What Chapter 7 Bankruptcy Lawyers in New York City Don’t Want You To Know


Chapter 7 bankruptcy can be the best solution for many people with serious financial problems in New York City, but a lot of people are persuaded into filing Chapter 7 when Chapter 13 would have provided a better result.  In fact, many bankruptcy attorneys do not even practice Chapter 13 cases, preferring instead to crank out as many one-size-fits-all Chapter 7’s as they can.  Practicing Chapter 7 bankruptcy is usually much easier and more profitable for a big bankruptcy mill so they may not even be interested in filing Chapter 13 cases at all.

It’s not always the best way to go and can be a little more complicated overall, but filing Chapter 13 has certain advantages to Chapter 7  that many bankruptcy attorneys may not share with you.  You need to know that in a Chapter 7 more of your property could be at risk than in a Chapter 13 case.  You could lose assets that would otherwise be protected under the Chapter 13 plan.  Chapter 13 will also allow you to discharge certain types of priority debt that can’t be discharged in a Chapter 7 like taxes, some student loans, alimony and child support.  You could possibly lose your home when filing Chapter 7, but a Chapter 13 plan will allow you to pay back mortgage arrears or even overdue rental payments so that you can both get the benefit of a fresh start and save your home in the process.  In New York City, filing Chapter 13 is also the only sure fire way to save a rent stabilized apartment lease in bankruptcy since Chapter 7 trustees are now considering these to be assets in many cases.  Chapter 13 bankruptcy is also available to people that make too much money to qualify for a Chapter 7 but that are still in need of financial relief.

In New York City a Chapter 13 case is more complicated for an attorney to complete than a straight Chapter 7 so many attorneys are simply not interested in filing these cases.  The process can be slightly more involved for the filer too, but in the end Chapter 13 could provide more financial relief and a greater protection of assets than a Chapter 7 discharge.

If you have already consulted with an attorney that says you are not qualified for bankruptcy relief because you make too much money or have too many assets then consider a second opinion.  We are a boutique law firm that specializes in complicated cases and help people find a tailored debt relief solution for their specific financial problems.  We use a creative approach to every case we file, and know that forcing clients into a one-size-fits-all bankruptcy will never provide the best fit for them in the end.  We maintain a 99% Chapter 7 Bankruptcy discharge record in New York City as of 8/31/16, but will still advise clients towards Chapter 13 if it makes the most sense for them.  If you live in New York City please contact the Law Offices of William Waldner online or at 212.244.2882 to arrange a free bankruptcy consultation today.

This article is intended for educational purposes only.  By reading no attorney-client privilege has been created.