New York consumers who are facing legal actions such as foreclosure and wage garnishment due to debt should review options for settlement. Among the most common option for settling debts is bankruptcy. Chapter 7 is an effective choice that doesn’t require a lengthy amount of time to complete. If you wish to file chapter 7, you should contact a Bankruptcy Lawyer in Nassau County NY now.
Filing Chapter 7 in Nassau County
Step 1: Determine if You are Eligible
Present evidence of your annual income. The court, typically, requires income statements for the six-month period prior to filing a claim. According to bankruptcy laws, you should have an income that is below $84,767 for an individual or $72,112 for families. These values are the median income for Nassau County.
Step 2: Review Your Assets
Review your property and assets to determine whether or not you have adequate options for liquidation. In this process, you are required to possess assets that could generate enough proceeds to pay off your debts. Your attorney can help you buy conducting a market analysis for each property to determine its current value. When you file for bankruptcy, the court will require titles and deeds that show clear ownership of the properties. If you do not possess a clear title for the property, you cannot include it in your bankruptcy claim. All exemption values for each property are redistributed to you.
Step 3: Completing Your Bankruptcy
Follow all stipulations assigned in your bankruptcy case. At any time that you do not fulfill all obligations outlined in your bankruptcy case, the judge can discharge it. This includes turning over the titles for the property to the court. You are also restricted from acquiring any new lines of credit until after the completion of your case.
Bankruptcy is an effective method for settling debts. While it could cause some initial hindrances upon its completion, it allows you a fresh start and renders you debt free. If you wish to file for chapter 7, you can hire a Bankruptcy Lawyer in Nassau County NY when you Contact Jeff H. Morgenstern PLLC today.