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I have over $10,000 of credit card debt that I am behind on and cannot pay off. Can I qualify for a Ch7 BK in New York?
What are the requirements to file for a Chapter 7 Bankruptcy in New York? I have nearly $10,000 of late credit card debt and a car loan of $15,000 I’m missing payments on.
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Answers (1)
You should speak with a lawyer to find out whether a Chapter 7 filing is the best one for you. Be prepared to discuss any other business or personal debts you may have, as well as how important it is to you to keep the specific car you mentioned.
If your finances are considered too favorable in light of the bankruptcy court’s Means Test, you may need to file for bankruptcy under another chapter. Courts look carefully at your income; if it’s fairly high and would allow you to make extended debt payments to your creditors, you may be required to file under either Chapter 11 or Chapter 13.
While some consumers want to file their own bankruptcy cases, it’s still wisest to have a qualified attorney help you so you won’t accidentally cause your case to be dismissed due to avoidable errors.
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Posted by Elizabeth Smith on 22 Jan 2010
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