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Howard A. Wurman Attorneys and Counselors at Law

6 Roosevelt Avenue
Suite 2
Port Jefferson Station
New York 11776



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Chapter 7 Bankruptcy is the most common type of consumer bankruptcy action. It is for people whose debts far exceed their ability to pay. In a Chapter 7 Bankruptcy, the debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to creditors. However, do not be alarmed; most assets of average debtors are exempt from the estate, and therefore, the debtor continues to own them. The “exemptions” differ by state and should be discussed more thoroughly with an attorney. A Chapter 7 Bankruptcy generally takes about four to six months from start to finish and usually requires only one trip to court for what is known as a 341 Creditor’s Meeting

The primary purpose of filing a bankruptcy is to discharge certain types of debts owed by the debtor in an effort to give an honest individual a fresh start. The bankruptcy discharge has the effect of extinguishing the debtor’s personal liability on dischargeable debts. Although the filing of an individual Chapter 7 petition usually results in the discharge of most debts, an individual’s right to discharge is not absolute, and some types of debt are not dischargeable. For instance, a bankruptcy discharge does not eliminate a lien or mortgage on real property.

It is also important to know that the filing of a bankruptcy case puts into effect an "automatic stay." The automatic stay immediately stops creditors from trying to collect upon debts that you owe. As a result, at least temporarily, creditors will not be able to go after your car, house or other property, or cut off your utility service or welfare benefits. Further, the "automatic stay" will stop most legal proceedings that may be pending against you and will stop collection efforts. This means as soon as your case is filed, many of your financial problems are usually over.

At Wurman Law Group, P.C., we understand that if you are considering filing for bankruptcy, you undoubtedly will have many questions. Please contact our office to discuss whether a Chapter 7 Bankruptcy is right for you and/or your family.

Call now for a free consultation:
(631) 207-5654

Call Now for a Free Confidential Consultation

(631) 207.5654