Queens Bankruptcy Attorney

Individuals filing for bankruptcy typically must file for Chapter 7 or Chapter 13. Chapter 7 is the fastest and simplest type of bankruptcy, but if you make too much money you are not allowed to use Chapter 7. Chapter 13 is available if you do not qualify for Chapter 7, or you may choose Chapter 13 to protect certain assets. Queens Queens bankruptcy attorney Allan R. Bloomfield can help you determine which type of bankruptcy is available and appropriate for you.

Chapter 7 Bankruptcy

You may hear Chapter 7 referred to as simple bankruptcy or liquidation. It only takes about three to four months to complete the process. All of your debts are discharged with the exception of certain types of debt which cannot be discharged in a bankruptcy, such as child support, student loans, and some taxes.

In Chapter 7 bankruptcy your assets can be sold to pay off your debts, but most people who qualify for Chapter 7 are able to keep their assets under bankruptcy exemptions. In order to qualify you must have a low enough income or pass the “means test”. You are also required to attend credit counseling.

Chapter 13 Bankruptcy

If your income is too high for Chapter 7 and you cannot pass the means test, your other option is Chapter 13 bankruptcy. Chapter 13 is not as quick and easy as Chapter 7, but it can still help you make a fresh start, and some people who qualify for Chapter 7 actually choose Chapter 13 in order to hold on to non-exempt assets.

Chapter 13 is a repayment plan. You are not required to pay back all of your debts, but you do pay back a portion of them over a period of three to five years. In order to qualify for Chapter 13 you must make enough money to pay for your living expenses and have enough left over to make the payments outlined in your payment plan.

If you are considering bankruptcy in Queens, New York, please call Queens bankruptcy attorney Allan R. Bloomfield at 718-544-0500 or complete our contact form to schedule your free initial consultation. Mr. Bloomfield will give you honest, expert advice so that you can decide whether bankruptcy is the right choice for you. If you choose to file, Mr. Bloomfield can help you simply the process so that you can move on with your life as quickly as possible.