Rebuild Your Future Without Debt

Chapter 7 Bankruptcy May Be An Option For You

When you are behind on your finances, it can be tremendously stressful. For over 25 years, the Law Offices of Richard Scott Zirt has worked with clients throughout New York. As your representative, Richard Scott Zirt will guide you through this complex process and come out victorious. If you need to get your life back on track, trust an attorney who has the experience you need.

What You Need To Know

There are many different forms of bankruptcy, including Chapter 7 and Chapter 13. Chapter 7 bankruptcy is also known as liquidation. This means that some of your assets are sold off in order to pay off your debt and the remaining debt is discharged. However, it is important to note that certain debts such as alimony, child support, fraudulent debts, student loans and certain taxes cannot be discharged. That being said, it is common for individuals to use this form of bankruptcy to get a fresh start.

In order to qualify for Chapter 7, you must meet an income based means test. The first step of the means test is to determine if your monthly income is less than the median income for a household of your size in your state and county. If you pass this portion of the test, you can file for Chapter 7 bankruptcy. If you do not pass that portion of the means test, then you may still be able to pass the Chapter 7 means test based upon certain other criteria, such as expenses or debts, on a case by case basis. Your disposable income may be evaluated to determine whether you can use some of it to pay off your debts, but ultimately it really varies on the situation. Richard Scott Zirt can help you understand your options.

Don’t Wait; Call Today

There are pros and cons to each type of bankruptcy. Chapter 7 is generally used to obtain relief from your unsecured debts such as credit cards, medical bills and repossessed cars. Depending on the value of your house and your car, you may be able to keep those assets as well.  Once you file, garnishments stop and you keep your future income. Creditors can’t go after your future paychecks. To learn more about whether or not this will work for you, call 845-681-0795 or fill out this online contact form.