New York Chapter 7 & Chapter 13 Bankruptcy

Are you overwhelmed by debt? If you file for bankruptcy, you can eliminate all harassing phone calls and bring financial sanity back to your life. Bankruptcy can help you quickly rehabilitate your credit, keep your car, and save your home from foreclosure.

There is no shame in filing for bankruptcy. The bankruptcy laws were created so that hard-working people could work their way out of crippling debt. At Law Offices of Schlissel DeCorpo, we understand that many circumstances can lead to financial disaster for families and for businesses.


The Automatic Stay

When you file a bankruptcy, whether it is a Chapter 7 or Chapter 13 bankruptcy, the Federal Bankruptcy Court issues an order that is referred to as "An Automatic Stay." This automatic stay advises all of your creditors to cease and desist from all collection activity immediately! Should your home be scheduled for a foreclosure sale, the sale will be stopped. It must be adjourned until such time as the bankruptcy proceeding is concluded or the creditor gets special permission from the Bankruptcy Court by making a motion for "Relief From The Automatic Stay".

Our bankruptcy lawyers can look at your situation and quickly determine whether you need a Chapter 7 or Chapter 13 bankruptcy. There are important differences between the two:

  • Chapter 7: Chapter 7 bankruptcy is a liquidation process that can relieve you of crippling debt. You will surrender all non-exempt property to a bankruptcy trustee who will furnish the proceeds of the sale of these assets to your creditors, and all dischargeable debts are erased. In most Chapter 7 situations, the debtor has no assets to surrender and is able to make a fresh financial start relatively quickly.
  • Chapter 13: Chapter 13 bankruptcy allows you to keep most of your assets. Your debt will be restructured, and you will be put on a manageable payment plan, allowing you to repay your debt over the course of several years. Chapter 13 allows you to keep your home and car, while relieving you from creditor harassment.
Myth Image

Myths About Bankruptcy

There are many misunderstandings concerning the bankruptcy process. The purpose of this section of my website is to dispel the common misconceptions men and women have regarding filing bankruptcy.

  • I Will Never Be Able to Obtain Credit
  • I Will Lose My House
  • I Will Get Fired From My Job
  • I Won't Ever Be Able To Buy A Home
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Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick, Bellmore

We have offices in Nassau County, Queens County and Suffolk County. We help our clients regarding all aspects and problems involving debt relief, negotiating debts, bankruptcy and foreclosure defense.

The information you obtain at this website is not, nor is it intended to be, legal advice.

You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

We are required by 11 USC § 528(a)(4) to state that we are a debt relief agency.

We help people file for bankruptcy relief under the Bankruptcy Code.

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