New York Bankruptcy Lawyers

Committed to working passionately

Our finances are greatly determined by factors and circumstances beyond our control, from our health and employment status to the country’s economic state and changes in world politics.

Instability in the world economy in connection with tension in political relations between Western countries and Russia, America’s enormous expenditures on the struggle with terrorism, transfer of capital abroad and creation of thousands of jobs there that actively influence the growth of unemployment in the United States, the unrestrained growth of prices even on essential items—all these factors keep our country in a state of crisis. And once considered a lot of failure, bankruptcy has become a real fact of life for many solid citizens. If a heavy debt burden has fallen on you today, you needn’t be ashamed of your situation or feel guilty before your creditors. After all, they insistently urged you to buy everything with credit, and it’s not your fault if you can’t pay your bills now.

The Congress of the United States adopted the Bankruptcy Act in 1800 to give American citizens who had suffered a downfall an opportunity to make a new start and prevail in their attempts to achieve success.

As time has shown, this alternative is an effective way for citizens to protect themselves against creditors and gives them a legal opportunity to get on their feet again.

As of today, bankruptcy is a process that takes several months, at the end of which you are given a real chance to change your life for the better. So, debts are not a reason to fall into panic and despair. Nadezhda Ursulova—a Brooklyn bankruptcy attorney who has practiced personal bankruptcy for more than eighteen years now—has presented the cases of many hundreds of clients in the courts, and not a single one has been denied bankruptcy!

How Bankruptcy Can Help You Regain Control in Brooklyn and Beyond

When Debt Becomes Too Much to Manage

Falling behind on bills often starts gradually—missing a payment here, covering a medical expense there—but over time, it can build into something overwhelming. For many New Yorkers, especially in areas like Brooklyn where living costs remain high, unmanageable debt becomes a daily source of stress. Collection calls, late fees, and the threat of legal action can make it feel like there’s no way out. Families are forced to make impossible decisions, choosing between paying rent, buying groceries, or covering credit card minimums.

The burden isn’t just financial. It can affect mental health, relationships, and even your ability to stay employed. Wages may be garnished, bank accounts frozen, and assets put at risk. The emotional toll of constant pressure from creditors and the uncertainty of how to fix it leaves many people feeling trapped.

What Filing for Bankruptcy Can Do

Bankruptcy isn’t about failure—it’s a legal tool designed to give people a second chance. Whether you’re dealing with job loss, medical debt, or unexpected financial hardship, filing for bankruptcy can stop collection actions immediately. The automatic stay goes into effect the moment a case is filed, which means no more creditor phone calls, no more wage garnishments, and no more threats of lawsuits.

Working with a bankruptcy attorney ensures your paperwork is accurate, deadlines are met, and your rights are protected. Attorneys also explain which chapter makes the most sense for your situation—typically Chapter 7 or Chapter 13—and how your income, debt, and assets will affect the outcome. Most importantly, they ensure you understand what debts can be discharged and what property you can keep.

Why Clients Turn to Ursulova Law Offices, P.C.

With offices in Brooklyn and Garden City, our firm has guided individuals and families through bankruptcy for years. We’re not a large-volume operation—we work closely with each client, ensuring every question is answered and every detail is handled carefully. Attorney Nadezhda Ursulova has presented hundreds of successful filings, each one handled with a level of preparation that reflects our firm’s focus on thorough and strategic case planning.

Clients appreciate our deep understanding of the New York exemption rules, our ability to anticipate issues before they arise, and our dignity toward each person. Bankruptcy is a serious decision, and we aim to make the experience as clear and efficient as possible.

What to Expect When Filing for Bankruptcy in New York

New York bankruptcy cases follow federal rules, but state-specific exemptions determine what you get to keep. Working with a Brooklyn bankruptcy lawyer who understands local court preferences and exemption laws is essential. You’ll likely need to decide between Chapter 7 and Chapter 13, depending on your income and financial goals.

In Chapter 7, non-exempt assets (if any) may be sold to pay creditors, and most unsecured debts are wiped out in just a few months. Chapter 13, by contrast, allows you to keep your property while repaying a portion of your debts over three to five years.

The first step is to gather your financial documents: tax returns, pay stubs, bank statements, and a complete list of debts and assets. You’ll also be required to complete a credit counseling course from an approved provider before filing. Once everything is filed, a 341 meeting of creditors is scheduled—but in most cases, creditors do not attend, and the meeting lasts only a few minutes.

Common Triggers That Lead to Filing

People file for bankruptcy for a wide range of reasons, most involving events outside their control. Medical bills are a leading cause, especially when insurance doesn’t cover specific procedures or specialists. Job loss, reduced income, or taking on personal debt to support a struggling business can also cause financial pressure to grow quickly. In areas like Brooklyn and Garden City, housing costs alone can make financial recovery feel out of reach after just a few missed paychecks.

Divorce is another common trigger, as people suddenly find themselves living on a single income while managing shared debts. For others, it’s a matter of trying to keep up with high-interest credit cards that were once manageable but now carry balances too large to tackle. Whatever the cause, a bankruptcy lawyer can help identify whether you qualify for relief and what kind of protection bankruptcy offers.

Understanding What Bankruptcy Can and Cannot Do

Filing for bankruptcy can eliminate most types of unsecured debt, including credit cards, personal loans, payday loans, and medical bills. It can also help stop foreclosure or repossession if you act early enough and file under the right chapter. In Chapter 13 cases, clients can catch up on mortgage arrears while continuing to make regular payments.

However, not all debts are eligible for discharge. Most student loans, recent taxes, child support, and criminal fines remain payable after the case is complete. A New York bankruptcy lawyer will explain which of your debts fall into each category and help you plan around those that must be repaid.

It’s also important to know that filing does not erase liens. If a creditor has a secured interest in your property, they may still be able to claim it after the case, unless specific actions are taken during the bankruptcy to remove or address those liens.

Mistakes That Could Hurt Your Case

Bankruptcy is a process, and success depends on complete transparency. Omitting creditors, hiding assets, or transferring property before filing can lead to serious consequences, including case dismissal or criminal charges. Many people make costly errors trying to handle the paperwork alone, unaware of the local rules or deadlines.

Some assume they can eliminate certain debts while protecting favorite creditors or keeping specific property off the books. Courts review everything carefully, and trustees are trained to detect irregularities. A Brooklyn bankruptcy lawyer can help you avoid these pitfalls and ensure your petition is complete and truthful.

Frequently Asked Questions

Will bankruptcy erase all of my debts?
Most unsecured debts can be discharged, but some, like student loans, recent tax debt, and child support, usually remain.

Do I have to go to court?
You’ll attend a brief meeting with the trustee (the 341 meeting), but there’s rarely a whole courtroom appearance unless complications arise.

Can I keep my house and car?
It depends on your equity and the type of bankruptcy filed. New York exemptions often allow you to retain both.

How long does the process take?
Chapter 7 usually takes three to six months. Chapter 13 runs three to five years, depending on the repayment plan.

Will everyone know I filed for bankruptcy?
Bankruptcy is public record, but unless someone searches court filings, they are unlikely to find out.

Areas We Serve

Ursulova Law Offices, P.C. proudly assists individuals and families in greater New York. We help clients in:

• Brooklyn
• Brighton Beach
• Garden City
• Coney Island
• Sheepshead Bay
• Flatbush
• Bay Ridge
• Midwood
• Downtown Brooklyn
• Bensonhurst
• Nassau County
• Queens

Our local knowledge and commitment to careful, client-centered legal work set us apart in each of these communities.