I am in a position of having to decide whether to declare chapter 7 or chapter 13 bankruptcy and could use some advice.

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I am in a position of having to decide whether to declare chapter 7 or chapter 13 bankruptcy and could use some advice.

I have around 45k in unsecured credit card debt and I make 60k annually.  My expenses are very high because I live in New York City so I have a high rent/etc. (zip code 10016). I also received a divorce settlement of a sizable amount approximately a year ago, so that complicates matters in terms of qualifying for a Chapter 7. Please help. Thanks

Asked on June 3, 2009 under Bankruptcy Law, New York

Answers:

David Hamilton / Dwyer & Associates

Answered 12 years ago | Contributor

You do have quite a complex situation but this can be navigated with the right assistance. The bankruptcy court will be most concerned about your earnings for the past 6 months, not the past year. The trustee will, however, be concerned with the divorce settlement last eyar and where that money went to. If you live alone or with dependants, I feel you would likely qualify for Chapter 7 however a more thorough analysis is required. Feel free to contact me through below details.

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David S. Hamilton, Esq.
Associate
Dwyer & Associates, LLC.
110 Wall St. 11th Floor
New York, NY, 10005
Tel: 718-690-7315
Fax: 347-332-1737
[email protected]


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