How to File for Bankruptcy in Albany
When financial problems become overwhelming and you owe more money than you can repay, the decision to file for bankruptcy can feel like the only way out. Whether it’s because of medical expenses, job loss, business failure or other challenges, it’s important to take the proper steps so that your bankruptcy case is resolved as quickly as possible and your rights are preserved. Here’s a brief overview of what you need to know about this civil law proceeding.
Learn About the Steps
The first step in considering bankruptcy is to familiarize yourself with the process. You may not be freed of all your debt, such as student loans, and you may need to make decisions about what property you try to keep, like your car or house. You’ll cease making payments on the debts you want to be cleared, and you’ll need to produce certain financial records and complete legal paperwork. This includes listing your assets, liabilities and creditors, as well as your income and what you owe. Credit counseling is generally required. You may also be required to attend certain legal proceedings related to your case before your case is fully discharged.
Understand the Difference Between Chapter 7 and Chapter 13
There are two paths to filing for bankruptcy in New York, and one or the other may be more appropriate for your circumstances. Generally, Chapter 7 doesn’t require payments to your creditors while Chapter 13 does. Filing under Chapter 7 means the process can often be completed in less than six months; however, Chapter 13 may offer greater protection of your assets, like your home or other real estate.
Consider Hiring an Attorney
Working with an attorney is the best way to determine which type of bankruptcy filing is best for you. As a highly trained and licensed professional whose business is helping people navigate complicated legal issues, a lawyer is your ally. This is someone who can assist you in some of the decision-making, like understanding state vs federal exemptions or how spousal support can affect your case, to protect as many of your assets as possible.
Are You Preparing to File for Bankruptcy in Albany?
It can feel like a big relief once you’ve decided bankruptcy is the best path forward for your situation and having a qualified and experienced attorney by your side ensures your rights are protected. At Wood, Seward, McGuire, & Sacco, LLP, our lawyers have the legal knowledge and expertise to guide you through this stressful experience so you can move on with your life. We’ve helped generations of New Yorkers free themselves of debt through bankruptcy. Before taking legal action to file for bankruptcy on your own, contact us for a consultation.
Expert Legal Advice to File for Bankruptcy in Albany
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