Posts Tagged ‘bankruptcy attorney’

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How to Hire a Bankruptcy Attorney in New York

Friday, April 16th, 2010

If you are want to clear debts and  get a fresh start, Chapter 7 bankruptcy in New York can help. If you fear your home will go into foreclosure, you have many options with Chapter 13 bankruptcy and there are also alternatives to bankruptcy.

The first step in filing bankruptcy in New York is hiring a bankruptcy attorney. You must make this decision if you really want to file, and then who you’ll hire. This post will help.

Advantages of Bankruptcy

It was mentioned that alternatives to bankruptcy are often not as effective. Depending on how the courts treat your case, how much you owe, what assets you have, and what you make, filing bankruptcy has clear advantages
Chapter 13 Advantages: Save your home and property, and buy time to pay back bills
Chapter 7 Bankruptcy Advantages: You can clear most credit card debt, and many other debts

How to Hire a Bankruptcy Attorney in New York
If you look online, you can see thousands of bankruptcy attorneys just in the state of New York. Across the country, there are tens of thousands. However, they are not all equal, can have varying skills, and most important charge different rates. You want to hire a bankruptcy attorney in New York who is not overloaded with work, but is trusted. Referrals can really help in this process.

Create a list of potential bankruptcy attorneys you’re interested in. Research the topic, ask for referrals, and look over websites. Then, query attorneys on years experience, how many bankruptcies they file for clients on  a monthly basis, and how much they actually charge you.

How Can They Help You File Bankruptcy?
If you want to hire a bankruptcy attorney in New York, they must be knowledgeable of all laws concerning bankruptcy. They should also be willing to take calls from your creditors during the proceeding; if creditors call you constantly, this gives you peace of mind. Also, with new laws for filing  bankruptcy in New York and across the country, filing for Chapter 7 bankruptcy and liquidating your assets isn’t always an option. Now more bankruptcies are being changed to Chapter 13 bankruptcies, where you have to pay back debts and not discharge them.

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How to Choose a Good Los Angeles Bankruptcy Attorney

Wednesday, April 14th, 2010

Hiring Los Angeles bankruptcy attorneys is tough, right? In fact, with literally tens of thousands of attorneys and thousands of bankruptcy attorneys, it seems easy. You have many options. You can negotiate process. You can get the best one for the deal. Bankruptcy gives you a fresh start, but one of the most important choices you make is in hiring a good bankruptcy attorney.

However, not all Los Angeles bankruptcy attorneys are a good fit for you. First, some are dishonest and  overcharge you (over billing you on hours, for example). It should be said there are just as many if not more honest Los Angeles bankruptcy attorneys as there are good ones. It’s choosing between the two which is hard.

Making a List of Good Los Angeles Bankruptcy Attorneys
The best way to find bankruptcy attorneys in Los Angeles is to use the web. This saves time on cold calls. You can also work via referrals, as you may know someone who worked with a particularly good bankruptcy attorney. How many Los Angeles bankruptcy attorneys should you consider? There is no big rule on how many you can choose, but 5-10 in your initial list is good, as you can focus on the most experienced.

Initial Queries to Los Angeles Bankruptcy Attorneys
Once you have that list, you want to start making phone calls and sending emails, whichever is easier for you. You should confirm the attorney specializes in bankruptcy, knows federal laws, and can help you immediately.

Inquiring on Workload
You should also query the attorney on how much work they have, as well as who you will be working with directly. You don’t want to be one of 100 clients for one or two bankruptcy attorneys in a firm. You could ask them if they are overloaded, but just ask how much time they have to spend with you.

Asking on Fees for Bankruptcy Attorneys
Just as important as workload is affordability. Since not all Los Angeles bankruptcy attorneys are equal, have the same skills and degrees, you may not always want the cheapest or most expensive one. Choose an attorney who has helpful bankruptcy knowledge, can educate you on the process, has years experience, and does not charge a fortune. Hiring the first attorney you find may work out, but it rarely does; the same could be said of hiring the cheapest.

Hiring the Best Bankruptcy Attorney
Once you’ve made your list and inquiries, there will likely be a few standouts. You do want your attorney to be close so you can meet with him or her from time to time. Choosing may seem hard, but you don’t have to agonize over this. Be clear on rates, ask for references, and make an informed decision.

