by Suffolk County bankruptcy lawyer Alan Pressman    

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If you are looking to file a Chapter 7 bankruptcy on Long Island, the first question you are likely to
ask yourself is “Do I qualify for a Chapter 7 bankruptcy?"

In most instances, the main hurdle to qualify for Chapter 7 is passing the means test.  The means
test is a form which is part of the Chapter 7 bankruptcy petition.  Part 1 of the means test looks at
the debtor's gross income for the past six months.  The total gross income received by the
debtors over the past six months is averaged out over the course of a year
(i.e. annualized) and then compared to the median gross income (the median gross income is
roughly equivalent to the average gross income) for a household in New York State of the same
size as the debtor's.
- - i.e. if your household is a 4-person household, your annualized gross income (using your gross
income figures from the previous six months) gets compared to the New York State median gross
income of $91,998 for a 4-person household.  If your annualized gross income is less than the
median gross income for a 4-person household, you have passed the means test on Part 1, and
you probably will be eligible to file a Chapter 7 bankruptcy.

If your annualized gross income is above the New York State median income for a family of your
size, you may still be eligible to file Chapter 7 bankruptcy on Long Island (especially if your
annualized gross income is only modestly higher than the median gross income).  When your
annualized gross income is above the median, Part 2 of the means test must be completed.  Part
2 involves deducting monthly expenses from your average monthly gross income.  The monthly
expenses you can deduct on the means test are a mixture of expenses (for some categories of
expenses) coming off an IRS chart; and expenses (for other categories of expenses) based on
what you (the debtor)is actually spending each month.  If your monthly expenses on the means
test exceed your monthly gross income, you have passed the Chapter 7 means test.

In most cases, passing the Chapter 7 means test enables you to file a Chapter 7 bankruptcy on
Long Island.  However, please keep in mind that, although passing the Chapter 7 means test is
normally the biggest hurdle to filing a Chapter 7 bankruptcy on Long Island, there are still a few
other possible obstacles to filing a Chapter 7 bankruptcy on Long Island.  Other potential
obstacles include:

1)          Your can only file a Chapter 7 bankruptcy once every 8 years.

2)        In addition to the means test, there are schedules on the Chapter 7 bankruptcy petition
(Schedules I and J) which compare the debtor's actual monthly income to their actual monthly
expenses.  Schedules I and J need to show that there is little or no money left over for your
unsecured creditors after paying your actual monthly living expenses.

3)        Before you proceed to file a Chapter 7 bankruptcy on Long Island, you want to make sure
that your assets will be exempt - - i.e. that you can protect the assets that you own.

The Chapter 7 means test is complicated, so it is understandable if you find it confusing.  When
you come in for the free consultation, we will go over the means test and I will review your income
and expenses numbers to see whether your pass the Chapter 7 means test.

This article was written by Alan Pressman, Long Island bankruptcy attorney

If you would like a free consultation on Chapter 7 bankruptcy with Alan Pressman, call
(631) 234-3883.  I have been actively handling bankruptcy cases on Long Island for
more than 30 years.  My office is located at 3100 Veterans Highway, Bohemia (approx.
2 miles southeast of LIE exit 57).

My fees are very reasonable.  
Evening appointments are available.  
I will handle your case personally.
My law practice is  focused  100% on handling bankruptcy cases.  Bankruptcy is  my
entire law practice.

Call now for a free consultation.
(631) 234-3883   or text me at 631-714-6446

3100 Veterans Highway, Bohemia -- approx. 2 miles southeast of the
Long Island Expressway Exit 57.

Thanks for taking the time to visit my website.

Copyright 2011-2017, Alan Pressman Attorney At Law

Alan Pressman, chapter 7 bankruptcy lawyer near Rokonkoma,11779; Hauppauge,11788; Bohemia,11716;
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11934; etc. --