Experienced & Dedicated Chapter 7 Bankruptcy Attorney Serving the Hudson Valley
The bankruptcy attorneys at Rusk, Wadlin, Heppner & Martuscello, LLP have helped individuals and families throughout the Hudson Valley find relief from overwhelming debt through Chapter 7 bankruptcy. Here we’ll give you more information about filing for Chapter 7 in New York.
How Chapter 7 Bankruptcy Can Help You
Mounting debt can lead to many different situations that are hard to confront and resolve when your income does not even cover your expenses, but burying your head in the sand will only make the problem worse. Bankruptcy may be the way to take control of your financial situation, stop creditor harassment, and achieve financial stability.
Eliminating Debt with Chapter 7
Chapter 7 bankruptcy is particularly effective for those who have amassed large amounts of unsecured debt. A debt is unsecured when it is not backed by some kind of property (or collateral) that can be repossessed if payments on the loan are not paid. The most common debts that are dischargeable under Chapter 7 include:
- Credit card debt
- Repossession deficiencies on vehicle loans
- Medical bills
- Personal loans
- Auto accident claims
- Negligence claims
- Business debts
- Tax penalties over three years old
- Income taxes that are not priority taxes
Many people fear they will have to sell their home, car, or other property if they file for Chapter 7. While it is true that you may have to sell some nonexempt property, a wide range of property is exempt in New York, including most daily necessities, household items, family heirlooms, benefits under most insurance policies, and items you need for your trade or profession. We can help you determine whether your assets are exempt or nonexempt, and ultimately, whether Chapter 7 is the best fit given your circumstances.
Chapter 7 Eligibility Requirements
Certain income guidelines determine whether a debtor qualifies for Chapter 7 bankruptcy. The “means test” compares your income to New York’s median income, and is meant to determine whether you are truly bankrupt or whether you actually have disposable income after paying your monthly expenses to make minimal payments through a Chapter 13 bankruptcy. If your income is lower than New York’s median income, you can likely file for Chapter 7 bankruptcy.
Contact Us if You’re Considering Chapter 7
If you are considering bankruptcy and wish to discuss your options under Chapter 7, please contact Rusk, Wadlin, Heppner & Martuscello, LLP for a consultation. With offices in Kingston & Marlboro, we’re conveniently located to represent clients throughout Ulster County and the Hudson Valley.