New York Bankruptcy Attorney Assist In Bankruptcy Matters

The overpowering burden of too much unnecessary medical, personal as well as credit card debt can be freed from you by just filing for bankruptcy in New York therefore giving you a new fresh start. The current changes in the law of bankruptcy can make a bankruptcy file more complex. The New York Bankruptcy Attorney will be in a position to offer you the best representation so that you can have financial freedom from the debt burden. The attorney helps their clients in understanding the complexities that lead to filing for a claim in bankruptcy. They are human enough to understand that a property loss, sickness or job loss which eventually becomes expensive can result to a loss of job.

Chapter 7 Bankruptcy

For the individual consumer debtor, Chapter 7 is the easiest and most popular type of bankruptcy. This type of bankruptcy enables you to get relieved of your debts while keeping some assets. This is possible if you an income which is below certain predetermined limit.

If you are planning to file a chapter 7 bankruptcy, the following are the simple steps that you need to take:

1)      Consultation-In order to have your bankruptcy case assessed, you will need initial legal consultation.

2)      Filing-Your chapter 7 bankruptcy case needs to be filed in court

3)      341 meeting-The attorney will ensure that you are well represented in a meeting between your creditors and yourself.

4)      Follow up-In order to comply with the legal issues, the office of the attorney will work very hard to ensure compliance until the time that you receive an official discharge notice from the court.

Chapter 11 Bankruptcy

This type of bankruptcy is suitable for those individuals and businesses whose secured debts exceed $ 1,000,000. It is normally used for a bankruptcy of a business and restructuring that business that have future and modern business units that are much profitable. Your business will be allowed continued operation while it is in chapter 11 even if it is done under the bankruptcy court and its appointees’ supervision.

Chapter 11 bankruptcy is more expensive and complex to pursue for the individual consumers. It is also coupled with many administrative burdens. The main purpose is to enable you to have you reorganized thereby getting a chance to have the debt restructured and wake up from leases and contracts that are a burden.

The experienced New York Chapter 11 Bankruptcy Attorneys have plenty of methods to formulate plans and are professionals in requirement and limitation compliance with the New York bankruptcy code of the court. The attorney will assist you file for this bankruptcy while being sensitive to time for you and your business.

Chapter 13 Bankruptcy

This type of bankruptcy is also referred to as the wage owner plan. This is for assisting the qualified individuals with regular income and are able to pay their creditors but are not able to since they are in financial difficulty. The benefit of chapter 13 bankruptcy is that you get protected from your creditors’ collection efforts and this allows you to keep your property while you get time for catching up. In Chapter 13, a periodic payment that your creditors are in agreement with to have their debts paid will have to be worked out. Failure to comply with the payment plan will lead the court to treat it as Chapter 7 liquidation.