Filing Bankruptcy in Los Angeles
Does the idea of filing bankruptcy scare you? The sad truth is that many just like you feel the same way. A good Los Angeles bankruptcy attorney can offer guidance on how to handle your finances, how to clear debt, how to stop creditor harassment, and how to get a fresh start.

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What the Case Trustee does during Chapter 7 Bankruptcy in Las Vegas

Monday, April 12th, 2010

Chapter 7 bankruptcy has many clear benefits for Las Vegas residents in deep debt and with few options. Instead of borrowing more money or losing everything, you can eliminate many debts including hospital bills, mortgages, and credit card debt (but you may lose your home in Chapter 7 bankruptcy).

The case trustee administers your liquidation of debt by selling all your nonexempt assets. This means exempt assets, including possessions like food and clothes, will stay safe. Nonexempt assets include your car and home. Typically, the more you have the more you lose. It’s wise to get counsel from a professional Las Vegas bankruptcy attorney, to study personal Chapter 7 and Chapter 13 bankruptcy yourself, and to be aware of all laws including the role of the case trustee. Let’s go over what the case trustee does.

Liquidation for Chapter 7 Bankruptcy in Las Vegas
If you have no assets, which is the most common in bankruptcy, you will lose no assets and your creditors will receive nothing. If you have many assets, you might lose some of them.  It’s most common to lose absolutely nothing.

Liquidation involves you filing the petition, a court receiving it and assigning a trustee, and for any creditors you owe money to have to claim it. Within 90 days, unsecured creditors have to file statements on debts with the court. The money made from the liquidation will then go to creditors. Within 180 days, government units have to file paperwork as well. Again, in cases where the debtor has no assets, the creditors have nothing to claim.

The “Estate” and Chapter 7 Bankruptcy in Las Vegas
The estate will be the owner of all the debtor’s nonexempt property, including cars and homes in some cases. The money paid to creditors will come from this estate. Section 726 of the Bankruptcy code is where the powers given to the estate comes from. There are six classes of claims for each creditor, and each has a right to the debtors assets. After all these are paid, the debtor can hold onto whatever assets are left.

The Discharge for Chapter 7 Bankruptcy in Las Vegas
Finally, when the creditors are paid, or get nothing if the debtor has few assets, the discharge is made. According to the U.S. government, debtors receive a discharge 99 percent of the time. This is very good news, as odds are in a matter of months you will be debt free. This process typically takes only 3-6 months.

The Role of the Las Vegas Bankruptcy Attorney
If you want to file Chapter 7 bankruptcy in Las Vegas and are unsure of laws such as exempt and nonexempt property, contact a professional bankruptcy attorney with the experience you need. While bankruptcy on paper sounds like a quick process, in reality it takes a lot of skill to file all proper documentation, handle the courts correctly, and come out ahead.

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Before Bankruptcy – How to Manage Essential and Nonessential Debts

Friday, April 9th, 2010

To avoid filing bankruptcy, you can maintain your credit, pay bills on time, and build a savings.  Some debts should have priority over other debts. This guide will show you which debts should be given priority, which ones should be at the bottom of your list, and if you do have to file for Chapter 7 or Chapter 13 bankruptcy, how planning ahead works wonders. Let’s begin.

Which Debts to Repay – Essential Debts
Essential debts are at the top of your list of bills, the ones with the most importance. Some of the consequences of not paying this will be pretty obvious. For example, without rent or mortgage payments, where do you expect to live? Without a car, how can you make it to work? Without utilities, where’s the power coming from?

Rent or mortgages are essential debts. If you rent a residence, and have nowhere else to go, that’s priority #1. On the other hand, before you file bankruptcy, if you own a home you’re paying a mortgage on, you might be able to sell the home and recoup some of your losses. Why would you sell? It just helps you avoid filing bankruptcy, and in some cases you might lose it anyway–so you can sell before you lose it. Certain homes might not sell for much of anything, especially if the housing market is bad. Weigh these pros and cons.

Child support is another essential debt. Why? You go to jail if you don’t pay them. And if you think not paying for a few months is okay, this will still show up as an unpaid bill–you have to pay it eventually. Bankruptcy does not cancel child support debt.

Cars aren’t always a must. You might have just lost your job and have access to many locations near your residence (like a grocery store). You might also sell your car before a bankruptcy to get enough money to pay other essential debts.

Lastly, taxes are a clear essential debt. You could lose your home and face stiff penalties if you do not pay your taxes every year.

