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Filing Bankruptcy

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Filing Bankruptcy is never an easy decision to make. If you are thinking about filing bankruptcy in Staten Island , you may be wondering how to do that. When consumers file bankruptcy they can choose between two chapters, Chapter 7 bankruptcy and Chapter 13 bankruptcy. Learn more about filing bankruptcy here and continue reading below.  When To Consider Filing Bankruptcy  Filing bankruptcy may not be a good solution for everyone, if you only have $1,000 worth of debt, it probably wouldn’t make sense to file bankruptcy. The only way to know if filing bankruptcy should be something to consider is by reviewing your individual finances. Ask yourself, if you will be able to pay your credit card debt off within two years or less.  The best way to determine if you should consider filing for bankruptcy is to run some numbers. Take your credit card debt and divide it over 24 months (two years). Ask yourself if you have a steady income to be able to pay this ...
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Karra L. Kingston Esq. 160H Dinsmore Street Staten Island, NY 10314 (973)-979-9078 Https://bankruptcylawnynj.com karra@klkbankruptcylawyer.com What Is Bankruptcy? Bankruptcy is a legal process used to help people who fall into unfortunate circumstances get out of debt. Individuals and businesses can file bankruptcy to help them get back on their feet. For consumers and small businesses, bankruptcy can help them start over. The first type of bankruptcy protection available is Chapter 7 bankruptcy. A New York Chapter 7 bankruptcy, eliminates consumer's debt. To qualify for a Chapter 7 bankruptcy, individuals must pass a Means Test. The Means Test was created by Congress in 2008 to stop individuals with high wages from filing bankruptcy. Congress didn't think it was fair to allow these individuals to not pay their credit cards back. To qualify under the means test an individual's household income must be less than New York's median income for a family of ...
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