Can I Change A Car Than I Still Have Finance New York Bankruptcy Eligibility Rules and Tips

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New York Bankruptcy Eligibility Rules and Tips

There are some rules when it comes to filing Chapter 7 or Chapter 13 bankruptcy. But why really file? How do you know if you can file? What if you are not eligible now, but will be soon? This guide focuses on helping New Yorkers who are interested in filing for help.

Why File New York Bankruptcy?
Bankruptcy in general is about saving money on debts, or protecting property. Nationally, unemployment rates are almost 10 percent and foreclosures are a major problem. In the state of New York, unemployment is less than the national average, about 8 percent, but foreclosures are still a major problem. While New York hasn’t been as high as states such as Florida and California in terms of foreclosures, much like the rest of the country they still are a problem.

Which brings up the point of filing bankruptcy here in New York. If you have no job, how can you pay a $20,000 medical bill? If you just lost your job, how can you maintain your $200,000 home? The scenarios are many, but the point is that sometimes problems are out of our hands. But you can always take action, you can protect yourself by filing bankruptcy.

Chapter 7 can discharge that $20,000 medical bill or everything on your credit cards.
Chapter 13 can protect your home and car from being taken.

When can you file New York Bankruptcy?
Bankruptcy Code changed in 2005, making a “means test” the latest news bite. First off, this means if you make too much money, you may not be able to take advantage of Chapter 7. Also, if you owe too much, you may not be able to file Chapter 13. In Chapter 7, it’s based on how much you make. For New York residents, the current median income is as follows.
$46,523 for individuals in New York.
$57,006 for a family of 2
$67,991 for a family of 3
And $83,036 for a family of 4. If you have more family members, you can make more money and be eligible.

For Chapter 13 bankruptcy, the changes are uniform for all states. Unsecured debts, money owed without collateral such as credit card or medical, must be less than $336,900. Secured debts, such as your home and car, must be less than $1,010,650. As you can see, you have more breathing room in a Chapter 13 filing.

What if you are not eligible?
There are times you may be ineligible for a Chapter 7 bankruptcy in the state of New York. However, if you believe your finances will change in a matter of months, you may still be eligible. The means test is based not on yearly salary, but how much you made in the past six months. So if you made $100,000 one year, but then that dropped to $20,000 the next, as an individual you would be eligible for New York Chapter 7 once your past six months are low enough.

For Chapter 13, most are eligible. If you owe that much money, it’s time to speak with some financial consultants. You always have options.

Where can you find a good lawyer?
The state of New York has many good firms and private lawyers capable of helping you. The good news is filing will be easy on your pocket book. And because you have so many options, it won’t be too hard to find someone who can truly help. Instead of waiting for a TV ad, consider focusing on proven lawyers with experience in handling cases. And get one you can afford on what you’re making. You can do this online.

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