New York Bankruptcy Resources

The Empire State’s Economic Situation

Before the recession even began, New York was losing population faster than any other state, and with the highest per-capita income taxes in the country and business taxes the second-highest, the affordability factor has never been so severely out of step. Bankruptcies filed in 2008 hit record levels with over 47,000 in New York alone, and over 96% of those filed by consumers. It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, the surge triggered by the foreclosure crisis and economic downturn.

Investigating the New York Bankruptcy Process

The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005. Seek the advice of an attorney/law firm with specific long-term experience in New York bankruptcy matters. Check references, if possible. A competent attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.

Alternatives to New York Bankruptcy

Contact your creditors to try to work out payment arrangements that you can manage. Contact the non-profit Consumer Credit Counseling service to get help with a manageable repayment plan. Sell as many assets as you can and pay down your debt to a manageable level. Debt consolidation may be considered, but approach this option with caution to make sure it actually helps your situation.

Exemptions – Which Property is Exempt from Bankruptcy in New York?

Certain property, or values of property, is exempt from being included in the debtor’s estate and these exemptions vary from state to state. Some states have their own set of exemptions which replace the federal list, and other states allow you to choose between the state or federal list of exemptions. The exemptions, which change frequently, vary widely from jurisdiction to jurisdiction and understanding your options is a very important aspect of evaluating your position.

Some Debts Will Not Be Discharged in Your New York Bankruptcy:

• Taxes owed to government agencies, such as the I.R.S., State of New York, regional, etc.
• Student loans (unless undue hardship can be proved),
• Debts incurred after the bankruptcy is filed
• Debts owed to a spouse for divorce-related obligatory expenses
• Debts not listed or scheduled or which the debtor waived discharge
• Debts for willful and malicious injury by the debtor to another person or property owned by another

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in New York.

Next Steps for the New York Bankruptcy Filer

New Yorkers continue to suffer, as the State’s economy struggles to recover. If you are considering bankruptcy, decisions you make and actions you take can have a positive or negative effect on the outcome of your bankruptcy proceedings. Although some filers elect to handle their bankruptcy on their own, The U.S. Bankruptcy Court warns that “Bankruptcy has long-term financial and legal consequences - hiring a competent attorney is strongly recommended.”Click here to find New York attorney resources in your area.