Brooklyn bankruptcy lawyers can help you file for bankruptcy in New York. But not everyone is eligible for Chapter 7 under the 2005 bankruptcy laws. An experienced New York Chapter 7 bankruptcy attorney is therefore extremely important in helping you figure out if you are eligible for Chapter 7.
Who can’t file for Chapter 7?
A good question for a New York Chapter 7 bankruptcy attorney….
1. Debtors whose current monthly income in New York is too high. If your “CMI” is above the median income for New York, then you are subject to the “means test.” If a debtor does not meet the standards of the means test, then that debtor is presumed ineligible to file for Chapter 7. An experienced New York bankruptcy attorney is crucial for this step in the process to help you figure out what needs to be counted toward your CMI and what you don’t have to count. Also, how your assets are structured can have a positive or negative impact on your CMI. Additionally, there are legal ways that you can plan ahead with the help of experienced counsel to make sure that you get the full benefit of the bankruptcy law’s protections.
2. Debtors who can re-pay some of their debts within five years. If you can, then you may not be eligible for Chapter 7. Again, the devil is in the details. And this is where thorough analysis with a good New York bankruptcy attorney can potentially save you significant money in your case.
3. Chapter 7 debtors who have received a discharge within the past 8 years. If you have received a discharge in the past 8 years, then you must wait until the 8 year period has passed from the date of the discharge before you can file again for bankruptcy. Chapter 7 has increased restrictions that stem from the 2005 bankruptcy law and that are important to be aware of.
4. Bankruptcy filers who have had their case dismissed within the last 180 days. If, following the filing of a Chapter 13 case, the prior case was dismissed for willful failure to obey a court order or appear in front of court, or if the debtor requested and obtained a voluntary dismissal after a lift stay motion was filed.
5. Debtors who “cheated” their creditors. Cheating can include things like concealing assets, transferring assets to your relatives or friends to hide them from the bankruptcy court or creditors, running up big credit card or other debts right before you file, having lied about your income or debt on a credit application, having hidden assets from a spouse during a divorce proceeding and/or lying about anything in your bankruptcy filing. What constitutes “cheating” can be a complicated issue and should be discussed with experienced counsel ahead of time.
If you have any questions about whether you can file for Chapter 7 bankruptcy attorney Brooklyn NY or are seeking experienced Brooklyn bankruptcy lawyers to help you with your situation, please feel free to contact attorney Bruce Weiner for a free initial consultation.
