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Many individuals file for Chapter 7 bankruptcy. This type of bankruptcy is creates a fresh start for the debtor by discharging their all of their debt through liquidation. Upon filing for a Chapter 7 bankruptcy a bankruptcy court reviews the individual’s finances. The bankruptcy trustee then compares the debtor’s assets and income to their liabilities. Majority of the debtor’s assets are then liquidated and divided among all of the creditors in equal shares. These equal shares represent the debtor’s full liability to the creditor. Upon receiving their equal share the creditor is no longer allowed to try and collect of that debtor’s debt.
If you are considering filing for bankruptcy, you should seek the assistance of a qualified attorney. Jayson Lutzky has over 29 years of experience practicing bankruptcy law and has worked for thousands of satisfied clients. To set up a free initial consultation, contact the law offices of Jayson Lutzky, P.C.at (800) 660-5299 or contact us via our website, www.BankruptcyNYC.com.