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New Chapter 7 Bankruptcy Laws
New Chapter 7 Bankruptcy Laws
When it comes to bankruptcy law, Michael F. Kanzer & Associates are specialists in the field. The practice wants to inform you about some of the changes made to the laws pertaining to Chapter 7 bankruptcy candidates.
Brooklyn,
NY,
United States
(pr4links.com)
22/07/2013
When it comes to bankruptcy law, Michael F. Kanzer & Associates are specialists in the field. The practice wants to inform you about some of the changes made to the laws pertaining to Chapter 7 bankruptcy candidates. Back in 2011, the legislature in New York increased the amount of homestead exemption to $150,000 for those who reside in Rockland, Suffolk, Nassau, Boroughs and Putnam Counties. Joint homeowners will have that amount doubled to $300,000 when filing for Chapter 7 relief, which is a significant change from the $50,000 each previously.
This is by far the most significant part of litigation today. The firm of Michael F. Kanzer & Associates has been practicing law for more than two decades. They work with middle-class people with equity in their homes who are struggling to get out of debt. For example, take a married couple who has a home worth $500,000 and their mortgage balance is $250,000. If they have credit card debts totaling $100,000, they will be able to file for Chapter 7 relief and eliminate their unsecured debt while keeping their home. The couple still needs to meet the income requirements to file a Chapter 7 bankruptcy, which is determined at the initial consultation. This allows a number of middle-class clients to file for Chapter 7 bankruptcy when they were unable to do so previously. Having too much equity in a home disqualified a number of people, but now, they are able to find the relief that they desire from the burden of debt.
The new bankruptcy laws also allow you to choose between state or federal exemptions. If there is no real property in question, it is best to use the federal exemptions allowed. Under federal law, the debtor can claim a wildcard exemption totaling $11,975 to help protect their personal items, car, cash and more.
At Michael F. Kanzer & Associates, we practice filing petitions for Chapter 7 bankruptcy relief to grant a discharge of debts for those who didn't qualify under the previous types of law. If you know of any clients who are having a tough time, we might be able to help get them the relief they need.
In certain instances, income tax debt can be discharged in a Chapter 7 or 13 bankruptcy. If more than three years have passed since the return was filed and the liability was generated, you can use bankruptcy as a viable reason for eliminating tax debt.
To learn more on how Michael F. Kanzer & Associates, P.C. in Brooklyn can help you, please contact our practice at 718-769-7200 or visit us online at http://www.KanzerLaw.com for more information.
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Michael F. Kanzer & Associates knows the best legal options to pursue, based on the individual’s financial situation and the potential outcome of the existing remedies that are available. For more details visit http://www.kanzerlaw.com/
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