Individuals and families may find themselves deep in debt for a variety of reasons, from job losses to medical emergencies. If you are struggling to stay on top of your bills and want to seek financial relief, you may want to consider filing for bankruptcy. It is a common myth that filing for bankruptcy is the end of the line when it is actually a chance for a new beginning and a fresh financial start.
Chapter 7 bankruptcy is one of the most common forms of bankruptcy for a reason. Known as the liquidation option, Chapter 7 is appropriate for individuals who do not have sufficient disposable income to pay back debt. If you do not have a lot of assets you wish to hold onto or minimal income, this may be the most efficient solution for you.
There are many benefits of filing for Chapter 7, including:
Not everyone can qualify for Chapter 7, which is why it is important to meet with a Fishkill bankruptcy lawyer to discuss your options. You will need to take a means test to determine that your income is less than the median of households of the same size in New York. If you pass the means test, the bankruptcy court can move forward with your bankruptcy petition.
Although Chapter 7 does not have minimum income requirements, it requires that you sell (or liquidate) all of your non-exempt assets. You will have to be willing to let go of most of your non-essential possessions in order to make this work. Once your non-exempt assets have been liquidated, you will have most of your unsecured debt discharged.
According to the IRS, liquidation under Chapter 7 is a common form of bankruptcy. Chapter 7 bankruptcy is available to those who can't make regular payments toward their debt. At the conclusion of your Chapter 7 bankruptcy, you will receive a discharge of debt.
Every bankruptcy case is different, so we encourage you to reach out to our Fishkill Chapter 7 bankruptcy lawyer for more information about your specific situation. We have the experience you need to obtain financial relief.
My debt relief agency helps people file for relief under the bankruptcy code. Call the office at (845) 795-3326 to begin.