Buffalo NY Bankruptcy Lawyer Explains How to Know if you Qualify for Chapter 7
As an experienced Buffalo NY Bankruptcy Lawyer, I often hear from clients who are unsure if they qualify for bankruptcy. In order to qualify for a chapter 7 bankruptcy, we have to take in to your account your household size and your household income, not just the individual who’s filing the bankruptcy, but all the individuals that are in your home and contributing income towards your expenses, has to be taken into account. Your income has to be below the mid income in New York State for that size of a family unit, if it’s below the mid income, then you automatically qualify to file the chapter 7 bankruptcy. I advise my clients as a Buffalo NY Bankruptcy Lawyer that the other issue will be whether or not we can protect your assets under the chapter 7, and that’s something that we sit down and go over discuss and compare to what we would done to be able to protect under the chapter 14 bankruptcy.
Typically in New York State, a household size of four would be about Eighty-three thousand dollars, and that’s as of now. That changes on a regular basis, so it goes up and it goes down depending upon what the mid income is in our region in order to file the chapter 7 bankruptcy. But a household of four, Eighty-three thousand dollars, if you’re below, you’re going to qualify, usually without any difficulty. If you’re above, then we have to take in to account your other expenses and oddly enough, if you have secured that such as in vehicles, that eats away as your income or if you have an obligation to pay child support, maintenance. That eats away at your income also and may bring you below the min income tax in order to be able to qualify for the chapter 7 bankruptcies.
If you have questions regarding bankruptcy and whether you will qualify, contact our skilled Buffalo NY Bankruptcy Lawyers today for a free confidential consultation.