Best Bankruptcy Lawyers in New York

About Bankruptcy Law in New York, United States

Bankruptcy is a legal process designed to help individuals and businesses struggling with overwhelming debt. In New York, United States, bankruptcy is governed by federal laws outlined in the United States Bankruptcy Code. This code provides guidelines and procedures for individuals and businesses seeking relief from their financial burdens.

Why You May Need a Lawyer

Bankruptcy can be a complex process, and having a lawyer by your side can greatly benefit you. Here are some common situations where seeking legal help in bankruptcy is advisable:

• If you are unsure of your eligibility for bankruptcy
• If you need assistance in determining the appropriate bankruptcy chapter to file
• If you have substantial assets or complex financial issues
• If creditors are taking legal action against you
• If you need guidance and representation throughout the bankruptcy process

Local Laws Overview

While bankruptcy law is primarily governed by federal laws, there are certain aspects that vary at the state and local level in New York. Here are some key points to consider:

• New York offers exemptions that may allow you to protect certain assets during bankruptcy.
• There are specific income requirements to qualify for Chapter 7 bankruptcy in New York.
• New York has a median income test to determine Chapter 13 bankruptcy payment plans.

Frequently Asked Questions

1. Can I still keep my home and car if I file for bankruptcy in New York?

It depends on the type of bankruptcy you file and your specific circumstances. In some cases, you may be able to keep your home and car by utilizing exemptions or entering into a reaffirmation agreement.

2. Will bankruptcy clear all of my debts?

Bankruptcy can help eliminate or reduce many types of debts, including credit card debt and medical bills. However, certain debts such as student loans, tax obligations, and child support payments generally cannot be discharged.

3. How long does the bankruptcy process take in New York?

The duration of the bankruptcy process can vary depending on the type of bankruptcy, the complexity of your case, and other factors. Generally, Chapter 7 bankruptcy takes around three to six months, while Chapter 13 bankruptcy may last three to five years.

4. Can I file for bankruptcy on my own or do I need a lawyer?

While it is possible to file for bankruptcy without a lawyer, it is highly recommended to seek legal assistance. A lawyer can ensure that you follow the correct procedures, provide guidance, and help protect your rights throughout the process.

5. Will bankruptcy ruin my credit forever?

Bankruptcy will have an impact on your credit score, and it will remain on your credit report for a certain period. However, it is possible to rebuild your credit over time by adopting responsible financial habits and seeking professional advice.

Additional Resources

If you need further assistance or information regarding bankruptcy in New York, consider exploring these resources:

• United States Bankruptcy Court - Southern District of New York: https://www.nysb.uscourts.gov/
• New York State Bar Association: https://nysba.org/
• The Legal Aid Society of New York: https://www.legalaidnyc.org/

Next Steps

If you are considering filing for bankruptcy or need legal assistance, here are the suggested next steps:

• Research and gather information about bankruptcy and its implications.
• Consult with a bankruptcy lawyer to discuss your specific situation and options.
• Work closely with your lawyer to prepare the necessary documents and complete the bankruptcy filing process.
• Follow any instructions provided by the court and attend required hearings.
• Adhere to the terms of your bankruptcy plan and seek financial counseling if required.