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24/7/365 Emergency Hotline: 631-348-1702

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24/7/365 Emergency Hotline: 631-348-1702

If you have been arrested, or in case of an emergency, our attorneys can be reached 24 hours a day, 7 days a week, at 631-348-1702.

What Does It Mean To Get a Chapter 7 Bankruptcy?

The prospect of declaring bankruptcy is, for many people, frightening, and some people see it as a major failure. However, for many people, declaring bankruptcy, and especially Chapter 7 bankruptcy, can be an essential step to helping them get a fresh start on their financial futures. So what does it mean to get a Chapter 7 bankruptcy, and how could it potentially benefit you?

What is Chapter 7 Bankruptcy?

In simple terms, chapter 7 bankruptcy (also known as a “liquidation bankruptcy”) is a type of bankruptcy where someone sells off their assets to cover their debts, under the supervision of a court. However, this does not mean you will be entirely destitute, as a certain amount of your property is protected by law from being sold or seized. Regardless of how much of their debt they are able to pay off, all or most of their debts will be discharged at the end of the bankruptcy process.

    What Are the Benefits to Chapter 7 Bankruptcy?

In the short term, the biggest benefit to declaring chapter 7 bankruptcy is that you will be able to avoid having your property seized by creditors, since any seizures will first need to go through the bankruptcy court. By the same token, it can also keep you from being foreclosed on or evicted from your home. In the longer term, it discharges all or most of your debt, meaning you no longer need to worry about paying back those debts.

Who Can File for Chapter 7 Bankruptcy?

In theory, a liquidation bankruptcy is available to any person or business suffering from severe financial distress, which is dependent on both the amount of income they have and how much debt they are dealing with. In addition, anyone who had their debt discharged under a liquidation bankruptcy within the past eight years (or a Chapter 13 bankruptcy within the past six years) would not be eligible. Provided you meet these criteria, however, you will generally be considered eligible to declare Chapter 7.

Is Chapter 7 Bankruptcy Right For Me?

Whether or not this type of bankruptcy will be right for you depends on your personal economic circumstances. The only way to be sure is to speak to a bankruptcy lawyer, who can speak to you about your options and help you to come up with a plan that best suits your needs. You do not need to struggle under the weight of overwhelming debt, and bankruptcy may give you the tools you need to start your financial life over again.

Bankruptcy is a complicated and stressful process, and one you shouldn’t attempt to undertake on your own. If you are in severe financial distress and considering bankruptcy, call the bankruptcy attorneys at McGuire, Pelaez & Bennett at 631-348-1702, or visit our contact page. Our offices are conveniently located in Central Islip, right here on Long Island. Our bankruptcy attorneys will work with you to ensure the best possible outcome for you and your family, and make sure that you gain the maximum possible benefit from bankruptcy protection.

