What to Expect when Filing for Bankruptcy in New York

bankruptcyMany people decide to file for bankruptcy when they can no longer pay their bills. Contrary to popular belief, filing for bankruptcy is not taking the easy way out. If you are interested in filing for bankruptcy, then there are several important things that you will need to know.

Automatic Stay

An automatic stay means that a block will be put on your debt. Your creditors will no longer be able to contact you about your debt. They also will not be able to garnish your wages or deduct funds from your bank account. You will have to pay a fee to file for bankruptcy.

Required Credit Counseling

The 2005 Bankruptcy Act requires that everyone goes through credit counseling before filing for bankruptcy. You must do this six months before you file for bankruptcy. You will also have to complete a financial management course after you file for bankruptcy.

Complete a Means Test

The purpose of the means test is to determine whether Chapter 7 or Chapter 13 bankruptcy is the best option for you. The court will look at your income from the past six months in order to determine which option is best for you. If your income is below the median in your area, then you will need to file for Chapter 7. You will need to file Chapter 13 if your income is greater than the national average.

Filing the Paperwork

The paperwork can make bankruptcy a time-consuming process. Monthly living expenses, debts, property information and tax returns are examples of some of the information that you will need to provide. A Brooklyn bankruptcy attorney can help you gather important information.

Contact a Bankruptcy Lawyer in Brooklyn

Contact Ursulova Law Offices if you are interested in filing for bankruptcy. Let our years of experience to help the process go a lot more smoothly.

Ursulova Law offices, P.C.

Contact Ursulova Law Offices, P.C. to find out how our NY Bankruptcy Attorneys can help you today. Our offices are located in New York, Brighton Beach, Brooklyn and Garden City.


  • This field is for validation purposes and should be left unchanged.