In order to qualify for a Chapter 7 bankruptcy (assuming your debts are "consumer debts"; there are no restrictions if your debts are non-consumer debts) you need to pass what is known as the means test. The first part of the means test looks at your income compared to the median income of a family of your size in your state. Currently that amount is $53,132. If you make more than that (which you believe you do) you must go on to the next part of the test. This part of the test requires significant calculations based on both actual and expected expenses. Without more information I could not definitively say that you will pass the means test but based on my knowledge of the expensive nature of living in New York City, I think it is likely an experienced consumer bankruptcy attorney could make the calculations come out favorably.
You may be able to file for chapter 7 despite earning 60k especially since you live in NYC. But to accurately answer your question, I would have to analyze your income, expenses and assets. I would strongly suggest that you consult a seasoned Bankruptcy attorney. Best of luck, Barbie Lieber
All information given on this site is general in nature and for informational purposes only, and not legal advice. Only a lawyer, reviewing the underlying documents and facts, in a meeting in person or over the phone, can determine what course of action any person can take. No attorney/client relationship is created by participation on this site. No attorney/client privilege attaches to any communication on this site
You may qualify, but it depends on the nature of your debt and your expenses. Your net pay is also relevant. You should speak to a bankruptcy attorney who can review your pay stubs and monthly expenses. Living in NYC helps qualify you for a Chapter 7.
It's like asking if a car is roadsafe or will careen into a ditch to a bunch of mechanics without providing the ability to pop the hood. Much more information is needed. Here's why:
Apparently you earn more than the median income for a household size in your state. This means you're asking what the result would from a complicated 15-page form that's like an IRS tax return. It requires data entry of every paystub and all other income in the past six months, including each deduction. It then moves on to expenses, the entry of which is a combination of standard deductions based on government allowances and your actual expenses, which may or may not be reasonable, triggering an audit, and all of which may result in a presumption of abuse.
See your friendly neighborhood bankruptcy attorney. Pay them for their time, but be grateful if the consultation is free. But this isn't one that can be answered on a message board, and will likely require some elbow grease. Best of luck to you and a hopeful future with a fresh start.
This answer does not create an attorney-client relationship between you and I. I am not your attorney unless we both sign a written contract that describes our relationship and terms of the representation. Any information provided to you here is not a substitute for the advice you need to pursue any legal matter. I advise you to retain the services of a local attorney before taking any legal action in this matter.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline