Bankruptcy For High Income Earners
Without question, filing bankruptcy for high-income earners comes with challenges, as individuals are often told that they do not meet qualifications, particularly for chapter 7 Bankruptcy. Unfortunately, fees associated with filing chapter 13 Bankruptcy are significantly higher than filing chapter 7. Therefore, if a person is informed that they do not qualify for chapter 7, they should seek a second opinion from a law firm that’s familiar with the nuances of complex bankruptcy law. At Jamie L. Gingold, PC, GingoldBankruptcyLaw.com (Formerly practicing with Gingold & Gingold LLC), attorneys Ira D. Gingold and Jamie L. Gingold are uniquely positioned to advocate on behalf of high-income earners that are seeking to resolve issues with debt and make a fresh start.
One way to work around the requirements necessary for filing chapter 7 Bankruptcy is classifying the type of debts owed. In essence, debts are labeled as consumer or business related. When a majority of one’s accrued debt is business-related (more than 50%), some consumers can be exempted from the income requirements set forth by chapter 7 Bankruptcy. However, consumer debts are those accumulated for personal, household or family use. While it’s not impossible to file chapter 7 Bankruptcy with high consumer-related debts, it is often a lengthy process, and does come with obstacles. In these cases, debtors complete a means test form, which measures their ability to pay some or all of their debts back. In short, if an individual has enough disposable income each month to pay at least some of their debts back, they are subject to a repayment plan through chapter 13 Bankruptcy. On the other hand, if there is not enough income available to commit to a payment plan, they might qualify for chapter 7.
We Have The Experience Needed To Resolve Complex Financial Issues
Given our experience in handling complex financial issues regarding Bankruptcy law for high-income earners, the attorneys at Jamie L. Gingold, PC, GingoldBankruptcyLaw.com (Formerly practicing with Gingold & Gingold LLC), are often referred cases by other bankruptcy law firms. Thus, if you are struggling under the weight of debts, whether personal or business-related, give our firm a call. We make every effort to debunk myths associated with filing Bankruptcy, helping you take full advantage of the options available to you.