Bankruptcy in Long Island, New York - Jacoby and Jacoby
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Chapter 7 Bankruptcy

If you have more bills than you can handle, and you feel as if you cannot get control over your finances on your own, Chapter 7 bankruptcy may be the option for you.  Chapter 7 of the bankruptcy code involves the liquidation of a debtor’s assets.  When a person declares Chapter 7 bankruptcy, their property will be sold and the proceeds will then be distributed to creditors to pay off outstanding debts. 

The attorneys at Jacoby & Jacoby can help you declare Chapter 7 bankruptcy and will guide you through the process, and will provide you with vital information every step of the way.  Filing Chapter 7 bankruptcy can be complicated, especially for those with no knowledge of bankruptcy law.  There are many procedures which must be followed and many find it beneficial to have an attorney helping them gather paperwork and fill out the necessary forms.  A Long Island bankruptcy attorney from our firm can help you file the following with bankruptcy court:

  • A schedule of current income and expenditures.
  • A statement of financial affairs.
  • A schedule of executory contracts and unexpired leases.
  • A certificate of credit counseling
  • A copy of any debt repayment plan developed through credit counseling.
  • Evidence of payment through employers received 60 days before filing.
  • A statement of monthly net income and any expected increases in income or expenses after filing.
  • A record of any interest the debtor has in federal or state education or tuition accounts.

Not only do all of the above need to be filed, but individuals declaring Chapter 7 bankruptcy will also need to provide the following information with the help of their New York bankruptcy lawyer: 

  • A list of all creditors and the amount and nature of their claims
  • The source, amount, and frequency of the debtor's income
  • A list of all of the debtor's property
  • A detailed list of the debtor's monthly living expenses, i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc.

For help with Chapter 7 bankruptcy, contact a Long Island Bankruptcy Lawyer at Jacoby & Jacoby today!

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