675 Old Country Road, Westbury, New York 11590
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CALL 24/7 - Free in office case review
Free Video Consultation Available


How Do I Decide Which Bankruptcy to File for in Queens?

Sound guidance from an experienced Queens bankruptcy attorney

Making the decision to file for bankruptcy is the first step toward a better future. The next step is deciding which type of bankruptcy is right for you. Your choice depends on your income, assets, debts and your financial goals. At Mark E. Cohen, Esq., I provide thorough, professional and always compassionate guidance to determine your best course of action. And I get the process under way quickly to help you begin your financial recovery without delay.

Determining your eligibility

Deciding which chapter of bankruptcy to file under requires a careful review of your financial situation. Each type of bankruptcy carries its own requirements and eligibility guidelines.

For Chapter 7 bankruptcy, your income level determines your eligibility:

  • If your current monthly income is less than the state median, you are eligible.
  • If it is more, you need to take the bankruptcy means test.
  • You must have little or no disposable income.
  • It is specifically designed for those who have little or no real estate or other valuable property.

For Chapter 13 bankruptcy, you qualify if:

  • You have sufficient income to meet your repayment plan
  • Your secured debts (including a mortgage) do not exceed $1,081,400 and unsecured debts (such as credit card balances) do not exceed $360,475
  • You are up to date with your income tax filings

When choosing among personalized bankruptcy attorneys in Queens who can help you determine your best option, be sure to speak with those who have the experience and skill to provide sound legal guidance and the comforting reassurance you’ll need to navigate the process. With more than 30 years of experience, I offer both.

Benefits and drawbacks of bankruptcy

Bankruptcy can provide a fresh start when your financial situation has become impossible. As you consider filing bankruptcy in Queens, be aware that the various chapters of bankruptcy differ in significant ways.

Chapter 7 bankruptcy allows you to quickly discharge most of your debts, but it requires that you surrender nonexempt property. Chapter 13 bankruptcy allows you to keep most of your property and other valuable assets, but it requires a strict commitment to a payment plan. A bankruptcy filing will also stay on your credit history for several years.

We will discuss the pros and cons of choosing between Chapter 7 vs Chapter 13 bankruptcy. Regardless of which bankruptcy type you pursue, I am happy to answer your questions and concerns by email or telephone. And if you just need a bit of moral support, I will be there for you as well.

To ease the stress of overwhelming debt, call a bankruptcy lawyer in Queens

All too often, good people find themselves in financial trouble that quickly spirals out of control. For more than 30 years, I have helped people like you understand the available options, make informed decisions and navigate through the complex process of filing for bankruptcy.

Located on Old Country Road in Westbury, I offer a wide range of services to individuals and families suffering from the weight of debt. Call Mark E. Cohen, Esq. at 718-223-5492 or contact me online to schedule a free consultation.


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