Depending on the circumstances, Chapter 7 bankruptcy provides a quick, well outlined path to becoming debt free. This choice is for qualifying individuals and businesses who have little means of paying off their debts and are in need of a solution within a few months. Here’s a general timeline of the Chapter 7 filing process …
How Long Does Chapter 7 Bankruptcy Take in New York? Read More »
Filing for Chapter 7 bankruptcy may be the smart solution if you’re overwhelmed by debt and want most of it forgiven. If you’re wondering whether you qualify for Chapter 7 bankruptcy, the main eligibility requirement you have to meet is passing the “Means Test.” Here’s how to know whether you can pass the Means Test …
Do I Qualify for Chapter 7 Bankruptcy in New York? Read More »
Your Chapter 13 Plan must meet the following four major standards in order to be approved by the Bankruptcy Court: 1. The “Chapter 7 test”2. The “Disposable Income Test”3. Form 22 standard4. Feasibility standard Chapter 7 test standard: In a Chapter 13 case, the Bankruptcy Judge will want to know that the unsecured creditors are …
Chapter 13 Plan Will be Approved Only if it Meets All Bankruptcy Code Standards Read More »
The date selected for your bankruptcy case may have a significant impact upon the results you obtain in bankruptcy because the bankruptcy filing date is looked to as a starting point for many issues which arise in bankruptcy, including those pertaining to (i) your qualifying for Chapter 7 and the amount required for you to …
The goal of the Chapter 13 repayment plan is to obtain a confirmed plan early on, make payments to the Trustee to pay your creditors and, ultimately, receive a discharge (perhaps 3-5 years later in many cases). Unfortunately, it is not uncommon to see Chapter 13 cases on the Trustee’s motion to dismiss calender. This …
