debt

Filing Bankruptcy Impact Credit Score in Chapter 7

Individual Bankruptcy Filings on the Rise in New York and New Jersey due to Coronavirus

According to one study done by the New York Post, one in four Americans do not have enough money saved to cover more than two months of expenses and one out of every four people doesn’t have any savings. Moreover, a poll conducted on behalf of Chase bank showed that 40% of adults wouldn’t be able to cover unexpected expenses of more than $400. With the uncertainty of the coronavirus and these statistics, many individuals in New York and New Jersey will be forced to file bankruptcy. 

Filing Bankruptcy Impact Credit Score in Chapter 7

Can I Own Anything After I File Bankruptcy?

Many people often ask us how filing bankruptcy in New York or New Jersey will impact them after their bankruptcy is completed. Many people often ask us “can I own anything after I file bankruptcy?” The answer to this question is simply, yes.

Bankruptcy

How Much Debt Do I Need To File Bankruptcy

If you are wondering how much debt you have to be in to file for bankruptcy, you should know that there is no minimum set amount. In order to determine if you should file for bankruptcy, you should consider how much income you have and if you can afford to pay back your debts.

secured debt

What is a Secured Debt in Bankruptcy?

When you take out a loan on your property as collateral to ensure your creditor will be paid back, you have a secured debt. Secured debt gives the creditor an interest in the piece of property. For example, a mortgage loan or car loan is an example of a secured debt. When you go to the dealership to take out a loan on a vehicle, they give you the vehicle as long as you pay off the loan.

Chapter 7 bankruptcy in Staten Island

The bankruptcy Means Test in New York allows only people who are under a certain income limit and truly need the relief of a Chapter 7 to file. To pass the Chapter 7 Means Test, you must fall under the median income for a household of the same size in New York.