The federal bankruptcy law provides the honest debtor with the opportunity to get a fresh economic start.

The Chapter 7 Bankruptcy is the most common type of bankruptcy filed. It is usually referred to as a “clean-slate” or “Fresh-Start’ bankruptcy. Under Chapter 7 bankruptcy, you can wipe out all of your unsecured debts (e.g. personal loans, medical bills, balances owed on repossession or foreclosure, credit cards, etc.).

In order to qualify for Chapter 7 bankruptcy, an individual must pass what is called the “means test”. The means test is a formula used to determine if a debtor has the ability to pay his or her unsecured debtors after allowing for monthly living expenses. If an individual makes too much money then he or she cannot file for a Chapter 7 bankruptcy and an alternative course might be to fileĀ  Chapter 13. Various factors other than what you actually earn are taken into consideration in determining whether you qualify to file for Chapter 7 bankruptcy. The Bankruptcy Law Center possesses the experience and knowledge to determine whether you qualify to file Chapter 7 bankruptcy so you can protect your assets and get that fresh start.

Calling the Bankruptcy Law Center New York can be one of the most important decisions you make for yourself and your family.

Call us today to set up a FREE consultation at 718.625.1888 to determine whether filing for Bankruptcy is right for you.