Which Debts Are Secondary- Nonessential Debt
Nonessential debts have less priority, but will still be on your credit report for 7 years. Being a nonessential debt does not mean you won’t get in trouble for not paying, but if you have to choose between your house and paying back a friend, you have to make a choice. And though certain debts can be termed nonessential, such as gas, sometimes you just can’t go without paying the bills upfront.

Department stores are another nonessential debt. In this case you can be sued for not paying.

If you have a newspaper or magazine subscription, really you won’t owe that much. These are on the bottom of debts, but collection agencies can still harass you.

Legal and accounting come into play if you run a small business or regularly consult lawyers. These debts may be nonessential, but here again you can get sued for not paying.

Choosing Debts to Pay Before Bankruptcy
There are even more debts, including auto insurance, medical, credit cards, and student loans, which should be considered. So how do you follow a repayment plan for all of the bills one gets every month? How can you avoid bankruptcy? Create a list of expenses and budget yourself. Some of these debts are small in  terms of importance and price, but others could be quickly paid so you can focus. A debt repayment plan involves budgeting with this system: paying essential debts first, nonessential debts second, and always considering debts which can be both essential and nonessential in certain cases such as credit cards.

Before you file bankruptcy, you can budget. As bankruptcy isn’t for everyone and can be a life changing event, careful planning helps you get through this.

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What a Credit Counseling Agency Does and How to Choose One – Alternatives to Bankruptcy

Wednesday, March 31st, 2010

Credit counseling agencies are for people who have problems paying debts. If you can’t pay bills on time, have outstanding credit card debt, and want advice on money management, credit counseling agencies can help and are in some cases an alternative to filing bankruptcy.

Credit counseling services include:
-Money management education for debtors
-Budget and debt counseling
-House counseling
-Referrals

The Debt Management Plan
A DMP  is where the credit counseling agency negotiates with your credit card companies and other creditors. Typically, the credit counseling agencies goal is to negotiate for lower interest rates and monthly payments to your creditors. You will make a large payment to the agency, and they’ll send separate payments to all your creditors.

The Price
While some credit counseling agencies come at no cost, some do charge a fee (usually small). Also, you should be weary of using a credit repair clinic, who sometimes trick individuals into their services. In essence, credit repair clinics only do what you could easily do for yourself. They offer to fix your credit with services available to everyone. It’s best to avoid any company offering to repair your credit for free; most are scams.

Choosing A Credit Counseling Agency
There are a variety of ways to make sure you get the right services for your situation. Just as you shouldn’t hire the first bankruptcy attorney you find, you should research credit counseling agencies and compare them. Here are some notes on what you should look for.

-They must me a registered nonprofit (accredited nonprofit)
-Are a member of the NFCC or AICCCA
-Employ certified, professional counselors
-Provide counseling and education
-Offer more than one debt management option
-Are upfront about all fees
-Have a clean business record
Let’s go over some of these in more detail.

Certified Counselors
Credit counselor should have not only completed a training program within the company, but also passed a certification exam; the certification exam tests for understanding in counseling, budgeting, credit and consumer law, debt management, and bankruptcy law. You want this exam for your counselors to be done by an outside, independent agency such as Financial Counseling and Planning Education.

Counseling and Education
You want to go over all the details on your current economic status in person, by phone, or on  the web. It usually takes about an hour and you’ll go over income, expenses, debt, why you’re in a tough situation, and your future goals. After this session, you should get a budget plan, a list of steps and to begin, and notes on your options.

Fees
You should never pay more than $50 to establish your work with the the credit counseling agency, and future monthly payments should never exceed $50. Also, the agency must be made aware if you cannot afford these fees, and should waive them.

When Filing Bankruptcy
In some cases, you might want to actually file bankruptcy, whether it’s Chapter 7 or Chapter 13 bankruptcy. Sometimes you simply cannot pay back all these fees. In any case, you have nothing to lose and a lot to gain when working with debt counseling agencies.

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Bankruptcy Decisions – When it Makes Sense to File for Chapter 7 or Chapter 13 Bankruptcy

Monday, March 29th, 2010

It’s often depressing to look at your finances, see you’re in debt over your head, and admit you have to file bankruptcy. While in many cases alternatives to bankruptcy do exist, whether it’s Chapter 7 or Chapter 13 personal bankruptcy, it’s often clear filing bankruptcy is your best option. Does that mean your house will go into foreclosure? How bad will it be?

