 |
 |
 |
 |
|---|
 |
 |
 |
|---|---|---|
 |
 |
 |
 |
 |
 |
|---|---|---|
 |
 |
 |
 |
Filing Bankruptcy in NYS: A Comprehensive Guide for Residents
Filing for bankruptcy in New York State (NYS) can be a daunting process, but understanding the steps involved can make it more manageable. This guide aims to provide clarity on what you can expect, helping you make informed decisions during this challenging time.
Understanding Bankruptcy Types
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, often referred to as 'liquidation bankruptcy,' allows individuals to discharge most of their debts. However, it's essential to consider the chapter 7 bankruptcy filing fee, which can vary based on your specific case and situation.
Chapter 13 Bankruptcy
Unlike Chapter 7, Chapter 13 bankruptcy involves a repayment plan that typically spans three to five years. This option is ideal for those with a steady income who can afford to repay a portion of their debts. For a broader perspective, you might explore similar options, such as chapter 13 bankruptcy virginia.
Steps to File for Bankruptcy
- Gather Financial Documents: Collect all necessary financial documents, including income statements, expenses, and a list of debts.
- Counseling Requirement: Complete a credit counseling course from an approved provider. This is mandatory before filing.
- Filing the Petition: Submit your bankruptcy petition to the appropriate court. This includes all required schedules and statements.
- Meeting of Creditors: Attend the 341 meeting, where creditors can ask questions about your financial situation.
- Discharge or Repayment Plan: Depending on the chapter filed, complete the process to discharge your debts or adhere to your repayment plan.
Common Concerns and Myths
- Bankruptcy Ruins Credit Forever: While bankruptcy does impact your credit, many individuals find they can rebuild their credit over time.
- You Lose Everything: NYS has exemptions that protect certain assets, such as your home and car, depending on their value.
FAQ
What is the cost of filing for bankruptcy in NYS?
The cost can vary, including filing fees and attorney fees. It's advisable to consult with a bankruptcy attorney for an accurate estimate.
Will all my debts be discharged?
Not all debts can be discharged. Common exceptions include student loans, certain taxes, and child support obligations.
How long does the bankruptcy process take?
Chapter 7 typically takes three to six months, while Chapter 13 can last three to five years, depending on your repayment plan.
The bankruptcy forms list all of the filer's debts, assets, and financial information. Depending on the Chapter they are filing under and other considerations, ...
Collect Your New York Bankruptcy Documents - Take the Required Credit Counseling Course - Complete the Bankruptcy Forms - Get Your Filing Fee ...
Federal courts have exclusive jurisdiction over bankruptcy cases, and all bankruptcy cases must be filed in the federal Bankruptcy Court.
