Do I Have too Much Income to File for Bankruptcy in New York?
Absolutely not! Since the Bankruptcy code was amended 2005 a common misconception persists that higher income earners can no longer seek bankruptcy protection. While the changes to the code threw bankruptcy lawyers a curve ball in the beginning, we have now had 8 years to understand the changes. Good bankruptcy attorneys in New York saw the changes to the Bankruptcy Code as an opportunity. Eager attorneys mastered the new laws and actually found ways to provide high income earners with the same protection they may have had prior to 2005.
My firm only handles bankruptcy cases. We have a had a lot of success helping high income earners pass the Chapter 7 bankruptcy means test because we have embraced the changes to the law and found ways to work with them to your advantage. Many attorneys still believe the changes to the laws in 2005 have forever changed or even eliminated an affluent person’s chance at a successful bankruptcy discharge. This is nonsense.
As of Sept. 21, 2013 we have a 100% success rate in Chapter 7 bankruptcy cases. We know if you will be able to pass the means test before filing. There is no guessing and we will not put clients in a position to fail the means test ever. Our high income clients are surprised; check that, amazed that we will be able to help them gain a successful Chapter 7 discharge where other attorneys may have told them otherwise.
Not every high income earner will qualify for a Chapter 7 bankruptcy discharge. With our strategies, knowledge of the New York State exemptions, and case experience it is very rare that we are unable to help a high income client with a Chapter 7. But even in the rare cases that clients do not qualify for Chapter 7, almost all will qualify for a Chapter 13.
Basically, you have options. If you are financially distressed and having trouble paying your bills or making ends meet the amount of money you make doesn’t really matter. Higher income earners still need a fresh start and a second chance as well.
If you live in New York and are considering bankruptcy, or are curious about the benefits you might gain please give the Law offices of William Waldner a call at 212-244-2882 to arrange a free bankruptcy consultation today. It could be the best financial decision you make.