Legal Question in Bankruptcy in New York

Re: bankruptcy

Many are still filing for bankruptcy.

The benefits depend upon which Chapter you chose.

Are you a business, an individual who has no money to pay off your depts, or an individual seeking to set up a payoff plan.

Patricia Martin-Gibbons

Re: bankruptcy

The questions posed in your post are topics that we have written about in our Blog -- newyorkbankruptcylawyerblog.com

I suggest you start with the post "New York Personal Bankruptcy -- Am I Eligible to File?" which you can find through the following link: http://www.newyorkbankruptcylawyerblog.com/2008/07/new_york_personal_bankruptcy_a.html

It addressed specifically the 2005 changes to the bankruptcy code. Other posts to our Blog cover alternatives to bankruptcy, and related topics. You can also find additional information about personal bankruptcy in New York on the Frequently Asked Questions (FAQs) on our website at www.starrandstarr.com.

Feel free to contact me at 8888678165 for a free initial consultation regarding your options.

The foregoing is intended as general information of interest to readers of this website and is not intended as legal advice for your situation. You should consult with an attorney regarding your situation.

Best regards,

Re: bankruptcy

You Can Still File For Bankruptcy.

In October 2005, Congress made drastic revisions to the bankruptcy laws. These laws made the bankruptcy process more involved, and imposed many new obligations on both debtors and their attorneys. At the time, there was a great deal of mis-information in the press. This led many people to conclude that bankruptcy is no longer available. This is not true!

Chapter 7 Bankruptcy is still very much available to Long Island consumers who need a fresh new financial start.

Most clients are not affected by bankruptcy reform.

Although the laws have made bankruptcy much more complex than it ever was before, the fact is that most people who would have qualified for Chapter 7 bankruptcy under the old laws still qualify under the new laws. Those who don't qualify for Chapter 7 can usually file for Chapter 13 bankruptcy.

The Means Test: The crux of the new law is the Means Test. This is a comprehensive, very complex series of calculations that the federal government designed to ascertain whether someone qualifies for Chapter 7 filing.

Under the old bankruptcy law, almost anyone could seek to eliminate their debts by filing Chapter 7. The new laws changed that.

The Means Test formula is designed to evaluate whether a debtor has the financial means to pay back a substantial portion of his or her debts. If the person does, then he or she may not be eligible to file Chapter 7 bankruptcy, and may instead have to file a payment plan bankruptcy under Chapter 13.

If your income is below the New York State median income for a family of your particular size, then passing the Means Test is virtually automatic.

Our New York bankruptcy lawfirm is very experienced with every aspect of the Means Test. With most clients, we can quickly ascertain the likelihood of whether they will pass the means test. We will discuss this with you when you come in to meet with us for a free consultation.

To obtain a definite answer, we provide a detailed computer analysis using special bankruptcy software. The Means Test has about 55 line items and many sub-lines.

In addition to using some of your actual income and expenses, the Means Test also uses data provided by Census tables and IRS tax tables for residents of New York

We know all about the Means Test. We will prepare the Means Test for you

If you have serious debt problems, you should consider Chapter 7 bankruptcy. At the Long Island bankruptcy law office of Craig D. Robins, Esq., we can analyze your finances, prepare your Means Test, and tell you what your options are, within the context of federal and New York bankruptcy law. Please contact us today to arrange a free office consultation to discuss resolving your debt problems.

For more info about filng for bankruptcy in New York and on Long Island, please see our website:

www.BankruptcyCanHelp.com