Qualifying for Bankruptcy in New York City

This week I had the most complex case of any Bankruptcy case I have filed in New York.  My client is an amazing individual who, unfortunately, had some health issues.  Saddled with over $300,000 in unsecured debt including a monstrous amount of medical debt we, step by step, began to attack the seemingly insurmountable amount of debt.  By the Trustees own account at the Bankruptcy meeting, there were potential “red flags” everywhere.  My client had a very high income, a home, a car, and a small businesses.  There was a bit of equity in the home as well.  But we were able to get through it. The case isn’t finished yet, but we have a good feeling all will turn out OK.

Why am I telling you this?  Is it to boost our firms profile?  No.  Is it to get business?  No (wink)  The real reason I am telling you about this case (generally) is because many of you out there are using online calculators for your Means Test.  The results may be inaccurate.  You may want to file for Bankruptcy but you think you won’t be able to qualify under the calculations online.  That may not be the case.  There are tons of variables, tons of deductions you may qualify for that you don’t even know about.  Im speaking to the person who thinks that there is no way to get out from under the debt they’re in.  To the person who believes that they just have to wait for the calls to stop.  The person who can’t sleep at night.

If nothing else, this case is proof that Bankruptcy works for individuals that need it.  It may be difficult, and it may take some time, but in most situations, we can help you get out of the financial hole you’re in.  You could literally see the stress fall off my clients shoulders when the meeting was over.  That doesn’t mean that everyone will qualify.  It just means you’re doing yourself a disservice by not taking the time to meet with a lawyer who knows the rules and laws surrounding Bankruptcy to find out.

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