What You Need to Know for Filing Bankruptcy in New York
Bankruptcy is mostly governed by federal laws. The state of New York allows special exemptions for a bankruptcy filing. They are homestead, insurance, pension, personal property, public benefits, recent wages, and other miscellaneous items. There are a Brighton Beach bankruptcy attorneys that can assist with these exemptions. The Ursulova Law Offices is a premier Brooklyn bankruptcy law firm that specializes in filing bankruptcies for New York citizens.
How to Prepare Before Filing Bankruptcy?
The bankruptcy process can be easy or complicated. The best way to make it easier is to prepare for it by gathering all of your debts and assets. Do this by gathering:
- List of all debts you owe
- Tax returns from the past 2 years
- Recent bank, retirement, or brokerage accounts
- Registration for all vehicles you own
- All documents related to any other owned assets
What Type of Bankruptcy Should I File?
You can file one of a few types of bankruptcies in the state of New York. The two most common are Chapter 7 and Chapter 13.
- Chapter 7 (Liquidation) – Eliminate most debts after a short few months. In most cases, you are able to keep your possessions.
- Chapter 13 (Wage Earner’s Plan) – Prioritize your debts, discount some debts, and place those debts in a payment plan that you will pay for a period of time determined by the court. The bankruptcy will be discharged after the payment period has been satisfied.
Why Would I Need an Attorney to File Bankruptcy?
You should not file bankruptcy without an experienced bankruptcy attorney. The benefits of a bankruptcy attorney are:
- Ability to provide effective negotiation with creditors
- Familiarity with the court systems, procedures, and personnel
- Accuracy with filing all proper paperwork, tallying debts, and accounting assets
A bankruptcy lawyer will walk you through each step of the process and prepare you for a debt-free future. If you are in New York and looking for Brighton Beach bankruptcy attorneys, Ursulova Law is ready to help. Attorneys from Ursulova Law Offices are experienced and ready to take your bankruptcy case. They are an established Brooklyn bankruptcy law firm with decades of experience.