Who Is Eligible for Bankruptcy?
Generally, individuals are eligible to file Chapter 7 bankruptcy if their current net income is fully consumed with regular monthly living expenses. Before filing a Chapter 7 case, however, our attorneys would analyze your assets and your exemptions, and review your financial history for the past six years to determine possible problem areas. Often our lawyers are able to file Chapter 7 bankruptcy for people, while allowing them to keep their homes, their vehicles, or a certain amount of cash.
In Chapter 13 repayment plans, individuals can file for protection if they have some current income, and have less than $336,000 in unsecured debt and less than $1,010,000 in mortgages and other secured debt (e.g., car loans). They must be able to meet all future current payments to on mortgages, car loans and other secured obligations, plus being able to pay regular current living expenses. In addition, they must make a monthly payment to the bankruptcy trustee, to cover back payments due on mortgages, car loans, leases, taxes, and unsecured debts such as credit cards and loans.
Contact Our Staten Island Debt Relief Attorneys At Corash & Hollender, P.C.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.