In many cases, filing bankruptcy is a logical, if somewhat scary decision you make when you’re out of options. If you are financially in trouble when it comes to your home, job, health insurance, and credit card debt, filing bankruptcy is wise.

This needs to be said because many individuals and families struggle for far too long before they admit they need to file Chapter 7 or Chapter 13 bankruptcy. It’s almost considered giving up. By the time you do make the decision, you’ve lost a lot already and you’re worse than you would have been if you’d made the decision earlier. That goes against why bankruptcy was created–for helping individuals rebound from tough economic times, joblessness, and outstanding debts.

So when do you make the decision? Instead of blaming yourself, file early and take advantage of the law. “You can use Chapter 7, the most popular type, only once in eight years, so draw up a ‘no kidding’ plan for living on your income when you’re finally clear,” says Jane Bryant Quinn for Newsweek.

When to file Chapter 7 or Chapter 13 bankruptcy:
-When you still have assets to protect but you’re financially stuck
-Before you decide to pay back huge bills
-When tap IRAs and 401(k)s
-When you have outstanding medical bills (which can be canceled by bankruptcy)

Speaking of IRAs and 401Ks, you should never use these as an alternative to filing bankruptcy. After all, these are your future, and are meant to provide for you later, not now. These are mainly protected by bankruptcy, so ask your bankruptcy attorney about them.

Never wait for medical treatment–dental, eye, or otherwise–because you are out of money. These can be part of your Chapter 7 bankruptcy filing, or paid back in a reasonable amount of time with Chapter 13 bankruptcy.

Since you can use Chapter 7 bankruptcy once every 8 years, it’s a clear alternative to tapping into funds your future depends on.

So how do you make the decision between Chapter 7 and Chapter 13 bankruptcy? With new bankruptcy laws, Chapter 7 bankruptcy is off the table for many. Now, people are being told to file for Chapter 13 bankruptcy. In short, Chapter 7 bankruptcy clears the majority of your debt, from mortgages, to medical bills, to credit cards. There are some nonexempt items which you may lose here.

Chapter 13 bankruptcy is less about canceling debt and  more about creating a longer time frame for repayment. If you make too much money, you may be forced to file Chapter 13 bankruptcy instead of Chapter 7.

Choosing between the two calls for 1) research and 2) professional counsel. Hiring a professional bankruptcy attorney ensures your financial future will be safe.

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How a Bankruptcy Lawyer in San Diego Can Help You with Chapter 7 and Chapter 13 Cases

Friday, March 19th, 2010

Hiring a bankruptcy lawyer in San Diego is, along with filing bankruptcy, one of the best decisions you can make when feeling the weight of debt, foreclosure, and creditor harassment. There are many reasons to hire bankruptcy lawyers in San Diego. You can stop creditor harassment, be confident when you file, be confident in filing Chapter 7 or Chapter 13 bankruptcy, and get the fresh start you have a right to get.

So what  exactly does a bankruptcy lawyer in San Diego help with? We noted several key reasons hiring a bankruptcy lawyer is smart, but you should also know how to hire one.

How to Hire a Bankruptcy Lawyer in San Diego
Typically all it takes is a phone call or an email to get a lawyer of any kind, but not all lawyers are equal. You should definitely hire a lawyer specializing in bankruptcy, who works locally and knows California bankruptcy laws, who can help you through the process, who can help stop foreclosure of your home, and who can handle all the documentation and court hearings.

That’s not an easy task, so be thorough in researching your bankruptcy lawyer.

How Do They Specialize in Bankruptcy?
Did you know with recent laws it’s now harder to file Chapter 7 bankruptcy, and that many are forced to file for Chapter 13 bankruptcy? Did you know if your home or car is valued too high, it could be a nonexempt item and lost in a Chapter 7 bankruptcy? These are the type of things bankruptcy lawyers in San Diego should be clear with you on. For example, if you sell a nonexempt item and use it to buy exempt items, that is technically legal. A professional bankruptcy lawyer in San Diego can offer tips just like that.

What Help in the Hearing?
Before the hearing there is a lot of paperwork to do. That is actually more time consuming than the short hearing. While it may seem short, there’s a lot that goes on in any bankruptcy hearing, and you need a professional to handle all the details.

