In order to prepare for bankruptcy, it is important to gather all of your bills and be
prepared to discuss them openly with your attorney. You will also need to gather information on any
assets you own - including a home, car, jewelry and personal items.
Once you have those
documents together, the next step is to decide under which chapter of bankruptcy you will
7. This is the most common choice. A Chapter 7 bankruptcy will erase most of your debts while
allowing you to keep certain personal items, as well as your home (in some cases). Under New York
State law, you are entitled to keep your home if you have $10,000 or less in built-up equity in your
Chapter 13. In this case, your debts are not erased but
merely renegotiated by the court. Depending on your specific situation, you will not have to give up
much in the way of personal property. However, you will be expected to stick to a monthly repayment
plan to pay back what you owe (generally between three to five years).
Once you have
your documents and have made a decision about which kind of bankruptcy you will file, you should
find a competent bankruptcy attorney who can file your request here in New York City. Your
attorney can advise you as to which assets you can expect to keep during a bankruptcy and which ones
you should expect the court to order sold in order to pay your debts. Bankruptcy is never easy
but with the right attorney, it can be easier.
attorney who understands your financial pain
Gregory Messer has over 30 years of
experience working with bankruptcy clients from all walks of life in New York City. Whether you are
dealing with a simple bankruptcy or you owe millions of dollars, Law Office of Gregory Messer is here to
help you make a fresh start.