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Understanding the means test in a New York Chapter 7 bankruptcy

For most people who think of bankruptcy, Chapter 7 is what comes to mind. Filing Chapter 7 bankruptcy allows those in debt to discharge their debts without a repayment period. There is also Chapter 13, which allows a person overwhelmed by debt to work with creditors. By creating a workable payment plan with a time limit, Chapter 13 allows for repayment and debt forgiveness for those who don't qualify for Chapter 7 bankruptcy.

Foreclosure? Wage garnishments? An automatic stay might help

If you are facing an overwhelming amount of debt, you could be receiving constant calls from collection agents and creditors. You may feel like you are in an impossible situation and that there is no way to climb out of the debt hole that seems to be swallowing your life. However, there are options. Filing for bankruptcy may be the best course of action you can take to get your debt under control.

How to decide if bankruptcy is right for you

If you live in Rochester and have found yourself with more debt than you can handle, you are not alone. Many people find themselves in similar circumstances due to a sudden reduction in income or surprise expenses that drain savings and checking accounts. The most important thing you can do is to be proactive when it comes to getting your debt under control. For some this might mean a meeting with a mortgage lender to discuss options. For others, this could be filing for bankruptcy.

What’s the difference between Chapter 7 and 13 bankruptcy?

If you struggle to pay your bills each month, you are not alone. There are a number of situations which can contribute to financial problems for families in New York. Some people, used to a higher standard of living, can no longer survive on a reduced income after a job change. Others have simply accumulated far too much consumer debt, such as credit cards.

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