What is the Bankruptcy Process in New York?
Are you considering filing for
bankruptcy in the state of New York? Bankruptcy is primarily governed by federal
law, but there are some procedural differences when you file from state
to state, including the bankruptcy exemptions. If you have any questions
throughout the bankruptcy process and desire legal guidance from our firm,
contact Smith & Messina LLP today!
Before You File
Prior to filing for Chapter 7 or Chapter 13 bankruptcy, you will need to
complete a credit counseling course from a U.S. Trustee approved agency.
Within 180 days after successful completion of the course, you must file
for bankruptcy. If you do not file within this time, your certificate
will expire and you must repeat the course prior to filing again.
You must also take the means test to determine whether or not you are eligible
to file under Chapter 7. The means test compares your income to that of
the median income for a household of your particular size. You will be
approved for Chapter 7 if your income is less than the median. You can
still file under Chapter 13 if your income is higher than the average.
Filing for Bankruptcy
Once you determine whether or not you will file under
Chapter 7 or
Chapter 13, you will need to complete a bankruptcy petition. The petition is a series
of schedules that contain information about your finances and other forms.
The specific process will depend on which chapter you file under.
After you file for bankruptcy, you will need to complete a debtor education
course before the discharge can be issued.
Contact our firm's bankruptcy attorney in Buffalo for the legal help you need through your bankruptcy case at (716) 259-1030.
We have the knowledge and resources necessary to help you successfully
complete the process.