뉴욕에서 파산하기, 파산 종류 Chapter 7, 11, 13

There’s a saying that goes something like this. It means that life’s ups and downs are hard to predict. There are times when you benefit from something you didn’t expect, and there are times when things don’t go your way. This is often the case with clients who come to us for bankruptcy help. They’ve worked harder than anyone else, but their finances are getting harder and harder against their will, so they come to us for a solution. Just as the sky can fall and still have a hole to rise, bankruptcy is clearly the key to unlocking the door to a fresh start for someone. But like everything else, bankruptcy should be done right. If you go about it without a professional lawyer, bankruptcy can end up being a padlock on your door instead of a key to a fresh start. So today, we’re going to go over the basics of what you need to know to properly file for bankruptcy in New York in a Q&A format.

Q. What are the different types of bankruptcy?

There are two main types of bankruptcy that individuals can consider. These are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy is best for people with few assets and a low income. On the other hand, Chapter 13 is for people who have a lot of assets, a high income, and a lot of debt. Today, we’re going to focus on Chapter 7, which is the most common type of bankruptcy.

Q. Do I have to qualify for Chapter 7 bankruptcy?

The basic principle of Chapter 7 bankruptcy is to discharge debts for debtors who cannot afford to repay their debts. Therefore, in order to file for Chapter 7 bankruptcy, your income must be below the court-established income averages. As of 2018, the New York State court income averages are as follows Family of one – $53,132 per year, Family of two – $68,087 per year, Family of three – $80,840 per year, Family of four – $98,583 per year. Even if your income is higher than the court’s income averages, we recommend that you seek the help of a bankruptcy attorney because the door is not completely closed.

Q. Does Chapter 7 bankruptcy discharge all types of debt?

Many people think that filing for Chapter 7 bankruptcy will discharge all types of debts. However, Chapter 7 bankruptcy does not discharge all types of debt. Child support and alimony, court fines, most taxes, and student loans are not discharged. Secured debt is also not discharged – mortgages and car loans are good examples. And debts that are not listed in the bankruptcy petition filed with the court cannot be discharged. To illustrate this point, let’s take a look at a case we helped a client with in the past. The client came to us with hundreds of thousands of dollars in credit card debt. While digging through her debt history, we discovered that she had borrowed $50,000 each from two acquaintances years earlier. He told us that he didn’t want to disclose this because he didn’t have any proof of borrowing, and that he was morally obligated to pay them back even if he filed bankruptcy. However, morally obligated and legally obligated are two different things, so after consulting with him, we included these two debts in his bankruptcy petition, and he was able to completely discharge all of them. As you can see, it’s important for anyone preparing for bankruptcy to keep their debt records as thorough and detailed as possible and share them with their attorney.

Q. If I file Chapter 7 bankruptcy, will all of my property be sold and used to pay my debts and leave me penniless?

Here’s how Chapter 7 bankruptcy works. When you file for bankruptcy, the court will sell your property and use it to pay off your debts and discharge any remaining debts. It’s important to keep in mind that the court will exempt from sale the minimum amount of property you need to live a basic life. In 2018, the following amounts of property are exempt in bankruptcy in New York State Equity in your home – up to $82,775; equity in your car – up to $4,425; business supplies – up to $3,330; and cash – up to $1,100. Most furniture, appliances, household goods, and clothing are also exempt, as are child support, Social Security benefits, unemployment insurance benefits, and pension benefits. The majority of Chapter 7 filers have property that falls within these exemptions, so if you are considering a Chapter 7 bankruptcy, don’t worry too much and contact a bankruptcy attorney for more information.

If you have any additional questions about the content of the column, or if there is a piece of law you would like our readers to know about, please do not hesitate to contact us at mail@songlawfirm.com.


송동호 종합로펌은 파산의 가능성에 대해 무료로 평가해드립니다.

해당 서비스를 이용하시고자 하는 분들께서는 mail@songlawfirm.com 으로 연락주시기 바랍니다. 본 서비스를 통해 입수된 개인정보는 철저히 비밀로 유지됩니다.

Request a Call Back

    Request a Call Back and our team will get in touch with you ASAP.

    Request a Call Back



    Scroll to Top