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Filing Bankruptcy in New York

To file bankruptcy in New York you need the best legal advice possible. You want to be sure your rights and your property will be protected.

Take the first step in determining if bankruptcy is right for you. Fill out the free confidential legal evaluation and a lawyer near you will contact you to discuss a possible case. Our attorneys are from well-respected and well-established law firms that deal exclusively in consumer debt. We have handled hundreds of cases just like yours and can get you the financial fresh start you deserve.

You may be wondering whether or not you need to file for bankruptcy. Bills may be piling-up and you may not understand when filing for bankruptcy protection in New York is justified.

How do you know if you are bankrupt? If your current sustainable income plus any cash reserves will not pay all of your living expenses, pay interest on outstanding loans, and reduce some of your principal on those loans while paying on them for five years. If you live in the state of New York, the formula should not include any of your retirement investments as cash reserves. Paying off debts for five years is chosen because five years is the maximum legal number of years a United States Bankruptcy Court allows an individual to work their way out of bankruptcy protection. If you live in the state of New York, you basically have three choices you can make about filing.

First, you can do nothing and get further into debt. This choice will likely cause your creditors to continue to pursue with debt collection efforts such as: law suits, garnishment, attachments, evictions, and foreclosures. Doing nothing may also endanger any assets remaining in your estate. If you have no assets for creditors to take and your income is protected by law, then most likely, you are collection proof and may not need to file for bankruptcy protection at all. Eventually, the statute of limitations will run its course and collection activities will cease.

Second, you can attempt to negotiate with your creditors, use debt management companies, or consolidate your loans. If successful, you will not have to file for bankruptcy protection. If not successful, your problems with debt collection will most likely intensify.

Finally, you can file for bankruptcy protection invoking the automatic stay which is common to all bankruptcy proceedings and immediately prevents creditors from bringing certain lawsuits, foreclosures, utility shut-offs, evictions, repossessions, garnishments, attachments, and debt collection harassment. Bankruptcy, if completed, can eliminate debt collection activities and may provide you with a fresh financial start.

New York Bankruptcy and Rebuilding Credit

New York Bankrutpcy Attorney

Some debtors do not want to file for bankruptcy protection because they do not want it on their credit report for up to 10 years, but if you are considering filing for bankruptcy your credit score is most likely already ruined. In addition, anyone who files for bankruptcy protection can immediately begin to rebuild their credit. They do not have to wait 10 years to have a good credit rating.

Bankruptcy laws are primarily federal laws designed to protect both creditor and debtor and to allow the honest person or business to work their way out of a bad financial situation. Bankruptcy is a tool used by our society to help alleviate debt between two parties.

If you are bankrupt and considering bankruptcy, contact a bankruptcy lawyer. If you need relief from the stress of debt and you live in or around the metropolitan counties of Nassau or Suffolk, New York, contact us at www.BankruptcyHome.com. We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.

Get out from under your overwhelming financial burden. Bankruptcy may be your only choice to be debt free again.

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