In a Chapter 7 Bankruptcy, you do not make any payments to creditors. A Chapter 7 Trustee is appointed to administer your real and personal property, and determines whether to sell it to pay off your creditors. This decision is based on factors such as whether the value of the property exceeds the amount of debt on the property, the nature of the exemption claimed on the property, and costs associated with the sale or liquidation of the property. Generally, and except for judgment liens, you cannot affect mortgages or vehicle loans in a Chapter 7. There are also income restrictions on qualifying for a Chapter 7. Although Chapter 7 business debtors do not received discharges, a filing may benefit your business under certain circumstances. During your initial consultation, Attorney Scott M. Charmoy will discuss the advantages and disadvantages of filing a Chapter 7, as well as what to expect.
Please contact Attorney Scott M. Charmoy at (203) 255-8100 to discuss your case.