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Queens Bankruptcy Lawyers: Are you considering bankruptcy in Queens?
If you are experiencing economic hardship and are considering filing for bankruptcy in Queens – call Queens Bankruptcy Lawyers for immediate assistance. We provide assistance with Chapter 7 and Chapter 13 Consumer Bankruptcies as well as Mortgage Loan Modifications.
We strive to resolve your case as quickly and efficiently as possible – in order to save you time and money. We will guide you through the way courts make decisions in bankruptcy court and position you in the best possible way to restart your financial well-being!
We proudly serve clients in Astoria, Long Island City, Ditmars, Woodside, Flushing, Bayside, Rego Park, Jackson Heights, Corona, Jamaica, Elmhurst, Kew Gardens, Whitestone, College Point, Bay Terrace, Great Neck, Kings Point, Port Washington, and all areas of Queens.
What is an Express Chapter 7 Bankruptcy in Queens?
An Express Chapter 7 Bankruptcy is probably the most desired type of consumer bankruptcy available. It’s very fast – taking approximately 3 months to complete – depending on the complexity of issues in your case. Chapter 7 bankruptcy allows you to discharge (wipe away) your unsecured debt while keeping all your assets intact.
You must qualify for an Express Chapter 7 bankruptcy by meeting all the requirements.
Note, if you don’t qualify for an Express Chapter 7 bankruptcy, you may still be able to qualify for a Full Service Chapter 7 bankruptcy as explained below.
Call Queens Bankruptcy Lawyers to learn more.
The Requirements for an Express Chapter 7 Bankruptcy in Queens
Express Chapter 7 Bankruptcy Requirements:
You must live in one NYC (one of the five boroughs.)
You did not filed another Chapter 7 bankruptcy case in the past 8 years.
You have mostly unsecured debt such personal loans, credit card debt, or secured loans on leased or financed cars.
In the past 7 years you have not owned real property, such as a house, vacant land, coop, or condominium, anywhere in the United States, or anywhere else in the world.
You don’t own a business (solely or jointly.)
You’re not attempting to discharge income taxes.
You’re not suing anyone for monetary damages, such as a personal injury action or car accident case.
You have not used your credit cards in the last 90 days for anything other than moderate amounts, such as food, utilities, rent, gas, etc.
You haven’t paid back a loan of significant value to anyone in the last 3 months, or to a family member within the past year.
If you have a pension, annuity or retirement account, such as a 401k or Roth IRA, you must have started it yourself and did not inherit it from anyone or have it transferred to you as a gift.
Other than ordinary loan or monthly credit card payments, in the last 90 days, you haven’t paid a significant amount of money for a service. Such us, you didn’t recently pay a significant bill to a physician, lawyer, or contractor.
Your assets are of modes value, it is generally found that vehicles (other than substantial luxury cars), clothing, furniture, collectibles, cash & cash equivalents are of modest value.) Talk to Solomos & Storms, PLLC to determine if your assets qualify.
our combined household income (you and your spouse’s total income) less taxes and basic living expenses – cannot exceed the income level set by New York State for a family of your size. This figure changes annually. In 2022, the income limits were as follows:
- 1 Person Household $47,414
- 2 Person Household $59,631
- 3 Person Household $70,151
- 4 Person Household $83,614
- 5 Person Household $91,714
Chapter 7 Bankruptcy in Queens
Full Service Chapter 7 Bankruptcy or ordinary Chapter 7 Bankruptcy in Queens is available if you don’t qualify for an Express Chapter 7 Bankruptcy. Typical reasons you would not qualify for an Express Chapter 7 bankruptcy is because your income is too high or your assets are too valuable.
However, Full Service Chapter 7 bankruptcies can still be accomplished relatively quickly, in some cases in as little as 5 months – depending on the complexity of issues in your case. You will be able to have all of your unsecured debt discharged (erased) – and keep all your assets.
Contact Queens Bankruptcy lawyers to learn more.
The Requirements for a Chapter 7 Bankruptcy in Queens
Chapter 7 Bankruptcies provide for mor flexibility and allow greater ownership of assets. The requirements for a Chapter 7 Bankruptcy are similar to an Express Chapter 7 Bankruptcy, with the following differences:
- You can own real property.
- You can own a business.
- You can apply to have past income tax debt forgiven in some instances.
- You can apply to extinguish certain secured loans, such as one or more home mortgage loans.
- You can have a pending money damages lawsuit.
Note, in certain circumstances you may have assets that are too valuable – that may be confiscated in a Chapter 7 Bankruptcy because they are not protected by federal or New York State exemptions. In these circumstances a Chapter 13 Bankruptcy may be a better option to protect your assets.
