Grand Island Bankruptcy Attorney

For over thirty years, THE LAW FIRM OF WILLIAM J. COSTELLO, II helped the little guy through effective, affordable, determined, and professional representation.

Chapter 7 of the United States Bankruptcy Code is commonly known as a liquidating bankruptcy, personal bankruptcy, straight bankruptcy, or just bankruptcy.
Chapter 7 wipes out many of your debts instantly and allows you to keep limited amounts of your property.
In most cases it stops garnishments, lawsuits, and harassment permanently.
It also stops repossessions and foreclosures temporarily, but in many cases, nor permanently.
Chapter 7 is a good solution for medical bills, credit card debts, some old taxes, and many other unsecured debts.
Chapter 7 usually takes three to five months from the dale of filing to the final discharge.
You can file only once in eight years.
At filing, the individual provides a list of all assets and obligations.
A bankruptcy trustee goes over the list and decides whether to sell any unprotected assets to pay outstanding debts.
Creditors can object on several grounds, including sudden disappearance of assets.
If you file a chapter 7 bankruptcy, you will present a list of all assets and obligations to the bankruptcy trustee.
The trustee decides whether to sell any unprotected assets to pay debts; however, Chapter 7 won’t make all debts go away. You still have to repay:

Most student loans
Child support
Criminal fines, fees, and restitution
Alimony
Any debts incurred through fraud
Debts on assets that you plan to keep (like a home or car).

Again, if you need assistance, we are a phone call or e-mail away.

William J. Costello, II

bankruptcy attorney

For a Consultation, Please Call Us at (716) 773-3600 or Visit Us At Our Newly Renovated and
Conveniently Located Office at 2263 Grand Island Blvd., Grand Island, New York, 14072.