How to File Bankruptcy in New York
How to file bankruptcy in New York
Do you need to know how to file bankruptcy in New York?
Experienced bankruptcy lawyers can help you if you need to learn how to file bankruptcy and understand the process of the bankruptcy courts. Bankruptcy involves restructuring or eliminating a person's debts. This is a federal court process, but each state administers the process. Bankruptcy lawyers in New York need to be consulted if you do business in or reside in that state and you are probably going to have to declare bankruptcy.
There are two types of bankruptcy that are typically (but not always) declared: Chapter 13 and Chapter 7. There are different stipulations regarding each one, and that's one major reason why bankruptcy lawyers in New York are needed to help you, as a New York resident or small business owner, sort through all of the necessary legal steps.
Chapter 13 bankruptcy does not discharge a person's debt. An individual's debts are, instead, consolidated and the payment plan restructured into an affordable monthly payoff, which usually means that at least some creditors must accept less money than they are actually owed--but better something than nothing. All of the settlement amounts are "set in stone" and must be paid off within a certain period of time, which is typically anywhere from three years to five years.
Chapter 7 bankruptcy is sometimes referred to as "liquidation" and it charges off a person's unsecured debts entirely, with some exceptions:
- Alimony/Spousal Support
- Tax debt
- Child Support
- Personal injury including restitution or damages
- Court penalties or fines
- Student Loans (except for proven cases of Extreme Hardship)
Locate bankruptcy lawyers (whether it's NYC or NY) who are experienced with these matters can get you the proper settlements and the proper protection of the bankruptcy laws. They can help you understand how to file bankrputcy in New York.
It's also possible that you might file Chapter 11 bankruptcy, which is what business entities usually use if a business is going bankrupt. Under Chapter 11 protection, a business does not have to be divided up and auctioned off; instead, it is allowed to continue operations while it is reorganizing or restructuring its debts and finances to be get them paid off.
Knowledgeable NYC and NY bankruptcy lawyers can help you learn how to file bankruptcy in New York. Find out your options and what's best for your and your specific situation. Let your lawyer represent your interests to the New York circuit federal courts so that you get the protection that you need for your situation.
You may also be interested in more New York State Laws Resources after viewing How to File Bankruptcy in New York.
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