This is particularly true with home ownership. If you own a home, prior to filing, we must carefully examine: 1) the ownership history of your home; 2) outstanding liens on your home; 3) the value of your home; 4) the outstanding mortgage and other “priority” creditors such as tax authorities; and 5) in a potential sale of your home, the amount of money you would be entitled to keep pursuant to federal and New York State exemption laws.
If we are not certain your home will be protected, we will file a Chapter 13 Bankruptcy.
Call Queens Bankruptcy Lawyers for a FREE consultation.
Chapter 13 Bankruptcy in Queens
We will determine if Chapter 13 Bankruptcy is the best option for you after reviewing your assets, income, and other financial information. Specifically, we will rule out that 1) you would be ineligible for a Chapter 7 Bankruptcy because your combined household income is too high, or 2) it would not be in your best interest to file a Chapter 7 because you would run the risk of losing valuable assets.
In most cases, in a Chapter 7 Bankruptcy, the trustee will confiscate y0ur non-exempt assets and sell them to pay off your creditors.
However, in a Chapter 13 Bankruptcy, you will keep your assets and pay back your creditors yourself in monthly payments over the course of a three or five year payment plan – which is determined by the court.
The amount you will be required to pay creditors depends on two things: 1) how much you would have to pay in a theoretical Chapter 7 Bankruptcy, divided by sixty monthly payments, and 2) how much you can afford to pay each month – meaning how much your monthly income exceeds your monthly expenses. Whichever figure is higher, is what you will have to pay back your creditors each month in a Chapter 13 Bankruptcy.
Queens Bankruptcy Lawyers have substantial experience in Bankruptcy proceedings and can help you determine the best type of bankruptcy to file for your situation. Call us for a FREE consultation.
Mortgage Loan Modifications in Queens
Many homeowners in NYC are behind on their monthly mortgage payments.
With legal counsel you are better equipped to negotiation with banks to apply for mortgage loan modifications that will allow you to pay your mortgage payments.
If you file a bankruptcy petition with Queens Bankruptcy Lawyers we can apply for a mortgage loan modification through the bankruptcy court’s loss mitigation program. We can also assist you in foreclosure defense. Contact us to learn more.
Queens Bankruptcy Lawyers looks forward to working with you
Queens Bankruptcy Lawyers is a veteran-owned law firm. Our mission is to resolve your case as quickly and efficiently as possible. We serve clients throughout Queens, to include Astoria, Long Island City, Ditmars, Flushing, Woodside, Middle Village, Jamaica, Corona, Elmhurst, Rego Park, Bay Side, Whitestone, and all other areas of Queens.
We look forward to assisting you in with your bankruptcy case.
Call us today for a FREE Consultation. We are happy to assist you with your Queens Bankruptcy Case.
Frequently Asked Questions
How much does an Express Chapter 7 Bankruptcy case cost in Queens, NY?
In most cases we charge $2,500 for an Express Chapter 7 Bankruptcy, this includes the court costs and two mandatory online classes that you will be required to take.
Rates are dependent on the complexity of issues in your case. Call Queens Bankruptcy Lawyers to discuss your case for a specific price quote.
How much does an ordinary Chapter 7 Bankruptcy cost in Queens, NY?
In most cases an ordinary Chapter 7 Bankruptcy costs $500 dollars. This includes court costs and the two required online classes.
Rates are dependent on the complexity of issues in your case. Call Queens Bankruptcy Lawyers for a specific quote in your case.
How much does a Chapter 13 Bankruptcy cost in Queens, NY?
In most cases the fee for a Chapter 13 Bankruptcy is $7,500 dollars. Rates are dependent on the complexity of issues in your case.
Call Solomos & Storms, PLLC for a specific price quote.
How much do you charge to negotiate loan modifications in Queens, NY?
In most cases, the rate for loan modification negotiations in $3,000 dollars. This is dependent on the extent of negotiations required – call Queens Bankruptcy Lawyers to get a specific quote on your case.
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33-08 Broadway, Queens, NY 11106
When you contact us
you can be assured that:
You will receive one on one personal attention in your Queens Bankruptcy Case.
We have over 40 years combined legal experience in Astoria, Queens. We are the locals that know the ropes!
You are extremely important to us, which is why your calls will always be returned as a priority.
We are well known and well respected amongst individuals & local businesses in Astoria. We’ve been here a long time, and we’ll be here for you!
We can help you settle your matter without going to court, if it’s appropriate, or go into battle on your behalf. We are trial tested.