familiar with the types of questions that you will be asked at your bankruptcy hearing. Hiring our law firm to attend the hearing with you can put your mind at ease. We will prepare you for Court so that you feel comfortable. We will make sure to be there every step of the way. Our job is to alleviate the stress off you as much as we can. By using our lawyers will do our best to get you a bankruptcy discharge in your bankruptcy case.
Chapter 7 Discharge
About three months after your meeting, you will get a discharge in the mail. The notice will say “Discharge of Debtor” and inform you that you are no longer liable for your debts. This means that creditors will no longer be able to collect on these debts and you can start over fresh! 
Building Credit After Bankruptcy
After a Chapter 7 bankruptcy, you can begin rebuilding your credit. Although Chapter 7 stays on your credit for 10 years, you can have perfect credit within two years. Our lawyers will work with you to help you start rebuilding and improving your credit score. Individuals who file bankruptcy can get credit cards immediately after filing their bankruptcy. If you want to buy a house, some lenders will extend a mortgage loan just after two years of filing bankruptcy.
From the day your bankruptcy is over, it is important to start taking the right steps towards rebuilding your credit score. By having your debt wiped away, this should give you room to start paying things off on time instead of paying high interest and surcharges.
Contact Our New York & New Jersey Lawyers
Karra L. Kingston Esq. is committed to helping you file a Chapter 7 bankruptcy and start over. We offer flexible payment plans and hold your hand each step of the way. Our lawyers help individuals file bankruptcy all over New Jersey, Staten Island, New York, and Brooklyn. Call us today to determine if filing bankruptcy is right for you and see if you qualify for a Chapter 7 bankruptcy. You can reach us at 973-979-9078 or email us at karra@klkbankruptcylawyer.com
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