New York Bankruptcy Lawyers
Find out how New York laws may affect you
New York bankruptcy laws are designed to clear debt. On the surface, it can be a simple process: You file, get control of your finances and get on with your life.
But to take maximum advantage of this opportunity you'll want to fully understand how you may be able to use the laws to your advantage. This is where it may get complicated. New York laws provide multiple bankruptcy options, and several ways to protect property from foreclosure and repossession.
Find out more about how the laws apply to you during a free case evaluation with a New York bankruptcy lawyer.
Complete the free form on this page to connect with a lawyer near to get answers to your questions. Or, call toll free 877-844-2410 to connect right away.
New York Bankruptcy Chapters
The personal bankruptcy laws in New York give you two main paths to debt elimination. The two options, known as chapters, work differently but lead to the same place. Which one is right for you will depend on your needs and goals.
Chapter 7 bankruptcy is designed to clear debt in only a few months. It's made to address debts related to credit cards, medical bills and personal loans. Chapter 7 can be particularly effective for those who don't have much regular income.
Before you file, you'll want to know how Chapter 7 exemptions apply to you. Exemptions are the reason why there is rarely a forced sale of property for Chapter 7 filers in New York. Exemptions outline the types and amounts of property that are fully protected during your filing. In New York, this includes:
- $50,000 for a home or real property
- 90 percent of earnings
- $2,400 for a motor vehicle
- Clothing, household furniture, tableware, cooking utensils
- Wedding ring
- $600 for tools and equipment
- Church pew
- $450 for animals
Chapter 7 won't let you address debts related to your home mortgage, car loan or any other debts tied to property. For this, you'll need Chapter 13 bankruptcy.
Chapter 13 typically takes longer than Chapter 7 and you will need some regular income to make payments under a court-approved repayment plan. However, in return it can provide some of the strongest property protections offered by bankruptcy.
Also, for the duration of your repayment timetable you should be protected by the automatic stay which stops wage garnishment, lawsuits and harassing letters and phone calls from creditors. It may also be used to stop a pending foreclosure or car repossession. Other debt relief plans simply can't offer this same type of protection.
Get Help From New York Bankruptcy Lawyers Today
Which type of bankruptcy may help you the most? For answers to this and all your chapter bankruptcy questions, speak with a New York bankruptcy lawyer near you.
A local attorney can answer your questions and take you through the process step-by-step. You can learn how to take full advantage of all the debt-clearing tools offered by bankruptcy.
Your bankruptcy filing could be the opportunity you need to get a fresh start and get back to living your life. Don't wait any longer take your life back.
Get a free case evaluation with a New York bankruptcy near you by completing the form on this page or call, toll free, 877-833-2410. We'll connect you with a local lawyer right away so you can get started as soon as possible.