Prices of Bankruptcy Lawyers in San Diego
You can expect to pay a fee of some kind, but some bankruptcy lawyers will charge you just for a consultation. This isn’t always unfair, but you should be clear on that before speaking with them. While hiring a lawyer of any kind if never cheap, this is perhaps the biggest decision of your life and you need professional counsel.

Chapter 7 Bankruptcy San Diego
Since Chapter 7 bankruptcy is now tougher to file for, a bankruptcy lawyer in San Diego can help you successfully file and handle all items you own. It’s important to know what property is exempt and nonexempt in any Chapter 7 bankruptcy hearing.

Chapter 13 Bankruptcy San Diego
Sometimes Chapter 13 bankruptcy is in fact the best move. If you’re home is about to go into foreclosure and you’re willing to do anything to keep it, Chapter 13 bankruptcy in San Diego can not only save your home but sometimes cancel 2nd and 3rd mortgages on the home. It can also buy you more time.

Professional bankruptcy lawyers in San Diego mean the difference between success and failure in the process of getting a second chance, so be picky when you hire one.

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Bankruptcy Helps Stop Phoenix Home Foreclosures

Tuesday, March 16th, 2010

This guide has pleasant surprises for homeowners in Phoenix who fear losing their homes through foreclosure. It’s timely news, as more and more home owners just like you are falling behind with bills. The reasons for filing bankruptcy in locations  like Phoenix aren’t always simple. You may have more than the home foreclosure to worry about, such as unpaid medical bills or car payments. However, the first and biggest step is to save your Phoenix home from foreclosure. The rest will also be helped, namely by filing for Chapter 7 or Chapter 13 bankruptcy in Phoenix.

How Bankruptcy Helps
If you’re behind on mortgage payments, instead of waiting for the lender to foreclose–selling your home–you can file for bankruptcy and get immediate legal help. Chapter 7 bankruptcy and Chapter 13 bankruptcy can either stall the sale of your home until you can work out an arrangement with the  lender, or buy you time and cancel some of the outstanding 2nd and 3rd mortgages.

Cancel outstanding mortgage payments? It’s how Chapter 13 bankruptcy helps. Let’s go over the details.

Chapter 13 Bankruptcy Helps Stop Home Foreclosure
Chapter 13 bankruptcy is usually for those who will do anything to keep their home and buy themselves time to make arrangements. Chapter 7 bankruptcy is still worthwhile, but Chapter 13 bankruptcy is smart for Phoenix home owners who can’t stand the thought of losing their home.

Chapter 13 bankruptcy in Phoenix technically does not cancel any outstanding debts, but buys you several years to pay back the late, outstanding bills. You will need enough money to pay back your initial mortgage payment if you want to do this.

But, if you have 2nd and 3rd mortgages, you can cancel this debt by filing for Chapter 13 bankruptcy. It’s a common process if your 1st mortgage secured the entire value of your home.

Chapter 7 Bankruptcy and Home Foreclosure
Usually, Phoenix residents should consider getting professional counsel before filing for either Chapter 7 or Chapter 13 bankruptcy. Why? You need to decide the fate of all your major property. If you decided you simply can’t catch up with past due payment and you need to cancel debts, buy yourself some time, and move on, Chapter 7 bankruptcy can do just that. You won’t keep your home, but you’ll be allowed to live there for several months before you lose it, giving you time to find new residence.

The Process of Filing for Bankruptcy
As stated, you do need to decide what’s best for you. There are advantages to both Chapter 13 and Chapter 7 bankruptcy filing. A Phoenix bankruptcy attorney can not only help you save your home, but cancel many debts you have, buy you time on  payments, and/or help you plan for the future.

Marijayne

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How to File Chapter 13 Bankruptcy in San Diego

Thursday, March 11th, 2010

The news is bad. You might lose your home through foreclosure, or you lost your job, or a loved one was in the hospital and the bills are piling up.

It doesn’t always work out that way, as each person’s reasons for filing any kind of bankruptcy are rarely the same. There are ways to 1) buy yourself some added time to pay back bills and 2) save your home from foreclosure. It’s file for Chapter 7 in San Diego, right?

That’s a decision this guide is going to help you make, along with how to file for Chapter 13 bankruptcy. If at the end of this post you think Chapter 7 bankruptcy is your only option, it’s time to call a professional bankruptcy attorney in San Diego. If you feel Chapter 13 bankruptcy is best, hiring professional bankruptcy lawyers is just as important.

