How many different kinds of bankruptcy are there in New York?
There are four different types of bankruptcy, which are referred to under federal law as chapters. Each chapter is designed to be used to relieve a particular type of debt. The options available for filing bankruptcy can quickly become overwhelming and need to be thoroughly explained by a New York, NY bankruptcy attorney.
- Chapter 7 Bankruptcy: Chapter 7 bankruptcy is the most popular form of bankruptcy to the general public. The person or business filing the bankruptcy will be required to give up any and all property that exceeds certain pre-set limits. These limits are known as exemptions. The property that is forfeited will then be sold by a court-appointed trustee and those profits will be used to pay down or pay off your debts. Filing with the assistance of an experienced Chapter 7 bankruptcy attorney in New York, NY is the surest way to make sure that all your property that qualifies as exempt is preserved.
- Chapter 11 Bankruptcy: Chapter 11 bankruptcy is a specific type of bankruptcy that is used mostly for commercial businesses. However, it is possible for certain people with very high amounts of debt to file for Chapter 11 bankruptcy. If you believe that you may qualify for a Chapter 11 bankruptcy in New York, you should consult a business bankruptcy attorney.
- Chapter 12 Bankruptcy: A Chapter 12 bankruptcy is a family farmer bankruptcy. It is a rare occurrence and requires expertise from a bankruptcy attorney.
- Chapter 13 Bankruptcy: The Chapter 13 bankruptcy is the debt adjustment bankruptcy. It is also known as a debt reorganization. In a Chapter 13, your New York, NY bankruptcy attorney submits a repayment plan for your debts to the court, which then requires approval.
The vast majority of bankruptcies filed by individual people and married couples are a Chapter 7 or a Chapter 13. It is absolutely imperative to speak with a skilled bankruptcy attorney before you commit to filing any type of bankruptcy in New York.
Does bankruptcy take place in a court of law in New York?
Bankruptcy is a legal process which takes place in a court of law when a person or a company has become overwhelmed by debt to the point that they need legal help to reorganize or forgive their debt. While bankruptcy may be common, it is complicated legal territory which should only be entered into only with the guidance of a highly trained bankruptcy attorney. Bankruptcy is part of federal law, so bankruptcy cases are all handled in federal courts.
Have you been injured in an auto accident? You may be entitled to compensation and The Meyers Law Firm can help.
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