High Income Earners & the Means Test
Do not assume that because you earn a high income, you do not qualify for bankruptcy.
By very definition, bankruptcy implies an inability of a debtor to repay his or her debt, taking into account income, assets and exemptions.
Genova & Malin, Attorneys at Law, is known in the Hudson Valley area for our ability to guide challenging cases adeptly through the means test and bankruptcy process — including cases involving high income earners. In fact, we feel confident in stating that our law firm does more means tests than any other bankruptcy law firm in the Hudson Valley. Every month, we receive referrals of clients who require detailed, careful advising through the means test, which is a qualifier for Chapter 7 bankruptcy.
Determining whether a high income earner is eligible for bankruptcy is not always as straightforward as it may seem. For one thing, the means test takes into account a person’s income in the six months prior to taking the test, not including the month during which the person will file bankruptcy. For individuals with fluctuating income, timing may be critical. Our lawyers advise clients on the most advantageous times to take the means test and file bankruptcy.
Bankruptcy Law and the Chapter 7 Means Test: Do You Qualify for Bankruptcy?
Bankruptcy is a legal remedy to unmanageable debt that can be applied to a working person with three credit cards or to an investor with a complex portfolio of assets and income streams. Our clients have included professionals such as doctors as well as minimum-wage workers. Regardless of your income, if you have burdensome debts that you are unable to repay, talk to a New York bankruptcy lawyer at Genova & Malin, Attorneys at Law, near Poughkeepsie.