Long Island Chapter 7 Bankruptcy Lawyer
About Chapter 7 Bankruptcy
Chapter 7 bankruptcy is known as the "liquidation" chapter of the U.S. Bankruptcy Code. This is because it involves the liquidation process, in which a debtor's non-exempt property is sold by a bankruptcy trustee in order to acquire funds for the repayment of creditors. It is important to note that there are many property exemptions in our state, and that a large number of those individuals who file for Chapter 7 are able to avoid the liquidation process. This means that they are able to complete their bankruptcy proceedings without losing any of their property. If you experiencing considerable financial strain, contact a Long Island Chapter 7 bankruptcy attorney who can determine if Chapter 7 is the correct bankruptcy method for you.
The attorneys of Blutter and Blutter have extensive education in the area of bankruptcy. Together, they possess over 50 years of experience in practicing this type of law. They have represented clients in a wide variety of cases, including many that involved Chapter 7 proceedings. They are available to provide you with one on one service in your Chapter 7 case in an effort to free you from unmanageable debt as quickly and efficiently as possible.
Eligibility for Chapter 7
Individuals, partnerships, corporations, and other business entities are eligible to file for Chapter 7 protection. An individual who intends to file must first qualify by taking a "means test." This test involves a two-step analysis: in the first step, the debtor's current monthly income is compared to that of the median income for our state. If the debtor's income level is below that of the state average, then it is likely that the debtor will qualify for Chapter 7. If the income level is above that of the state average, then the second analysis comes into play. This involves taking off certain deductions from the Debtor's current monthly income in order to calculate a "disposable income" figure. If the debtor's disposable income is less than the limit delineated in the bankruptcy code, then the debtor will qualify for Chapter 7.
Considering bankruptcy? Contact a Long Island Chapter 7 bankruptcy attorney for help in determining if this bankruptcy method is right for you.