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Reviews

What could I say that hasn't been said already about Mr.McGuire? He was very prompt with responding to my initial inquiry and very confident my case could be handled. He was extremely kind, reasonable and above all easy to speak to. The office staff was very kind and welcoming. My experience was great and that's why I have used him again and again. Thank you for everything!!
Amazing attorneys, they helped me a lot to win my case. Recommend 100%
Roque Franco
Roque Franco
1719170519
Incredible and profecional. Can't ask for moreHighly recommend 👌
Jorge Ramos
Jorge Ramos
1719069998
Mr. Bennett and his law firm has helped me in traffic cases. Thank you, recommend 100%
Anqel X
Anqel X
1719067276
Great
Larry Wasek
Larry Wasek
1718194687
This law firm did a really good job. They were really helpful. Very profesional place.
Everyone was very helpful. They helped me ger my traffic ticket into a parking ticket with no points. I will continue to come here for whatever it is. Truly the best.
John Wells
John Wells
1716565910
My case was handled very well, the receptionist is great
Kleber Guaillas
Kleber Guaillas
1716472765
I am very pleased with the service here. I will continue coming back for more help. The ladies in the front were the best!
Kyle Jermyn
Kyle Jermyn
1715704278
McGuire and his team were very professional and on top of my cases. I recommend this law firm 100%
Jaimeson Graham
Jaimeson Graham
1715692627
Highly Professional and caring firm that caters to their clients. The office manager, Daslin, takes care of every detail along with the rest of the amazing staff. Extremely organized and willing to work with anyone!
They were really good and thorough and helped me fight and win my case. I would recommend them 100+%
Yeah I'm going to recommend a lawyer for anything, always get a lawyer , this place is awesome no points and just a fine worth the money remember people don't work for free and points or conviction costs way more
Edgar Pereira
Edgar Pereira
1714087080
McGuire, Peláez, Bennett & Belcastro, P.C is the third time they have help me with tickets and lic suspension I recently had tickets, they are all dismissed my lic is clean because of there awesome work lawyers and all the staff are so helpful always available to answer my questions
I have been with this firm for a couple years they have represented me now for several traffic violations/infractions. impeccable professionalism and service, and the results of the case were reduced or dismiss. I would like to show a special appreciation to the staff, from the paralegals to the interns to they are diligent, prepared and concise especially Jasmine the receptionist she welcomes the clients with open arms.
This staff is amazing! Stayed on top of my case at all times! Always kept me posted! Very professional! And had my speeding ticket knocked down to a parking ticket. Highly recommend this office!
Mark Goode
Mark Goode
1713817315
Highly recommend! Professional, easy, quick and effective.
James Closs
James Closs
1713462068
I made the right decision going there. They are very professional, nice and knowledgeable. I recommend if you need a good lawyer to go there.
Laura Gray
Laura Gray
1713454918
Attentive, responsive, thorough, knowledgeable, EFFECTIVE!
Waberte Ati
Waberte Ati
1712867408
Today, I had the pleasure of being represented by Timothy V. Sorell, Esq, of McGuire, Pelaez, Bennett & Belcastro, P.C., in court, and I couldn’t be more satisfied with the outcome. From the moment I met Mr. Sorell, his kindness and patience stood out. He was not only empathetic to my situation but also extremely diligent in his approach to my case.Mr. Sorell’s expertise was evident throughout the entire process. He was well-prepared, articulate, and persuasive in court. His dedication to my case was unwavering, and it was clear that he put a significant amount of effort into ensuring that we had the best possible chance of success.I would also like to extend my gratitude to the entire team at McGuire, Pelaez, Bennett & Belcastro, P.C. for their support and collaboration. Their professionalism and commitment were instrumental in achieving a favorable outcome.I am grateful for Mr. Sorell’s representation and the collective effort of the law office. I would highly recommend their services to anyone in need of legal assistance. Thank you for your exceptional service and for securing a favorable outcome in my case.
genesis freire
genesis freire
1712327509
This law firm is the best. I was charged with a petit larceny and could have gotten q criminal record. Luigi got the case discussed. Thank you.
Scott Trapani
Scott Trapani
1712086442
Brett has been a rockstar for us. Unfortunately we have had a couple of issues with my youngest, the last one being a speeding ticket. Brett handled it professionally for us, saving us the aggravation of travel for a court appearance. He was able to get the points penalty removed and just had to pay a fine that was manageable. Well worth it vs the headache of what our insurance would have been like! If I am in this situation again, I know who my family will be turning to.
Amazing attorneys, very helpful.
