Albany Debt Relief Lawyers
When people learn the basic difference between Chapter 7 and Chapter 13 bankruptcy, most prefer to file Chapter 7. It is a total elimination of your dischargeable debt, and you truly obtain a fresh start on your finances. However, bankruptcy laws that were passed in October 2005 make it more difficult to qualify for Chapter 7 bankruptcy. At Ehrlich & Arcodia, P.C., in Troy, New York, we help consumers understand Chapter 7 qualifications and proceed with debt elimination.
Learn your options for filing Chapter 7 bankruptcy and talk to a lawyer today. We offer free initial consultations to individuals who have participated in mandatory credit counseling. Schedule yours today by calling us toll free at 888-546-3821 or locally at 518-203-1128.
How Do I Qualify for Chapter 7 Bankruptcy?
A means test will be used to determine if you qualify for Chapter 7 Bankruptcy. If you do not qualify, Chapter 13 becomes your next option. The means test calculates the ratio of your total debt to your income, relative to the median income of a family your size in New York. If your income is "too high," you will not qualify.
How Does Chapter 7 Bankruptcy Work?
Chapter 7 bankruptcy is asset liquidation bankruptcy. Your property is sold, and a bankruptcy trustee distributes the proceeds to pay off your creditors. Some of your property is exempt from liquidation, and you will most likely not lose all of your personal belongings. It is common that people who file Chapter 7 have few property or assets to liquidate. Our law firm can explain more about this process.
A Note About Credit Card Debt
The overwhelming majority of our clients are in credit card debt. In fact, more than medical bills, credit card debt is the problem plaguing our clients. Credit card debt cuts across age groups and gender. If you are in credit card debt — or if you are in danger of losing your home or your car — talk to us today.
I Filed Chapter 7 in the Past. Can I File Again?
This is one of the frequently asked questions we receive regarding bankruptcy. Repeat bankruptcy filing does happen. If you filed Chapter 7 in the past, you must wait eight years to file Chapter 7 again.
At Ehrlich & Arcodia, P.C., your personal bankruptcy will receive our personal attention. Call to arrange your free initial consultation. We can be reached toll free at 888-546-3821 or locally at 518-203-1128. Or, contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
