Chapter 7 Bankruptcy New York Income Limits 2024

In New York, the Chapter 7 income limits often update twice per year, so consider checking in May 2024 for potentially more recent figures.
Information in this article does not constitute legal advice, it is for informational purposes only, and may not constitute the most up-to-date information. Readers should contact their attorney for advice on any particular legal matter.

For the state of New York, you can use our below visual to see if you could qualify. It is key to look at your specific household size for what your income limit could be. You may also refer to the DOJ website, but for the purpose of  convenience, we also included a breakdown below. 

This information updates about twice per year. When looking at household size, if yours surpasses the below table, you can add an additional $9,900 to your income limit. The New York means test calculator can also help estimate if you could qualify.

# of PeopleAnnual Income
1$69,135
2$87,550
3$105,435
4$131,389
5$141,289
6$151,189
7$161,089
8$170,989
9$180,889

New York Means Test Calculator

If you are unsure as to whether or not you may qualify for a Chapter 7 bankruptcy, feel free to take our free Chapter 7 calculator. The calculator was designed with you in mind and is based on the bankruptcy means test forms in New York! We want to make sure you understand your eligibility, along with the other options that may be available to you based on your individual situation.

More News Stories

May 18, 2024
Have You Considered These 10 Options Before Filing for Bankruptcy

While bankruptcy is a popular solution out of debt, there are other ways to get rid of debt. If you have been reading up on bankruptcy, and it does not sound like something you would like to proceed with, there are numerous other alternatives for you. For example, you could consider home co-investment, which is different from HELOC and reverse mortgage and doesn't need monthly payments.

Read story
May 18, 2024
A Guide on How a Bankruptcy Trustee Appraises Your Home

Whether you file Chapter 7 or Chapter 13 bankruptcy, the value of your home will have an impact on your bankruptcy case. The bankruptcy trustee assigned to your case will first review the value of your home. The review will help them determine if you have non-exempt equity that you could use to pay your unsecured debts. Let us cover the basics before getting into how a trustee values your home.

Read story
May 18, 2024
Social Security Income and Disability Benefits When Taking a Bankruptcy Means Test

Before filing for bankruptcy, you need to take a Chapter 7 bankruptcy means test.

Read story