Michael Cotoia
Michael Cotoia
1711811136
Absolutely great experience! Was recommended through a friend, came in as a first time client, everyone was extremely nice, helpful, and professional throughout the whole process, was told not to worry it would be taken care of… couple months later I get a call and the tickets cleared with the exact results I was looking to get!! Would very highly recommend Chris Mcguire and this firm!! Thank you guys again!
Morgan Orlick
Morgan Orlick
1711726179
This place is awesome. You need to go to them for all your traffic needs. They helped me get a speeding down to a parking ticket. I will use them for all my future traffic tickets for now on.
Jayne Furia
Jayne Furia
1711289355
Always helpful for the tickets I’ve had, came in on a Sunday when it was closed and took on my case. Very nice lawyer (Chris) who’s respectful and great at what he does.
Super professional and helped me with my traffic ticket. Highly recommended for any issue. Thank you!
Dominic Piccolo
Dominic Piccolo
1711114725
Everyone in this law firm was outstanding. Everyone was so helpful and kind. The lady at the front desk was phenomenal. They made everything easy and simple. I will continue to come back to them if needed in the future.
Jayovani
Jayovani
1711058090
Got me no points when I was stopped apparently going 85 in a 50 by state police. I recommend Mr. McGuire for traffic court for sure.
Christine Jorge
Christine Jorge
1710953278
I recently had the pleasure of working with Chris McGuire, and I can confidently say that he exceeded all expectations. From the moment I set up a consultation with him, I was impressed by his attentiveness and genuine concern for my situation. Chris took the time to listen to all of my concerns and made me feel truly heard, which immediately put me at ease.Throughout our discussions, Chris demonstrated a remarkable level of honesty and transparency. He didn't sugarcoat anything; instead, he provided me with a thorough understanding of all possible outcomes, ensuring that I was well-informed every step of the way.I am incredibly pleased with how everything turned out, and I credit Chris for his dedication and expertise. He exemplifies what every attorney should strive to be – compassionate, knowledgeable, and committed to achieving the best possible outcome for their clients.Without hesitation, I would turn to Chris McGuire and his staff for any future legal needs. I wholeheartedly recommend their services to anyone in search of exceptional legal representation. Thank you, Chris, for your outstanding work
Linsay T
Linsay T
1710419681
They were absolutely great! My insurance didn't go through to the DMV properly so I got pulled over & the cop was a jerk. Wrote me a bunch of unnecessary tickets. I was really struggling financially as well & couldn't miss work over this, so they were so kind to work out an arrangement with me. Very thankful for this group of lawyers
Jose Sepulveda
Jose Sepulveda
1710361858
Marlene Pessoa
Marlene Pessoa
1710273650
Mr. McGuire was extremely honest with the consultation and that was well appreciated. I felt comfortable and would recommend them to anyone who would benefit from their services.
Cesar Garcia
Cesar Garcia
1710261013
Chris is an excellent lawyer. He is very kind and helpful. He helped me with my son’s traffic case. I would recommend him a million times and more.
For me, the best lawyers in Long Island, New York, have helped me resolve two cases, one related to traffic and the other in real estate. I am very pleased with McGuire Peláez & Bennett PC.
Jenrry Giron
Jenrry Giron
1709842453
They were so Kind and very helpful.
I was able to visit the office today where they attended with courtesy and they made me feel very comfortable. I am extremely grateful for their help. Whoever needs help with any situation I would recommend them! They are attentive and helpful.
d gonzo
d gonzo
1709239423
This is the most helpful law office I've ever dealt with. Through the past few years they have handled traffic citations for each of my teen boys, who are otherwise good drivers but unfortunately experienced mishaps. In every case they were responsive and effective and have saved us significant money by working with the court to reduce or eliminate penalties and points. Highly recommended.
Great help. Chris really helped me understand what needed to be done. Thank you guys!
Muy buenos abogados
Danilo Ramos
Danilo Ramos
1708189224
They are very helpful, and honest
Danny Saturne
Danny Saturne
1708181555
Absolutely professional and efficient when handling my case.
Buen abogado gracias ayudarme a remover mi multa
Marie Tossaint
Marie Tossaint
1707773192
Karen was Very helpful and kind. she's the best! I would recommend them to anyone & everyone!
Louis Merced
Louis Merced
1707518284
Trust this law firm !
Very nice, quickly assisted, great response from everyone working here.
Marvin Sanchez
Marvin Sanchez
1706717726
Mr.Bennett and his team helped me when i needed them the most. Amazing work!
marvin deleon
marvin deleon
1706294947
Very helpful firm and people. McGuire has helped me a lot! Very thankful for this firm.
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