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Is New York chapter 7 bankruptcy (Straight Bankruptcy) right for me? Is New York chapter 13 bankruptcy (Reorganization) right for me? What does it cost to file for bankruptcy?
New York bankruptcy attorneys can be located by contacting your local or New York state bar association’s Legal Referral Service (LRS) and requesting a referral to an attorney who practices in the area of consumer bankruptcy law.
New York Bankruptcy Law will help explain the federal bankruptcy process and the common surrounding issues as they pertain to New York residents. Find information about filing bankruptcy in New York including: The Process. A basic description of the federal bankruptcy process. New York Exemptions.
To actually file, either you or your attorney, will need to file a two-page petition and several other forms at your New York district bankruptcy court. These forms, collectively are referred to as the schedules and ask you to describe your current financial status and recent financial transactions (typically within the last two years).
In a Chapter 7 bankruptcy you wipe out your debts and get a “Fresh Start”. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt.
Chapter 13 bankruptcy is a reorganization whereas Chapter 7 bankruptcy is a liquidation. A chapter 13 bankruptcy allows them to make up their overdue payments over time and to reinstate the original agreement.
After you file bankruptcy, you are required to take a debtor education class. This class is necessary to receive a discharge of your debts. Once you complete the course you will receive a debtor education certificate.
Before you file for bankruptcy you need to take a credit counseling course that has been approved for New York bankruptcy filers. Once you complete the course you will receive a certificate that you must file along with your bankruptcy petition.
If you would like to file a Chapter 7 bankruptcy you must pass the New York means test. The test only applies to higher income filers which means that if your income is below the New York median for your household size you are exempt from the test and may file a Chapter 7.
New York chapter 7 bankruptcy is compared to chapter 13 bankruptcy. Find out which is best for you.