Albany Chapter 7 Lawyer
If you’re tired of scraping by every month because of your debts, tired of creditors calling you all the time or having no money because of all of your credit card bills, you can consider filing for Chapter 7 bankruptcy.
Bankruptcy gives you an opportunity to hit the financial restart button on your life. Chapter 7 bankruptcy, also known as “straight bankruptcy” or “liquidation,” is a common bankruptcy case in the Albany area. If you’re in debt and file for Chapter 7, your assets are sold, your creditors get payment and you are relieved of your debts.
Chapter 7 bankruptcy is usually the simplest and quickest form of bankruptcy available to you. It’s available to you as an individual, to married couples, to corporations, partnerships and other business entities.
In Chapter 7, you are allowed to keep some of your property, but certain assets will be used to pay your creditors. If approved, the court will gran you a discharge from liability from most of your unpaid debt – like credit card debt – so you can have a financial fresh start.
However, while it may seem like something you can handle on your own, it’s best to seek advice from an Albany Chapter 7 lawyer like one from James Trauring & Associates, LLC.
Am I Eligible for Chapter 7 Bankruptcy?
Whether or not you’re eligible depends on a variety of factors, but to find out there is something called a means test. The test examines your income and your expenses. To qualify, your income must not exceed the median income for New York state residents. Currently, the median income is $58,003.
If your income does exceed the median income, you will need to file for Chapter 13 bankruptcy. Our Chapter 7 lawyers at James Trauring & Associates, LLC, can help you look at your financial situation and walk you through all of your bankruptcy options.
Your eligibility also includes a budget analysis and you will be required to go through credit counseling.
How to File for Chapter 7
To start, you must file an official petition for bankruptcy, schedules and a Statement of Financial Affairs in court. You must also provide:
- A detailed breakdown of your monthly living expense;
- A listing of all of your property;
- A full list of creditors;
- A list of your creditors claim types and how much you owe them;
- Your income;
- The source of your income and;
- The frequency of your income.