Good News For Potential Chapter 7 Bankruptcy Filers
Effective April 1, 2020, the Means Test, which is an essential factor when evaluating whether one is a good candidate to proceed with a Chapter 7 Bankruptcy filing, increases the median family income by family size in New York state. In other words, those who are seeking to file a Chapter 7 Bankruptcy may now earn a higher amount of income than they previously could and still be a good candidate to file a Chapter 7 Bankruptcy. The updated Mean Test numbers are stated below for your reference.
Although this change does not correspond to the recent Covid-19 Outbreak, it could not come at a better time for those individuals, or married couples, seeking debt relief in these complicated and financially stressful times.
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If you find yourself in need of financial assistance, please contact the office for an evaluation. It is important to note that even if you believe your income exceeds the below figures, you may still be a good candidate to file by utilizing certain exemptions. It is important to have a bankruptcy professional evaluate the full spectrum of your filing prior to determining whether or not you are a good candidate to file.
MEANS-TEST: NEW YORK STATE ANNUAL INCOME (EFFECTIVE 4.1.20)
1 EARNER FAMILY SIZE: $57,137
2 PEOPLE $72,642
3 PEOPLE $88,240
4 PEOPLE $107,550
*Add $9,000 for each individual in excess of 4.
Call the Law Office of Simon Goldenberg, PLLC at (888) 301-0584 for a free bankruptcy evaluation.