New York Consumers may acquire a bankruptcy claim by providing information about their income. For instance, to qualify for chapter 13 in Nassau County, the consumer must have an income greater than $97,049. If their income is below this average, they are eligible to file chapter 7. If you need help with filing a claim, you can contact a Bankruptcy Attorney in Nassau County NY if you Click here for more information.
What You Need to Know
When you hire an attorney to file for bankruptcy, you should bring him or her income statements to reflect your earnings for the last six months. The calculated value determines your eligibility for your selected chapter. What you should understand is that this assessment is not based on the actual value of your annual income. If you are filing for chapter 13, you should submit a claim during a time period when your income is lower.
Your Monthly Obligations
A chapter 13 bankruptcy is a repayment plan that is determined by your annual income and all monthly obligations. This includes the cost of your utilities and household exemptions. You’ll pay a monthly payment based on these concepts. Basically, you’ll want to present information about these bills when they are at their highest. The reason for this is that you’re required to use all expendable income to pay off any debts that were not included in the claim. This can reduce the value of your earnings you can use to cover these increasing costs.
Is Chapter 7 Better?
In some circumstances, chapter 7 is a better option. This chapter allows the consumer to sell property and assets to cover the cost of their debts. The process is conducted by a trustee, who distributes the earnings to the consumer’s creditors. Any exempted values are returned to the consumer. This chapter requires up to six months to complete.
Bankruptcy claims help consumers who are overloaded with debt. It prevents legal action in most cases and allows them to bring their accounts up to date. This includes catching up mortgage payments and stopping a foreclosure. If you need legal assistance, contact a bankruptcy attorney in Nassau County NY immediately.
