• Chapter 7. Chapter 7 is designed for people who are having financial difficulties and are not able to re-pay their debts. Chapter 7 wipes the slate clean. you can usually qualify for a Chapter 7 if your average gross monthly income for the last six months is below the New York State Median Income, your gross income less certain expenses is below the New York State Median Income, or you can show "special circumstances" that would allow you to qualify for Chapter 7. The filing fee for a Chapter 7 is $299.00. Under Chapter 7, you can usually exempt, or keep, most or all of your assets under New York State Law. Most retirement accounts and pensions are also exempt in whole or in part. Secured property, normally your car and house, may not have any net equity, in which case you can keep them as well. The Trustee liquidates most non-exempt property and uses the proceeds to pay your creditors according to priorities of the Bankruptcy Code. Once your Chapter 7 case is over, you receive a Discharge. The discharge prevents your creditors from taking any steps to try to collect their unsecured debt.
  
  
• Chapter 13. Chapter 13 is a valuable tool that lets you catch up overdue mortgage or car payments, taxes and domestic support obligations. It also applies where you have the ability to repay some or all of your debts over time. You must have less than $307,675 in unsecured debt (such as credit cards and doctor's bills) and less than $922,975 in secured debt (such as mortgages and car loans) to qualify for Chapter 13. The filing fee for a Chapter 13 is $274.00. Under Chapter 13, you keep all of your property, both exempt and non-exempt, as long as you resume making your regular payments on secured debt and keep current under the repayment plan that you propose. In certain circumstances it may be possible to reduce a car payment. A repayment plan can last for up to five years. After finishing your payments, most of your unsecured debts are discharged.
  
  
• Chapter 11. Chapter 11 is designed primarily for business reorganization, but is also available to consumer debtors. Its provisions are quite complex. In the vast majority of cases, Chapter 11 is unnecessary and too expensive for most consumer debtors. The filing fee for Chapter 11 is $1,039.00.
  
  
• Chapter 12. Chapter 12 lets family farmers repay their debts over a period of time, and is in many ways similar to a Chapter 13. The filing fee for a Chapter 12 is $239.00.
  
  

AM I ELIGIBLE?


The homestead exemption in New York for Suffolk County has been raised to $150,000 by law. This is certainly good news. Many homeowners will be eligible for completely wiping out unsecured debt.

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MANDATORY BANKRUPTCY INFORMATION SHEET

IT'S NOT YOUR FAULT

But you ask, I didn't tell the corporate pirates to plunder the major corporations and send the economy into a tailspin. They even paid themselves bonusses with The `Obama [your] Money`

You may nonetheless foot the bill, unless you act!

THE TIME TO ACT IS NOW!

If you are considering bankruptcy, give us a call right away!