Choosing Between Chapter 7 and Chapter 13 Bankruptcy in San Diego
This blog goes over these topics a lot, but all you need to know is where you’re at financially. If you face foreclosure of your home and want to keep it, filing for Chapter 13 bankruptcy in San Diego buys you years to pay back debts in installments and keep your home. If you feel you need to be rid of all your debts immediately, that 3-5 years just isn’t enough, filing for Chapter 7 bankruptcy in San Diego may be the best choice.

How  to File for Chapter 13 Bankruptcy
You file a petition with the bankruptcy court in the San Diego area where you reside.

You must file, according to the US Courts: “a schedule of assets and liabilities;  schedule of current income and expenditures;  a schedule of executory contracts and unexpired leases; and a statement of financial affairs.

There is more to it than that, because after you must also file a certificate of credit counseling and a copy of a debt repayment plan you created through credit counseling. That means you need to show the court proof you’re actively working on creating a feasible budget to pay back assets, as no debts are being eliminated.

Next, you need to show evidence of payment from employers if you have any, within 60 days before filing. The last three steps are to show a statement of monthly net income,  note any expected increase in income, and any records you have in Federal or California (or your state) education accounts.

The Next Steps in Filing for Bankruptcy
There are more steps. The problem with filing Chapter 13 bankruptcy by yourself becomes clear here. It can be done and has been done, but hiring professional bankruptcy attorneys in San Diego can save you from making mistakes in documentation and at the hearing.

So you need to follow these steps too.
-Create a list of credits, debt amounts, and nature of their claims
-The source, amount, and frequency of your income
-A list of all your property, such as homes and vehicles
-A detailed list of all your monthly living expenses, from food to rent

Hire Professional Bankruptcy Attorneys in San Diego
Filing Chapter 13 bankruptcy is now more common than ever, though still most debtors try to file Chapter 7 bankruptcy, a liquidation. How to choose between types of bankruptcy, how to file all documentation, and how to handle creditors are all complex tasks. With the right bankruptcy lawyer in the San Diego area, you can focus on the future instead of the past.

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Alternatives to Chapter 7 Bankruptcy in New York

Wednesday, March 10th, 2010

With changes in bankruptcy laws, it’s not always wise nor possible to file Chapter 7 bankruptcy in New York. Filing Chapter 7 bankruptcy is now more difficult to get with new Federal regulations. Many are now told to file under Chapter 13. Chapter 13 bankruptcy is a good alternative to Chapter 7 in many cases.

So what’s the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy in New York?

-Chapter 7 bankruptcy is a liquidation of debt and assets, while Chapter 13 buys you time
-Chapter 13 bankruptcy can save your home from foreclosure
-With Chapter 13 bankruptcy, you can extend payment schedule and lower payment fees
-With Chapter 7 bankruptcy, certain property is exempt from being repossessed
-Chapter 7 costs $299 to file with the court while Chapter 13 costs $274

That may be speaking more positive of Chapter 13 bankruptcy. The big difference is you can be cleared of debts with Chapter 7 (often preferred), while Chapter 13 bankruptcy allows you more time to pay back debt, typically over a 3-5 year period.

There are alternatives to Chapter 7 bankruptcy in New York beyond just Chapter 13 bankruptcy. Though Chapter 13 is now the second most common, Chapter 11 is wise for individuals actively engaged in business. For example, if you run a corporation, you can avoid liquidation and seek an adjustment of debts with Chapter 11 of the Bankruptcy Code.

Chapter 13 Bankruptcy in New York
You can also seek an adjustment to your debts via Chapter 13 bankruptcy in New York. If you owe money on a home and cannot pay it back immediately because of other circumstances such as medical bills, you can save your home from foreclosure. This is done by giving you the opportunity to catch up with past due payments through a new payment plan. This is good news for New York home owners facing foreclosure, as you can get immediate and extended help by filing with the courts for Chapter 13 bankruptcy.

Other Alternatives to Filing Chapter 7 Bankruptcy
While Chapter 11 bankruptcy in New York is not very common, for people running businesses it can be very beneficial, namely by saving your assets. You should also be open to “out of court” agreements with creditors or debt counseling services. You might be able to pay back debts in installments outside of a bankruptcy hearing–there is no reason you can’t–and many individuals choose this route instead of officially filing. And if the out of court agreement does not work, you still have the right to file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy.

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