New York City Bankruptcy Attorney

At the Manhattan Law Offices of David I. Pankin, P.C., we understand that debt problems over time can become a huge burden - a problem which only spins further and further out of control. We understand that you have worked hard to get where you are today. Many of our clients are people with good stable jobs and families. However, debt has taken control of their financial stability. Our bankruptcy lawyer helps clients evaluate their options under the bankruptcy laws and pursue a fresh financial start. Contact our New York City law firm for a free initial bankruptcy consultation.

Understand your bankruptcy options

Our bankruptcy attorney helps New York City clientele evaluate their options under the Bankruptcy Code and determine which option is more suitable for their unique financial situation.

• Chapter 7 bankruptcy: Many of our clients in New York City have accrued a significant amount of debt over time. Therefore, filing for Chapter 7 bankruptcy is an appealing option. Chapter 7 bankruptcy allows eligible individuals to discharge eligible debt and obtain a fresh financial start. Eligible debt may include credit card balances, bank loans, medical bills and other significant debt. However, under the new bankruptcy laws not all clients are eligible for Chapter 7 bankruptcy.
• Chapter 13 bankruptcy: When a client is ineligible for Chapter 7 bankruptcy due to a high level of assets or income, our firm helps them understand their option to file for Chapter 13 bankruptcy. Chapter 13 bankruptcy reorganizes debt into a three to five year repayment plan. However, contrary to common belief, not all debt will be required to be paid back. Therefore, Chapter 13 bankruptcy is usually still a more economic solution to credit counseling.

Are you eligible for Chapter 7 bankruptcy?

In 2005, new bankruptcy laws were passed which make it more difficult to be eligible for Chapter 7 bankruptcy. Individuals with a higher level of income must undergo a thorough analysis of income and qualified expenses in order to determine if they are eligible for Chapter 7 bankruptcy. This is known as the means test.

One benefit for our New York City clientele is that the bankruptcy means test permits a higher allotment for rent as a qualified expense in the city - which often impacts our client's ability to pursue Chapter 7 bankruptcy.

Dedicated to protecting YOUR rights

Our bankruptcy lawyer is committed to helping New York City clients through the bankruptcy process. We perform a thorough analysis of your financial situation, including your debts, income, assets and expenses to determine if you pass the means test enabling you to file for Chapter 7 bankruptcy. Contact our New York City bankruptcy firm by phone at 800-529-5910 to arrange for your FREE in-depth initial consultation.