Filing for Bankruptcy in NY: The Process
Our fishkill bankruptcy lawyers walk you through the steps
Whether you have already decided to file for bankruptcy or are still considering your options, it is important that you take the time to educate yourself on the bankruptcy process. Depending on whether you are filing for Chapter 7 or Chapter 13 bankruptcy, there are specific steps which must be taken that are individual to those chapters.
At Michael A. Fakhoury, ESQ., PC, I have nearly 20 years of experience representing individuals and families like yourself. As a debt relief agency, my firm helps people file for relief under the bankruptcy code.
How To File For Bankruptcy in NY
Before you can file your petition and before a court approves your bankruptcy petition, there are a few steps that must be closely followed. If you are filing for Chapter 7, you will be expected to take a means test to see if you qualify. Based on the results of this test, you can file for Chapter 13 if you do not have enough non-exempt assets or if your disposable income is too high.
The Bankruptcy Process in New York
- Credit counseling class - The state of New York requires individuals filing bankruptcy after 2005 to undergo credit counseling 6 months prior to filing.
- Completing bankruptcy petition - During this phase I will help you create an itemized list of your income sources, recent financial transactions, tax returns, deeds, titles, and any other documents you may need.
- Filing bankruptcy petition - After we gather the information you need for your petition, I will help you file for the type of bankruptcy that best fits your situation (either Chapter 13 or Chapter 7).
- Attending a hearing - After filing your petition you will most likely have to attend a hearing.
- Financial management class - New York also requires individuals to participate in a financial management course after filing for bankruptcy.
How Much Does it Cost to File Bankruptcy in NY?
In New York the average filing fee is around $300, but under certain circumstances you may be able to have the fee waived.
It's understandable that individual's considering filing for bankruptcy would be concerned about the costs. However, you can rest assured that the costs for filing bankruptcy are fairly low in most states.If you are concerned about the costs of filing for bankruptcy, please don't hesitate to give me a call! I can help explain the process and what various fees are for.
Retain Trusted Guidance When You Call (845) 875-4442
By learning about the bankruptcy timeline and how the process works, you can make a decision whether bankruptcy is right for you. You will also know what to expect throughout the upcoming days, weeks, and months while seeking relief through this legal remedy. If you decide this is the road you want to take, I can sit down with you to determine which chapter is most appropriate for your debt problems.