Chapter 7, often called a "fresh start," "clean slate," or "liquidation" bankruptcy, allows individuals to discharge unsecured debt and begin anew, allowing for the foundation of a stable and secure financial future.
Filing a Chapter 7 bankruptcy may not be the best method of filing if you own significant property, including real estate or vehicles — Chapter 7 can force you to give up this property.
In addition, the ability to file for Chapter 7 bankruptcy is contingent on whether or not you pass the means test. To pass the test, your household income must be less than the median household income of the same size in your state. In New York, the breakdown is as follows:
| Number of Persons in Household | Median Income |
| One person | $45,931 |
| Two people | $56,113 |
| Three people | $66,953 |
| Four people | $81,212 |
| For each additional person | Add $7,500 |
If your household is not below the thresholds, you still may be eligible if your remaining disposable income is not sufficient to repay a portion of unsecured debt.
File Chapter 7 in Long Island
As a lawyer, with more than two decades of bankruptcy law experience, I'm ready to take my experience to look at the specifics of your situation to find out if Chapter 7 bankruptcy is the best financial move for you in the long run.
To discuss any aspect of debt liquidation in a free initial consultation with Nassau County Chapter 7 bankruptcy attorney Scott R. Schneider, call 516-433-1555 or e-mail him here.
I am a federally designated debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
