Did the Means Test get easier?
The means test is a method of determining a person’s eligibility to maintain a chapter 7 case. It plays a major role in determining if a person can file a chapter 7 bankruptcy or must file under a different chapter of the bankruptcy code.
On March 15th the New York median household income increased. This allows those looking to file for chapter 7 bankruptcy to make a little more money, but still pass the means test. Generally, what is meant by passing/failing the means test:
Passing the means test = you can likely file a chapter 7 bankruptcy.
Failing the means test= you likely won’t be able to file a chapter 7 bankruptcy.
So, this increase should allow more people to pass the means test.
This is good news! However, the above is all very general information. You should discuss your specific situation with a knowledgeable bankruptcy attorney before deciding to file, or not file for bankruptcy.
We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy attorney!
“I should have done this sooner.”
Recently, we have had more and more individuals come into our office who have tried to alleviate their debts by hiring a debt consolidation, debt resolution, debt settlement, or some other “get rid of your debt quick” company. Many of them have paid thousands of dollars to these companies. Most of them have only had one or two, if they’re lucky, debts actually settled. After we explain how bankruptcy works and the client decides that filing bankruptcy is in their best interest, they almost all say “I should have done this sooner.”
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So, if you’re feeling overwhelmed by your bills and debt collectors are ringing your phone off the hook , it would be wise to obtain a free consultation from a bankruptcy attorney before you hand over what little money you do have to some company with a fancy commercial and/or website.
We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy attorney!
Up to ten Years.
The fact that you’ve filed bankruptcy can appear on your credit report for ten years from the date your case was filed. However, this does not mean that you can’t buy a house, rent an apartment, get a car loan or a credit card for ten years. Debts discharged in your bankruptcy should be listed on your credit report as having a zero balance. Because bankruptcy wipes out your old debts, you will likely to be in a better position to pay your current bills and make monthly payments on new debt.
In fact, you may receive credit offers soon after your debts are discharged in bankruptcy. However, it would be wise to carefully consider the terms, need, and affordability of each new credit offer. Wisely using credit can go a long way in helping you avoid future financial problems.
We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy attorney!
Please visit our Bankruptcy category to learn more about filing for bankruptcy.
Yes.
Why?
Because the longer you wait to file bankruptcy, the more difficult it may be to save your home.
But the bank might modify my mortgage.
Sure, but what if the bank doesn’t modify your mortgage. While you wait for a potential loan modification – your mortgage arrears and the interest are piling up. This could potentially prevent you from putting forth a confirmable chapter 13 plan.
NY bankruptcy law just got better.
On 1/21/11 new bankruptcy exemptions go into effect (see our earlier posts Changes to NY Bankruptcy Exemptions and Federal Bankruptcy Exemptions & NY).
You should at least consult with a knowledgeable bankruptcy attorney to find out how filing bankruptcy can save your home (see our earlier posts Filing Bankruptcy to Save Your Home From Foreclosure and How Can I Use My Ch.7 Bankruptcy to Avoid Foreclosure).
We understand that bankruptcy is not for everyone. That is why we also offer foreclosure defense, debt negotiation, etc. We are simply stating that bankruptcy is an option that should be considered. At The Law Firm of Vaughn & Weber, PLLC, we don’t push our clients to file bankruptcy. We give you all of your options and assist you in deciding which course of action is best for you.
This is not legal advice!
The Law Firm of Vaughn & Weber, PLLC routinely represents homeowners facing foreclosure. We examine each homeowner’s specific situation to determine their best course of action.
We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy and foreclosure matters. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy and foreclosure attorney!
Please visit our Foreclosure category to learn more about foreclosure issues.
Please visit our Bankruptcy category to learn more about filing for bankruptcy.
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