Chapter 7 Bankruptcy Lawyer on Long Island, NY
Chapter 7 - Generally Speaking
Chapter 7 bankruptcy is designed for individuals who are unable to pay their current debts. If successful, the individual’s debt will be discharged and some debts will not require repayment. The law affords people a FRESH START. Certain assets may be protected under this chapter, such as disability benefits, pensions, certain personal possessions, and in many cases a home residence. In most instances, the process of discharging debt will take approximately four to six months.
To file under chapter 7, the individual must, among other things, satisfy the “means test.” A filer’s average monthly income for the last six months will be compared with your county's median income. If an individual’s monthly income amount is equal or less than that median income, then they may be eligible to file under chapter 7. Certain income sources, such as Social Security benefits, will not be considered when calculating the monthly amount.
The Law Offices of Stephen P. Gelfand, P.C. is skilled at evaluating eligibility and in implementing procedures necessary to file for a chapter 7 bankruptcy. Bankruptcy law can be complex, but we assist clients through the process so that their cases proceed smoothly and efficiently.
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